Disability Issues
When it comes to disability and its effect on your medical practice, employers should gear their thinking to when – not if – it will happen. Major areas of concern are:
- Disability Wage Continuation
How long will the Employer be obligated to continue the disabled physician’s salary? How will these payments be funded? Will the bonus be affected? - Group Disability Insurance
Does the current group policy provide the best value; that is, is the premium commensurate with the definitions and other contract terms? Do all key employees really understand what protection is NOT being covered by the current group policy? - Individual Disability Insurance
What are the basic differences between group and individual contracts? What are the important contract terms in disability insurance policies and how do various contracts compare in the marketplace? What are the various ways of paying the premiums for such coverage and what are the income tax effects? - Disability Reimbursement Program
Will the Employer reimburse its physicians for disability insurance premiums initially paid by employees? - Employment Termination
Will disability automatically terminate a disabled physician’s employment with Employer? What requirements must be met to enforce such provisions? - Ownership Termination
Will a physician’s disability automatically trigger the mandatory sale of his/her ownership interest? If so, under what conditions? Also, will a mandatory sale of other ancillary interests (e.g. real estate, lab or surgery center) be triggered?
One big mistake made by employers is to review the above issues separately rather than as part of an integrated whole. Since they often impact each other, a concentrated effort must be made to develop a coordinated approach by the Employer. With his many years of experience, James D. Yurman is ideally suited to bring the appropriate professionals to the table to analyze these situations and help you make informed decisions.
Contact Jim Yurman:
8500 Station Street – Suite 300G
Mentor, OH 44060
Office Phone: (440) 358 – 0605
MYREPCHAT Text: (216) 232 – 3416
E-mail: jyurman@grandriverllc.com
Other contact information:
VALMARK SECURITIES, INC.
130 Springside Drive, Suite 300
Akron, OH 44333-2431
(800) 765 – 5201