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Employers of resident or fellow physicians often provide Long Term Disability coverage. But does that coverage mean you can’t get your own LTD insurance?

The good news: An employer plan does not stop you from getting additional, private insurance.

But not all insurance plans are created equal. If you want the most comprehensive long term disability coverage, you have to be aware of a few catches.

If you ignore these, you might find yourself with too little coverage in an emergency.

Listen now to discover how your employer’s insurance plan impacts your personal LTD decisions!

Show Highlights Include:

  • Does your employer’s policy keep you from maxing out your own private LTD insurance policy? (0:54)
  • How much private insurance can you purchase? It depends on your medical specialty (1:44)
  • Why having your own and your employer’s policies can keep you from getting the full benefit out of each (2:20)
  • How combining your employer’s group policy and your own private insurance can raise or lower your taxes (2:45)
  • How your insurance plan is calculated differently as a trainee vs. an attending physician (and how much coverage you can purchase as a trainee) (3:06)

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.

(00:29): Welcome to today's episode of the cover, your assets podcast. This is your host, Billy Gwaltney, and I'm excited to be with you today. Our question that we're going to tackle today is as a trainee, does my employer group long-term disability impact how much private specialty coverage I can purchase. And if I'm disabled, can I collect from both the short answer to that is no, the employer policy does not impact your ability to purchase up to 5,000 a month with the top true specialty disability carriers.

(01:05): Again, one company has a cap of 6,000, but for discussion purposes, we'll cover the 5,000. You can have 5,000 a month of private specialty coverage and have your employer long-term disability policy. That would be in addition to that, if you did become disabled, you could collect from both. As I've mentioned at another recent podcasts for trainees, the insurance companies are not financially underwriting you for as a resident or fellow for a private specialty policy. So they'll give a resident or fellow 5,000 a month, or allow them to purchase that. And assuming medical underwriting qualification, you can have 5,000 a month of private coverage. Now, again, for certain specialties, it could be a different amount for dentists, podiatrists, certain occupations. It could be different depending on the company. So you want to verify that, but whatever that private coverage amount is, you have that in that follows you wherever you go.

(02:04): Okay. as long as you pay that premium, that's your coverage, and it can not be taken away from you. If you are in a training location where they offer you a group policy that say 60% of your, of your trainee salary, then you can have that. And if you meet the definition of disability with both, you can collect from both. Now, that's a big if, because it's much more difficult to meet the definition of disability for a group long-term disability policy because of adverse selection. Again, I've covered that in other podcasts and would be happy to discuss what that means offline, if you would like to. But if you did meet that definition of disability, you can collect from your, your group policy, which typically would be taxable. It would be a percentage of your income. And then you can have your private specialty policy that would pay.

(02:54): In addition to that, this is going to be a shorter podcast because I just to answer that question, I get that question a lot. Does my employer policy impact how much private coverage I can purchase as a trainee, because word gets out there that it, which is true, that your employer policy does impact how much private coverage you can purchase as an attending, as your income goes up, then you become an attending. The employer dis long-term disability policy is a part of the formula that companies use to calculate how much private coverage you can purchase. But as a trainee in general, they waive that calculation and will allow you to still purchase their maximum, say 5,000 a month cap as a training, hope you found this helpful, feel free to text me or call me anytime with questions. I'd be glad to answer those. My number is 7 0 4 2 7 0 2 3 7 6. Again, that's 7 0 4 2 7 0 2 3 7 6 until next time, this is Billy. Gwaltney look forward to seeing you next time, take care.

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