What are the important points to look for in finding and acquiring a quality dental hygienists disability insurance policy?
Key points to remember in choosing a dental hygienist disability insurance policy:
The policy should be from a financially strong insurance company
A strong disability insurance company will have good financial strength ratings from the independent rating services. RDH Professionals can provide you with the financial strength ratings for any insurance company.
The disability insurance policy should have at least a “Modified Own occupation” definition of disability.
The definition should define disability as the inability to perform the material and substantial duties of your occupation and you are not engaged in any occupation for wage or profit. If you could or would choose to work in any other occupation, the wages received while on disability, will be adjusted from your disability benefit payments. We now have contracts that offer “true own occupation” riders (any wages earned while disabled do not go against a disability benefit).
The most liberal definition of residual (partial) disability insurance.
Many dental hygienists are conscious of the fact that “occupation” is an important definition in a dental hygienists disability insurance policy, they may not be as aware of the nuances of how one’s claim is paid by an insurance company when one is recovering and when there is still a residual disability after a dental hygienist goes back to work on a partial basis.
To simplify this part of a dental hygienists disability insurance policy, we recommend that you have an occupation disability insurance policy that also covers loss of income during recovery and/or during a partial injury or sickness that may be permanent.
The following hypothetical situation can help demonstrate this. Ms. Smith has an individual insurance plan and has been receiving disability insurance monthly income because of a total disability. Now Ms. Smith has recovered somewhat and has returned to work on a part-time basis.
The question is: Is there any money coming in when work resumes? The answer is that there will be none unless Ms. Smith purchased a plan with a partial (residual) disability rider.
Noncancelable Policy Rider
As long as a premium is paid on time, this rider locks in the premium rate. Wouldn’t we all wish that we could have locked in the cost of our medical coverage? This rider provides piece of mind in that the premium will never increase.
Future Purchase Option Rider
This allows you to obtain more disability insurance without having to show evidence of medical insurability. You just have to show that your income would justify more insurance. This rider is especially important when you are new in practice and you expect your income to increase.
Cost of Living Increase Rider
This rider will increase one’s disability insurance payments after you are receiving benefits. The amount of increase is tied to the Cost of Living index with a maximum of 3% or sometimes 6% a year.
Automatic Increase Rider
This rider increases the monthly insurance amount automatically by a fixed percentage every year for the initial years of the disability insurance policy.
Note: These extras or “riders” vary among insurance companies.