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Some physicians rely on group insurance policies from employers. This saves money in the short term, but what happens when you move on to an employer that doesn’t offer coverage? Or open your own practice?

Many times the cost of disability coverage has skyrocketed, making it a financial burden.

But if you purchase private coverage early on, it will be cheaper but also portable. That policy will cover you no matter where your career takes you, allowing you to focus on your work, knowing your income is protected if you become disabled.

In this episode, I discuss why portability is important and how to get a policy that will protect you for your entire career.

Highlights from this episode include:

  • How advice from group benefits people at your employer could cost you everything you have (2:53)
  • Why cheap employer group policies are a huge financial risk (3:33)
  • Why purchasing a policy as a trainee is a career-saving decision, even if you think you can’t afford it (4:01)

To ask questions on insurance coverage or to get a quote, please don’t hesitate to call us anytime at 704-270-2376, and I’d be glad to discuss your specific situation with you.

Read Full Transcript

Hi, I'm Billy Gwaltney and this is the CYA podcast. This show is for the physician who understands the importance of protecting everything you've worked so hard to achieve. Each week I'll bring you tips and advice to help you cut through the clutter and misinformation and show you exactly what you need to preserve your income and way of life. If you're ready to achieve the peace of mind that only financial security can bring. Let's get started.

Hey there, welcome to today's episode of the cover, your assets podcast. This is Billy, Gwaltney your host, and I'm, I'm very happy to be with you today. Today's program. We're going to talk about when it comes to specialty disability coverage, can your policy be portable? And why does that matter? And this is a great question. I get asked this a lot. The short answer is that if done properly, yes, your private specialty disability policy is portable.

(00:58): This is important because you're in control of your policy. The terms and the definitions cannot be changed by the insurance company. You call the shots. Also, the rate stays the same as well. Again, if you've done that correctly, your discounted rate would be the discounted rate you pay forever. Obviously, if you increase coverage, the rate would be higher. If you do have what's called the future insurability option rider on your policy, that allows you to increase coverage as your income goes up without any additional medical underwriting, your increases would also contain the same definitions and the same discount as the original base policy. Again, we're talking about the very few currently, as of the time of this podcast, there were four top tier specialty disability carriers, and those are the only contracts I'm talking about outside of those, none of what we're talking about is applicable.

(01:52): We're talking about the top tier disability contracts, regardless of any future employers, group, long term disability, or supplemental policy that they might offer. You can keep your private specialty policy. As long as you continue to pay the premium. Again, you call a shot and if you become disabled, they, that policy has to, has to pay, would pay that benefit that stated in your policy, whether you have other coverage in place or not. If an employer benefits person, let's say you get a job as an attending. And as you're talking with the people that handle the benefits for you or the, the rep for the group, long term disability insurance company, if they ever advise you to cancel your private policy, please, please, please talk with your, your broker. The one that helped you set up your private specialty policy before you do this. And the reason is because this is usually not in your best interest, it's just not in your best interest to cancel your private specialty policy.

(02:57): Please say there are several other podcasts I've done where I discussed the negatives to employer policies compared to private specialty policies. And again, this is true, regardless of who your employer is, it's nothing negative against your employer. It's just that the employer policies because of adverse selection, which quite right quick means that they need to cover the less healthy employees with the same policy that covers the healthy employees. Insurance companies always offset that higher risk by making the definitions less favorable to the insured. And so your private specialty policy that you likely you had to go through, some kind of medical screening for is the best coverage you can get again, if it's done correctly. And so if that's the case, you would want to carry that with you throughout your career. One of the biggest benefits to getting this as a trainee while you have discounts, is that it is in fact portable and it can go with you or does go with you wherever you go. Hope this is helpful. Again, I do my best to keep these conversations short and sweet to get right to the point, to answer your question, please feel free to call or text me to arrange a more detailed conversation about your particular circumstance. My number is (704) 270-2376. And again, that's (700) 427-0237 six. I look forward to our next time together. And in the meantime, this is Billy. Gwaltney enjoy the rest of your day. And thank you as always for your time.

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