Why Physician Assistants Need Disability Insurance
Highly-trained professionals like you have unique income protection needs. As a Physician Assistant, you’ve made a substantial investment of time and money to get where you are now. Your income is growing and serves as the foundation for the life you’ve created.
What if your income stops or is considerably reduced because you become too sick or injured to work? A disability can suspend your income for a period of time, or even permanently. But while your income may stop, your financial obligations won’t. Routine expenses like rent, utilities, groceries, and monthly loan payments must continue, not to mention saving for college or retirement. And before you say that could never happen to you, consider that 1 in 4 of today’s 20-year-olds will become disabled before they retire.
What if my Employer Offers Group Disability Insurance to Physician Assistants?
Physician Assistant Disability Income Insurance can help replace your income if you become too sick or injured to work. You may already have coverage through an employer or a professional association, but quite often, that coverage does not go far enough to meet the financial needs of high-income earners. Individual disability income insurance can help fill the gap to ensure you have adequate coverage both now and in the future.
What Type of Disability Insurance Should a Physician Assistant Get?
Determining what physician assistants need in disability coverage is one of the first steps of creating a policy. Typically, you’ll want to invest in a long-term disability policy covering at least 60 percent of your income.
Additionally, you’ll want to consider insurance policies that include add-on coverage riders, like:
True Own Occupation: One of the most important riders to look for in physician assistant disability insurance policies is own-occupation. Unlike SSA disability, this rider provides you disability coverage if you can no longer perform the work you do now, regardless of whether you could find other means of employment.
Student Loan Protection: Chances are, your student loan payments are steep. With student loan protection, your insurance will cover your student loans if you become disabled.
Future Increase Riders: If your income increases or you experience a loss of group disability benefits due to a change of employer, a future increase rider would allow you to request to increase your monthly benefit without undergoing additional medical underwriting.
Residual (Partial) Disability: This rider lets you receive insurance benefits, even if you become partially disabled.
While you may be covered by short-term insurance coverage through the state or your employer, adding on long-term coverage is the best way to ensure you’re covered until retirement age. Short-term disability will normally insure you for up to 3, 6, or 12 months.
How Much Does Disability Insurance Cost for Physician Assistants?
Physician assistant disability insurance premiums depend on several factors, including:
- Your monthly benefit amount
- The state you live in
- Your age
- Your medical history and h pre-existing conditions
- Your available discounts
- Add-on coverage riders
Generally, investing in disability insurance early and while in good health can drastically reduce your premiums. That’s why there’s never a better time to enroll than the present. Learn more about your options by getting a free quote.