There are many advantages of a group short term policy for both employers and employees. Some specialized carriers even offer policies designed for early intervention in case of hospitalization that are personalized to ensure the employee’s early return to work. Other benefits may include 100% income replacement for claimants who are in a position to do part-time work, which can be an incentive for them to return to full-time work early. A group short term policy may offer the benefits of an individual disability insurance (IDI) policy but can offer many short term benefits as the name suggests.
Every insurance policy has its own utility that a customer will find helpful at different times and in specific situations. When you have just graduated out of medical school or you are in the first few years in the profession, it is a vulnerable period because of the enormous student loan debt you carry. On average it is around $200,000 for every medical school graduate, the repayment of which will account for a large part of your income. At this time, if you suffer any disability following an illness or accident and you don’t have a doctors disability insurance, you could be in a lot of stress.
It is an economical cover for short term disability
The most convenient part of having a group short term disability insurance policy is that it is economical if not free of cost as it is offered by your employer as part of their employee welfare compliance. With this policy, you can easily cover short term disability without having to utilize your long term IDI policy.
Most if not all insurance carriers offer some incentives when you do not make any claim. If your carrier also offers that on your long term healthcare professionals disability insurance, you get the advantage. For that to happen, your short term disability must not exceed 6 months.
Endure effectively with the elimination period
When you make a claim, you need to wait for the policy benefits to roll in. This waiting period is known as the elimination period and it can be as long as 3 months in case of a group long term disability insurance policy. However, for a group short term policy, it doesn’t exceed 15 days, which is a major benefit.
If you happen to be disabled for a long period of time wherein you have to rely on your long term disability policy, you must also be prepared for the elimination period of 3 months. This is where your group short term physicians disability insurance policy will come to your rescue with benefits rolling in within 15 days.
Compliments your long term IDI policy quite well
Depending on the insurance provider your employer chooses to buy the group short term policy from, you will get the benefit of innovative products that cover different situations. It is a good policy but by no means should you leave your disability coverage on just this policy.
You must invest in a long term IDI policy for adequate cover against disability even with your group short term policy. Buying your long term IDI policy from MGIS is going to be beneficial because this company specializes in disability coverage for healthcare professionals especially doctors. Please visit https://www.mgis.com for more information.
