Why Do Physicians & Doctors Need Insurance?
04 Jul 2018
Doctors are no different than any other human being and need insurance of their life, for their illnesses, and potential disabilities just like we do. Arguably, they are even probably more prone to infections, diseases, and disabilities than any other profession because of constant exposure to pathogens and harmful germs all day long.
Doctors and Physicians: The Myths around Their Pay Slips
Most doctors are drowning in debt and student loans because of how expensive and the costly medical school gets in the first place.
When doctors start practicing as beginners, their income is the next to negligible considering the number of hours that they have to put in weekly. An average freshly graduated medical student and first-year resident earn a gross salary of only $50,000 dollars annually, which is considered below middle-class income.
This is particularly disappointing considering that residents clock in more than 80-100 hours per week, or 12 hours daily, when the average is 8-9 hours for other professions with the same salaries.
The chances of doctors and physicians saving up for anything during the first decade of their careers are next to impossible owing to their medical school loans. These often leave doctors in a debt of millions of dollars that they have to pay from their minute salary, which requires for them to clock in more hours than any other profession with the same income.
All the while, their life goes on and their families need support, they may face health issues as we all do, they run the same risk of disabilities as anyone else, and they are continuously exposed to harmful diseases at all times.
Doctors and physicians need the same support and insurance that they provide to their patients in all aspects of their lives; familial, monetary, and most of all medicinal.
Kinds of Insurances That Doctors and Physicians Need
While the following list is not limited to doctors and physicians only; if you are one you might want to consider which of the enlisted items suit you.
- Universal or Life Insurance
- Home, Property or Mortgage Insurance
- Personal Liability Insurance
- Disability and Critical Illness Insurance
- Vehicle Insurance
What Should Insurance Ideally Cover?
If you have decided to get any of the aforementioned insurances, or invest in an insurance plan of any kind, make sure you read the papers thoroughly because there are some bad apples out there. Insurance should ideally cover the following key features:
- Income lost due to injury to self, or property that you are working in, or any equipment that you are utilizing
- It should not just cover your personal wellbeing, but the wellbeing of the people dependant on you like spouse and children.
- It should not just cover fatal, life-threatening disabilities only like most insurance plans do, but also disabilities that make you lose your income for a significant period of time.
- Portability of the insurance is critical because physicians and doctors do not work at just one place. Make sure that switching jobs does not make you lose the insurance.
- The revelation of complete, honest details of your lifestyle, medical history, and your health so that nothing makes you ineligible when an unfortunate incident triggers the need for insurance
At the end of the day, insurance is a business deal and there are many people out there who will try to scam you into investing your money in deals that may eventually prove to be null and void. Insurance of your life, property, income and your family is a serious subject and you would want to be very careful when dealing with these matters.
Make sure you clarify all confusions, tally the insurance agent’s words with those in the paper or documents and take your time doing research and asking around before finally deciding on what works for you personally.
To learn more about Insurance for Physicians please visit Levine Financial Group.