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Family Doctors & Disability

Family Doctors & Disability Are family physicians more vulnerable to threat of a disability? As a family doc, you've invested a great deal of time and money to gain the skills necessary to practice medicine. So it's safe to say that your financial wellbeing is tied to those skills, right? Now think, "what if an injury or illness prevented you from being able to perform or utilize those skills?" What would you do financially? THE RISK Doctors are people too. And unfortunately, just like the average worker, family doctors have a one-in-three risk of becoming disabled and being out of work for 6 months or more during his or her career. THE NUMBERS Unlike the average worker, the median salary for family physicians is $189,000 $189.000 [2] per year. That's quite a bit of income to insure and Social Security Disability Insurance will likely not be sufficient. Especially since the PAY TO THE ORDER OF DATE Joe Physician One Thousand One Hundred Eleven o0/10O $ 1,111.00 average monthly l frunbhyrinion DOLLARS payment in 2012 to disabled workers was 555777788 AUTHORIZED SIGNATURE 123 44488822211 $1,111. New doctors also carry a lot of debt. In fact, for medical students, the University of Physieians Joe Physician average debt load is $161, 290 1B] Average Debt Load $161, 290 Just because you become disabled or sick doesn't mean that your monthly loan payments disappear. mdth all the righan, hanare and priveleggae tharnanto afberdnindnga Fr eoitnans nherng cho noalof the Univerniy and the aignatieres an antkariand p the Board ofDiectore, Univerny offoreen peam, re keresento eced, thin tnantgaeoand elaye fAay intheyear bno-thonanandolasam Lom ndi faental TOHN L. DOE, Pretideat ANE DOE, viea-Preaidaat THE CAUSES But what could be so catastrophic that could cause Muscle/ Bone Disorders Cancer you to go on disability? Common Causes for Disability Complications from Childbirth Heart Attacks Actually, only 10 % of long-term disability claims result from [4] Surgery serious accidents. 41 Strokes THE PLAN So what's a doc to do? First, check your employer-provided How much of your income is covered disability To see if your benefits will be taxable coverage to make sure you're insured, then double check: The definition of disability For an "other income benefits" clause O The waiting period The length of the benefit period For rehab and partial disability benefits > To make sure your plan is portable The limitations of your rights under ERISA TAKE ACTION Make sure it is Supplement your employer coverage with personal disability income protection coverage designed for professionals: look for higher benefit amounts and benefits based on 'your occupation" Set up an emergency fund: 3-6 months net income AMERICAN ACADEMY OF FAMILY PHYSICIANS INSURANCE PROGRAM for your financial health Sources [1]Benefits Selling [2] http://www.aafp.org/online/en/home/publications/news/news-now/practice-professional-issues /20120717merritthawkins.html [3]American Academy of Family Physicians (2011) [4] CDA 2011 Advisor Disability Awareness Study

Family Doctors & Disability

shared by AAFPINS on May 21
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Are family physicians more vulnerable to threat of disability? What would you do financially if you weren't able to perform your everyday medical skills that you've worked so hard to learn?

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