You want to retire on your own terms, when you are ready. While physician disability insurance is an essential protection for your livelihood, ideally you’ll never have to use it. But what if your body decides to tell you otherwise?
The cost of living has skyrocketed, and it costs more money than ever to retire. Many baby boomers, doctors and otherwise, are working well past retirement age. One in five licensed U.S. doctors is older than 65, according to the American Medical Association. They continue to practice both because they love it, and retirement at 65 is financially out of reach.
Seniors are at a higher risk for a wide range of neurological, psychological, and other medical problems. Dementia, Parkinson’s, major depression, cancer, cognitive impairment, hearing loss, and muscle weakness can all take their toll.
It’s a delicate subject. As we grow older, our bodies are susceptible to a range of ailments that could affect cognitive, sensory and motor skills. According to the American Medical News, virtually no one agrees with the idea of mandating a retirement age, like with airline pilots. Physicians are more than capable of delivering quality care well past “retirement” age. This also increases the risk of physician disability.
Here is the conundrum. We are living longer than ever, but we can’t afford to retire. And as we age, there are a number of ailments that can potentially affect a physician’s ability to perform their job.
The consequences of physical or mental ailments to physicians are a constant threat to the medical profession. It is their livelihood. Many have children, weddings, college tuition, and retirement funds to worry about. Some are the sole providers for their family. What if they were in a car accident? Diagnosed with cancer? Injured for a prolonged period of time? Diagnosed with Parkinsons?
Take the time now to protect yourself with physician disability insurance.