Unlike group health insurance, many group disability plans are not reviewed every year at renewal, and the practice simply renews the policy as is. As a result, we have found many practice groups have outdated group disability programs.
The Unity Insurance can meet with you to complete a review of your program and offer alternative quotes if deemed necessary. Some of the areas we review:
• Monthly benefit: Insurance carriers now offer a much higher monthly benefit for the professional staff. You might have a plan that offers 60% of the physician’s salary but only to a maximum of $6,000 of monthly benefit. This could be changed to as much as $20,000 of monthly benefit or more.
• Definition of earnings: Does the plan cover bonuses as well as salary?
• Own Occupation Covered: Many older plans only cover a physician’s own occupation for a period of 2 years. An enhanced plan would provide coverage for own medical specialty until the age of 67.
• Are benefits taxable: Plans can be set up in a manner to provide benefits free of federal income taxes to the covered employee.
• How long are benefits paid: Benefits can now be offered to age 70.
To make sure you are obtaining the best coverage for your premium dollars contact Keith Mathis for a review at 443-449-2327 or firstname.lastname@example.org.