5 Reasons Why Doctors Should Have Disability Insurance

Juliet D'cruz

Updated on:


Now more than ever doctors should focus on getting disability insurance for themselves. With Covid having taken the lives of medical professionals all across…


Now more than ever doctors should focus on getting disability insurance for themselves. With Covid having taken the lives of medical professionals all across the globe, doctors can no longer take this coverage lightly. As a doctor, you must be able to work to produce an income. But what happens if you cannot work due to an injury, accident, or even post Covid complications? This is exactly why physicians disability insurance coverage is so important.

Why do doctors need disability insurance coverage?

Healthcare professionals disability insurance is meant for taking care of medical professionals who have lost the ability to complete their duties. Either they may have a disability which puts them out of work permanently or they may be able to continue working in a limited way. For the time that they cannot work, doctors disability insurance will protect them. 

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  1. Doctors are professionals who feel that it is their job to save lives; they rarely think they will need income protection if they become disabled. But the truth is doctors are equally vulnerable, especially as the recent pandemic has revealed. While they may think that an emergency fund stashed somewhere is enough to take care of a disability, it may fall short. When you become disabled, your ability to work can be severely compromised and it could drain your funds. 
  2. As a young doctor, it is likely that you already have a sizable debt amount because of student loans. When these have not been repaid, and you find yourself unable to work, it can be a problem. The debts will not vanish into thin air. You have to keep repaying these debts. Even if you were to mortgage your home, it would not work because this too would mean monthly payments. A long-term disability insurance coverage alone can help you repay these by providing you with monthly benefits when you cannot work.
  3. Being a doctor, you need specialized skills which demand outstanding cognitive abilities. If however your sight or hands were to be compromised because of an accident or injury, you would fail to conduct operations or critical treatments. You will be forced to cut down your workload or give up your practice altogether. This is why disability insurance is needed so that it can protect your income when you cannot earn.
  4. Even if you were to be partially disabled, it would still affect your quality of life. For instance, if you were making $300,000, and this income was cut by $75,000, you would have to rethink your investments. With the right disability coverage, you can actually make up the gap between pre-disability earnings and what you have lost due to the disability.
  5. When you think of disability, it is not only physical impairment. Mental health issues are becoming more important than ever. Covid-related stress, life-changing situations, and onset of mental health problems can affect your work. Contrary to what people think, medical professionals are not immune to such problems. This makes disability coverage so crucial. 

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Depending on options like Social Security Disability Insurance may not be enough to protect doctors when they are disabled. Likewise, workers’ compensation can only provide a part of their regular income, provided they have been injured while working. Given all these conditions, getting group disability insurance coverage from MGIS seems the best option. MGIS partners with brokers all over the country to offer disability insurance coverage for healthcare professionals.