Tell Us Your Story

Good grief. Doctors need better financial advisors. Talked to a surgeon recently. He's in a group practice. They have good group long-term disability insurance - pays up to $10k a month. The partners are all making good money. But.....the guy I'm talking to has a progressive disease that will eventually take him out of the operating room and reduce or eliminate his income within a few years. 

The practice beancounters find LTD insurance that is "cheaper," so they switch. The problem is no one really understands what they bought.

I understand it the minute I read it.

By switching policies without asking the right questions they have (1) reduced the monthly benefit to $5k and (2) created a massive preexisting condition problem for this doctor. "Maybe" we can work around that but we won't be able to work around the reduced $$$'s. 

Of all of the different insurance policies that professionals buy, the least expensive is group LTD. It's also the last coverage to cheap out on.

Ben Glass
Connect with me
Ben Glass is a nationally recognized car accident and ERISA disability attorney in Fairfax, VA.
Be the first to comment!
Post a Comment