Health Insurance

How Long Can You Stay on Long Term Disability – Long Term Disability Examples

As you all know, opting for health insurance is a great way to tackle unexpected problems. There are many types of insurance policies available to help you in the bad times and one of the most popular among them is long term disability. So today we will be going over how long can you stay on long term disability.

How Long Can You Stay on Long Term Disability

When it comes to disability insurance for physicians, or any occupation, it’s important to have the right type of coverage for your needs. Whether you have any occupation, own occupation, or any other type of insurance plan, you’re going to want to know the coverage you have and how long it can be used.

Long Term Disability Insurance

How Long Can You Stay on Long Term Disability
How Long Can You Stay on Long Term Disability

The main thing that long term disability insurance does is that it balances your finances after you experience an accident or disability. It makes sure that you get your income even if you become unable to work. So the right answer to the question how long you can stay on long term disability is that it depends on your policy. The benefits of long term disability insurance depend on your selected policy. This insurance doesn’t provide all the money at once instead it gives monthly benefits. To help you understand better, here is a brief explanation of how this insurance works.

To make the long term disability claim better in the future, it is very important to opt for the right options while filling the long term disability form. You must know about the available features and riders properly. You can speak with a disability insurance expert to ensure you’re receiving the right coverage for you. After that, you should decide the benefits period and the elimination length.

How to Choose the Right Elimination Period?

Choosing the right elimination period is very important because you won’t be able to get any benefits until you have passed your elimination period. To claim your insurance, you must be in the disabled state after the completion of your elimination period. So what’s the correct length? Well if you can manage your finances after your accident or disability, then you can choose longer periods like 3 months. On the other hand, if you are financially unstable, then a short elimination period is good for you.

If you choose the short elimination period, then you will start getting benefits early but the premiums for a shorter period are high. If you choose a longer elimination period, then you will have to pay fewer premiums. Apart from this, if you have been dealing with medical problems and have an adverse medical history, then you won’t be able to get the benefit period for more than 5 years. That’s why you should choose the benefit period carefully.

Bottom Line

Having coverage is important. From health insurance, to disability insurance, you need to be covered if anything happens. If you are unclear about how long can you stay on long term disability, then in simple words, it depends on the insurance policy you have. There are many types of policies in which you will get benefits for months, years, or even after retirement. That’s why it is recommended to read all the insurance documents carefully. 


Own Occupation Disability Insurance for Physicians – Levels of Coverage

Losing your job due to an injury or disability can be difficult to handle. Besides the mental and physical implications, you also have to deal with the financial risks of having no income. This is  where disability insurance comes in, as it shields you from a financial crisis should you lose your source of income. Own Occupation Disability Insurance for Physicians, specifically, allows you to claim benefits even if you’re able to earn through any other job besides your specialty.

Own Occupation Disability Insurance for Physicians 

In addition to health insurance, disability insurance is something to consider as well. It’s vital to be able to take care of your family, especially as a single parent. In this article, we’ll discuss Own Occupation Disability Insurance for Physicians and how it works.

The Definition of Disability

Physician income disability insurance policies define disability in different ways. To qualify for benefits, you’ll need to meet specific requirements upfront and the declaration pages of your policy will detail the plan you were approved for. The pages outline the benefit period, the amount of monthly coverage, the duration of the coverage and all riders, in which you become qualified if you’re deemed disabled. Every insurance company defines disability in different ways and offers different types of policies.

Own Occupation Disability Insurance for Physicians 

Own Occupation vs. Any-Occupation Policy

Own Occupation Policy

This policy type lets you claim benefits even if you’re still able to earn an income from a job different from your specialty. Medical underwriting is completed prior to paying for the plan, but this only needs to be done one time. Once approved and initial payments made, the policy locks in the approval. If additional medical history arises afterwards, this won’t count against future benefits. Since Own Occupation Disability Insurance allows the insured to collect both income and benefits at the same time, the costs are generally higher than Any Occupation policies.

Any-Occupation Policy

Under this policy, the insured doesn’t receive any insurance benefits if they’re still able to work (even lower-paying jobs) after an injury or illness. Any Occupation policy premiums are usually less expensive as they have more restrictions than Own Occupation policies.

Forms of Own Occupation Disability Insurance

Having an Own Occupation policy can vary from one policy to another based upon the insurer chosen, so it’s important to select carefully. You want to read and understand every part of your policy before purchasing.

  • True Own Occupation – You’re eligible to receive benefits even if you’re employed in another occupation.
  • Transitional Own Occupation – Benefits are adjusted to consider the amount you earn from your new job (after the disability)
  • Own Occupation, Not Engaged – You may still be eligible for benefits if you can do any other job other than your specialty, however, you become ineligible if you take another job, or only receive a partial benefit if working in another job under this definition.
  • Hybrid Own Occupation & Any Occupation – You’re covered by Own Occupation for a certain amount of time before the coverage changes to Any Occupation.

Bottom Line

Disability insurance is vital for professionals, but especially physicians, as they study and train hard for years to gain the skills and knowledge required for their profession. Having disability insurance helps to protect your income in general but Own Occupation Disability Insurance for Physicians allows you to get the most of your insurance coverage to make yourself financially whole.