This is a YouTube video titled "Short Term vs Long Term Disability Social VERTICAL #doctor #physicianfinance #financialplanning #fyp" created in June 2024. The content is an informative talk explaining the differences between short term and long term disability insurance policies, particularly focusing on their relevance and financial impact for physicians and doctors.
Disability insurance is most commonly divided into short term and long term policies. A short term disability policy generally begins paying as soon as you get disabled and then pays for a maximum period of 3 to 24 months. These policies are often provided by an employer as an employee benefit. Short term disability, while inconvenient financially, is not generally a financial catastrophe for a physician who's saving for retirement and has an emergency fund. As a result, many doctors do not buy short term disability policies at all. A long term disability policy generally only begins to pay after a waiting period of typically three months, but it can range anywhere from one to 24 months. Since losing your ability to earn a living for the rest of your life is a financial catastrophe, any doctor who is not financially independent should buy a long term disability insurance policy.
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