Disability And Disability Insurance For Doctors

Disability has been described as a condition in which the sufferer is unable to perform optimally the normal day to day functions which they used to be involved in. For doctors disability is a condition in which they are unable to attend to their patients any longer. They cannot carry out surgeries or go to clinic and all the other numerous activities which they are usually involved in.

During the course of work and over a period of time, it is possible for a doctor to develop some kind of disability or the other which can seriously impair the functions of the doctor. Doctor Disability Benefitsdescribes the way which insurance can be used to ensure that doctors do not suffer unduly in the case of any eventuality and they get disabled and unable to work.

Some of these disabilities include

1. Cardiovascular diseases and diseases of the circulatory system- this might be due to the fact that long hours are spent standing up and working. It has been noticed that a lot of doctors suffer from heart diseases and circulatory system health challenges. When these sicknesses impair and affect the normal day to day function of the doctor then his ability to function and attend to his clients is impaired.

2. Musculoskeletal illnesses- the long hours of standing and not sitting down can also affect the bones and joints of doctors. This can lead to illnesses such as rheumatism, arthritis and the likes. One problem with these illnesses is the amount of pain which sufferers go through over the course of the illness. This suffering makes it most of the times impossible for doctors to attend to patients and perform surgeries.

3. Mental disorders- doctors are also human like the people they treat and so they are also prone to suffering from whatever illness which humans suffer from. One of such problems is psychiatric illness. Some doctors while on the job have been seen and reported to have exhibited erratic behaviour. When this wrong behaviour was brought under scrutiny, they found out that the doctors were actually suffering from one mental illness or another ranging from plain depression to schizophrenia and even manic depressive disorders. All these illnesses will certainly affect the doctor’s ability to function optimally and properly. In such an instance such a doctor might be asked to stop working.

All the illnesses mentioned above and much more can deter a doctor from being able to continue to function well in the capacity which is expected of him. When a doctor suffers from any of such disabilities, it will be a thing of sadness if such a doctor does not have an insurance plan. A disability insurance plan is a kind of insurance plan. If a doctor takes out a policy which has disability insurance as the thrust of its focus, such a doctor is better placed to ride out the waves of life which such disability has thrown at him.

Even Small Business Owners Have Assets To Protect

Unfortunately, asset protection is often ignored or lost in the long list of things to do when starting or building your business. This mistake can cost you and your family when you least expect it.

What’s Involved in Protecting Your Assets?

Asset protection planning is a simple concept. First you catalogue all of your personal and business assets, such as bank and brokerage accounts, personal property and real estate, etc. Next you identify possible financial threats and then you insulate yourself from threats using a combination of different legal entities (trusts, corporations, limited liability companies, etc.) and insurance.

Properly done, this will help protect your current and future assets from loss due to the hazards of everyday life, such as lawsuits, business failures, and creditor claims.

To create an asset protection plan, you’ll need to review your potential exposure to financial loss, assess the different types of protection available, evaluate potential tax issues involved and analyze your ongoing personal financial needs, such as qualifying for mortgages and easily accessing assets when required. You should work with competent financial and legal advisors who are familiar with asset protection strategies.

Small Business Owners Beware

As a small business owner, there are several areas that warrant your concern. The first is to take financial liability issues into account when you choose the type of legal structure within which you’ll run your business (corporation, limited liability company, etc.). Once established, take care to follow the legal requirements of the entity you choose, so that you don’t jeopardize your personal assets. Some examples of this are not mixing business and personal expenses, not treating your business bank accounts as personal piggybanks, keeping necessary records, having the proper corporate officers and establishing a Board of Directors in corporations.

Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.

Many entrepreneurs use personal credit cards and credit lines to get started. This may give you the credit you need, but it is ultimately a personal obligation. So if your business doesn’t have the cash flow to pay the bill, you’ll have to deal with these credit balances yourself. And the hefty finance charges can add up fast. Use extreme caution when leveraging personal credit for business use.

And then there is insurance. Small businesses often underinsure to keep overhead expenses low. This is risky. Losses do happen and they can quickly put an under-protected company out of business or hamper it severely. Be realistic when evaluating the type (liability, property, malpractice, etc.) and the amount of insurance you carry.

Be Safe, Not Sorry – Protect Your Assets

Depending on your individual situation, there are a variety of asset protection tools from which to choose ranging from the relatively straightforward, such as insurance, to the extremely complex involving off-shore trusts and multiple legal entities.

Seek the advice of business advisors and attorneys who specialize in this area. It is an investment in your financial security. Once you are on the wrong side of a lawsuit, it is too late to protect your assets.

Why Do You Md Own Specialty Disability Insurance

When it comes to insurance types that are usually very much ignored, disability insurance tops the list. This is due to the fact that you hardly see people paying for disability insurance as they are more concerned about auto insurance and the more popular type of insurances. Generally, you might not know about habits you indulge in or the fact that your health is deteriorating regularly until you are suddenly down. Furthermore, there are also a number of sudden disasters that could suddenly make an individual disable in an instant, especially accidents. This is apart from the unpredictable nature of the body as illness or disease that could lead to disability can attack an individual in an instant.

Md own specialty disability insurance is a type of insurance policy that covers a good percentage of your monthly income from your job in the instant that you are suddenly unable to do any time of work. Overall, you will be protected in terms of your finances, should you become unable to work. Most people find it difficult thinking about disability as nobody wishes to be disable. This notwithstanding, there are several people who due to one disability or the other cannot work. With a disability insurance, you will be protected from having to face serious financial hardships if you suddenly become disable. Here are some reasons why you should have a Md own specialty disability insurance.

Income Loss

A major reason why you will need Md own specialty disability insurance is as a result of income loss. If you are losing your source of income due to disability, you will be getting some paid sick leave. However, the expenses on diagnosing what is wrong with you, treating it and recovering from the disability could be huge. Furthermore, your monthly expenses such as feeding and toiletries amongst others will continue. Even though your medical bills are to be covered by a medical insurance, you can still become stranded due to the other expenses. Furthermore, when your source of income is completely cut off due to disability and you have bills to continue to run, own specialty disability insurance can go a long way to help you cater for your bills.

Medical expenses

Even with your medical insurance, the increasingly expensive cost of healthcare can be a major challenge. You will need to continuously pay bills and buy drugs all through the period you need treatment and recovering. There are cases where a therapists or other specialist might be required to speed up your recovery. All of these require a lot of money. The transportation to and fro the hospital for check-ups will also require spending more money.

Other expenses

Miscellaneous expenses will also come up while you are suffering from your disability and unable to do any paid job. Having enough money to still sometimes make yourself happy such as going for dinner and even attending birthdays and other celebrations with friends, will go a long way to save you from a stressful and boring life, during your period of disability.