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    Improve the health of the people of Wisconsin by supporting and strengthening physicians' ability to practice high-quality patient care in a changing environment.

Disabilities happen; are you protected?

March 12, 2014 – By Laura Heil Kinart, Insurance Advisor

Some facts are difficult to ignore. For example:

  • Just over one-fourth of Americans entering the workforce today will experience a disability before retiring. (Social Security Administration, Fact Sheet, July 2013)
  • Unexpected medical bills prompt approximately 60 percent of U.S. bankruptcies. (CNBC, June 25, 2013)

 
Yet, 69 percent of Americans working in the private sector have no long-term disability insurance, which replaces a portion of a person’s income when he or she is unable to work for an extended period, according to information from the Social Security Administration.

When considering long-term disability insurance, the best place to start is with a Wisconsin Medical Society Insurance & Financial Services insurance agent who works with physicians on a daily basis. An agent can guide a discussion about eligibility amounts, contract structure and funding options to help physicians select a plan that fits their needs.

In addition, a specially designed long-term disability insurance contract allows Wisconsin Medical Society members to receive a premium discount of up to 20 percent.

The amount of disability insurance a physician qualifies for is based on proof of income and sometimes health underwriting. While the best time to purchase long-term disability insurance is when you are young, a healthy person can apply for coverage up to age 60. Wisconsin Medical Society members also may purchase a group disability policy on an individual basis up to age 70.

Wisconsin Medical Society Insurance & Financial Services agents review contracts frequently to assure their clients have coverage that is appropriate for their current circumstances. For more information or to schedule a meeting with an insurance agent, contact us at insurance@wismed.org, complete this online form or call 866.442.3810.

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