Long-term disability insurance benefits are often available through employer-sponsored plans, but most physicians purchase an individual disability insurance policy on their own. Understanding the differences can help you make the best coverage decision for you.

Group disability plans frequently require no application nor medical approval since you begin coverage when you first join the employer. However, several limitations exist, including:

• You do not own the policy, so you will lose the coverage if you change jobs. Employers can also change the benefits or cancel the group plan altogether.
• Plan language often lacks a total disability definition of true own occupation.
• If you are disabled and collecting income from other sources, such as other employment, Social Security or workers' compensation, the group insurer will offset your benefit by those amounts.
• Benefits are taxable if your employer pays for the coverage.

Non-GSI individual disability policies for physicians provide the protection you need without the drawbacks of group insurance plans. However, qualifying for most private policies requires a rigorous medical underwriting process for the insurance company to determine whether to offer coverage based on your health history. Advantages of fully underwritten disability insurance include:

• You own the policy. Coverage will continue even if you change employers.
• Policies are guaranteed renewable and non-cancelable. The insurance company cannot change your plan's premiums, definitions or provisions and cannot cancel your coverage as long as you continue paying the premiums.
• True own occupation definition of total disability lets you collect disability benefits if you cannot perform the duties of your specialty, even if you have gainful employment in another occupation or specialty while disabled.
• Tax-free benefits
• Customization of benefits and riders to fit your needs.

So, where does GSI come in? GSI is an individual disability policy you can get without any review of preexisting conditions or health history! GSI disability insurance will allow you to increase the coverage up to $15,000 per month, covering your attending income even if you have finished your training at the exclusive institution.