Chiropractors perform a very important and highly valued public service. But what happens when a chiropractor is afflicted with debilitating pain themselves? How will they be able to maintain a living and stay afloat? As they make a $70,720 median pay (per the BLS), income protection should be a very high priority for chiropractors. A disabling illness or injury could throw your budget drastically out of sync, and that’s when you would want to seek disability benefits to recoup the lost income that you would have made had you been able to work.
If your chiropractic practice offers employee benefits and insurance for working there, then you won’t want to hesitate to take advantage of those benefits. Likewise, if your enterprise doesn’t offer any benefits, then you’ll want to seek your plan independently, whether through a licensed independent agent or by contacting providers directly.
When shopping around for the ideal insurance plan, you should look for:
Suppose you anticipate that an ailment will only temporarily put you out of work. In that case, you don’t want to wind up massively overpaying long after you would actually need the benefits. Conversely, you don’t want to pay for a plan that would only offer you benefits if you were incapable of working any job. “Own occupation” plans will offer you benefits if you’re unable to work as a chiropractor, irrespective of whether or not the disability would keep you from working any other job. Look for all of these things before purchasing any plan, and do the best research you can to verify its authenticity.
Disability Insurance For Chiropractors: Worth It? Absolutely. In the best-case scenario, disability insurance policies are absolutely worth it. Even a simple sprain that only warrants a short-term leave could make or break your budget if you don’t have a backup plan. You’ll have to wait to return to work, but bills, taxes, rent, and mortgages won’t wait.
Even missing a week of median pay could mean missing out on an extra $1,360. That alone could make or break paying your expenditures. Of course, we never want the worst-case scenarios to happen, but it’s crucial to have a backup plan implemented in case they do.
But what if that backup plan falls through, and your plan fails to offer the benefits you’re in desperate need of? What’s your backup plan then?
Ferrin v. Aetna Life Ins. Co., 336 F. Supp. 3d 910 (N.D. Ill. Sept. 28, 2018) (holding insurance policy’s grant of discretionary authority is void under Texas law due to certificate being issued after effective date of regulation, and policy renewing after effective date, and holding Plaintiff was disabled from Any Reasonable Occupation where treating doctors certify she can sit at the occasional level, and insurer’s consultants opine Plaintiff can sit frequently, as weighing all evidence together would make capacity likely at low end of frequent range at best).
Sadowski v. Tuckpointers Local 52 Health & Welfare Trust, 281 F. Supp. 3d 710 (N.D. Ill. Dec. 20, 2017) (holding plan was arbitrary and capricious in denying medical benefits for removal of spinal cord stimulator following a fall down the stairs and infection where plan argued the expenses were caused by the same injury as the car accident necessitating implantation of the stimulator years earlier)
Tassone v. United of Omaha Life Ins. Co., 264 F. Supp. 3d 867 (N.D. Ill. Aug. 30, 2017) (awarding client long term disability benefits denied by United of Omaha despite insurer’s doctor opining there was no objective evidence of functional impairment)
Suson v. PNC Fin. Servs. Grp., Inc., No. 15-CV-10817, 2017 WL 3234809 (N.D. Ill. July 31, 2017) (holding Liberty Mutual’s denial of client’s long term disability benefits was arbitrary and capricious where Liberty Mutual disregarded client’s carpal tunnel syndrome and relied on a vocational opinion to which client never had an opportunity to address before litigation)
We’ve helped Chicago-area professionals recoup their losses and stay afloat through the most turbulent points in their careers. If you or someone you know is a chiropractor who was recently placed out of work but struggling to receive adequate income protection, we can help.