Keeping your practice (and finances) safe

Protecting the ability to earn an income is a critical step for every practicing doctor of optometry. That’s why AOAExcel® partners with AGIA to sponsor group long-term disability income insurance for AOA members. AOA Member Insurance Program Administrator Matt Bishop shares answers to some common questions doctors have asked about long-term disability insurance.

Why is it important for a doctor to consider long-term disability insurance?

Your most valuable financial asset most likely isn’t your house, car or savings account—it’s your ability to earn an income as a doctor of optometry. Long-term disability insurance is designed to pay you a monthly, tax-free cash benefit if you are no longer able to earn a physician’s paycheck due to a covered illness or injury. This money can help protect you and your family until you’re able to return to practice.

People often refer to accidents or preexisting conditions when talking about long-term disability insurance. Is disability insurance just for injuries?

No, not all disability is due to an injury or accident. Sudden and severe illness is a common cause for disability. If you are too sick to work for a prolonged period, you likely qualify for benefits. Although we prefer not to think about it, a serious illness could happen to anyone, regardless of health, age or lifestyle. Long-term disability insurance can provide added protection for whatever life brings.

What do you suggest doctors look for when shopping for a long-term disability policy?

I recommend looking for coverage that won’t increase in price or be canceled due to health changes and that offers “own-occupation” coverage specific to your work as a doctor of optometry. These are two key components. I would also investigate the reputation of any insurance provider you shop with as well as the underwriter—the company responsible for benefit payments—that the provider works with. AOAExcel and AGIA partner with New York Life, one of the nation’s oldest and most reliable insurance underwriters, so you know your money will be there when you need it.

You mentioned own-occupation coverage—how does that work?

Own-occupation coverage means you can receive benefits for a covered disability that prevents you specifically from practicing as a doctor of optometry, even if you are still able to perform the duties of a different job. For example, you can’t be denied coverage if you are well enough to work part time or serve in an administrative role. The AOA’s long-term disability income insurance includes own-occupation coverage, but it may be difficult to find similar coverage elsewhere. Make sure to read the fine print of any potential long-term disability policy before you purchase so you know exactly what you’re getting.

How much disability coverage does a doctor typically need?

The benefit level you need depends on your particular financial situation, including the number of family members, including spouse, children and dependent siblings or parents, who count on your income. Think about the combined monthly cost of groceries, housing, utilities, loan payments, gas and auto expenses, tuition and additional expenses. Even if your employer provides disability insurance, your income has likely increased over time, and the level of coverage you carry now may not be enough. Stand-alone disability insurance that is customized to your needs and follows you throughout your career provides a great supplement to employer-provided coverage.

How can AOA members apply for AOA-endorsed long-term disability insurance?

Our online application portal makes it easy to see your cost immediately. You can quickly compare coverage amounts and costs to find the right fit for you, then apply online in a few clicks—no medical exam is required for benefit levels up to $7,500 per month. If you have any questions or concerns, our team of dedicated representatives is available to guide you through the application process. And if you’re not completely satisfied with your certificate of insurance, you can return it, without claim, within 30 days and we’ll invalidate your coverage and send you a full refund.

Questions?

AOAExcel partners with AGIA to sponsor long-term disability and other insurance solutions to help AOA members plan for their futures. Learn more about features, costs, eligibility, renewability, limitations and exclusions or call 866.331.0180.

Find more information on the resources and products AOAExcel offers to make life easier for doctors of optometry.

The AOA Group Disability Insurance Policy is underwritten by New York Life Insurance Company, 51 Madison Ave, New York, NY 10010, on policy form GMR. ID: 6582094.1. Administered by A.G.I.A., Inc. Licensed Agent of Record Matt Bishop’s California license number is 0F00863; Arkansas license number is 8493373.