Dental professionals are susceptible to a number of disabilities that can interfere with their ability to work. Disability insurance can help cover a dentist’s lost income, medical expenses and living costs during a time of illness or injury.
Dentists often buy disability insurance through their employer disability insurance quotes, a dental association or through individual companies. Each of these can have different pros and cons, so it’s important to do your research before making a decision.
1. Loss of Income
Dental professionals are more likely than most workers to suffer a loss of income due to disability. Often, this happens when dentists become unable to work due to illness or injury.
This can have a major impact on a dentist’s finances, and on their ability to provide for themselves and their families. As a result, it’s important for dentists to purchase an individual disability insurance policy that’s specifically tailored to their needs.
Dentists should also make sure they understand their disability insurance’s definition of disability before purchasing a policy. For example, some companies use the term “own occupation.” This is a general term that covers any job and can be misleading.
Dentists should consider using a broker agency to find a disability policy that best meets their needs. A good broker will be able to help you compare policies from multiple high-rated disability insurers.
2. Continuation of Care
The loss of income due to a disability can have a huge impact on your life and finances. You may have to stop working, or find a different job that pays less than you’re used to earning.
Dental insurance is one way to ensure that you can maintain your lifestyle and continue to pay your bills. However, it’s important to note that you should only purchase a disability policy that pays at least 60 percent of your pre-disability income.
You should also look for individual disability insurance that defines disability as your own dental specialty, rather than a general occupational classification. This is a particularly important consideration when purchasing your first disability policy, especially early in your career.
3. Medical Expenses
Dentists spend a lot of time on their feet, which can lead to back and neck pain and repetitive movement injuries. These conditions can also lead to long-term disability.
Dental insurance is necessary to protect your income if you become disabled and can’t work for a period of time. It’s important to find a plan that fits your specific needs, especially since the rates are different for each profession.
For example, dentists pay higher disability insurance rates than dental hygienists and lab technicians because of their specialized jobs. However, dental specialties such as orthodontists, surgeons, and pediatric dentists can qualify for lower rates due to their higher median incomes.
Many dental professionals purchase disability policies through their dental service organizations (DSOs) or hospitals. While these policies can provide some protection, they are expensive and often don’t cover enough to meet your unique needs. It’s best to choose a private policy that is designed specifically for your career.
4. Living Expenses
Dentists are high-income earners, and they face more financial obligations than the average person. This includes practice loans, mortgages, and daily living expenses.
If you become disabled, you may not be able to afford these costs and you could be without income for an extended period of time. This is why disability insurance is important for dentists.
You can get disability coverage that replaces 60% of your after-tax income. This should cover your mortgage, car payments, and other basic needs.
In addition, some policies offer a shorter waiting period market to residents in Ontario, Canada which may help you save money over time. You can also buy a policy that extends until you reach retirement or turn 65.
Conclusion
In general, dentists should look for a policy with an own-occupation rider, which provides benefits if you are unable to work in your specialty. This is especially helpful for dentists who specialize in certain areas, such as pediatric dentistry or prosthodontists. Choosing the best disability insurance policy for dentists is easy if you know what to look for and where to look.
