KeystoneExplorer | Winter 2021-22 15 dentistry issues Q While Social Security may seem like the obvious solution, benefits are limited to long-term disabilities and hard to procure—with a six-month waiting period before payments begin. Even then, the income you receive may not be enough to cover your mortgage, medical bills, or any other day-to-day needs. It certainly won’t cover the expenses to keep your practice open and ready to handle patients when you return to work. If this statistic seems high, it’s important to keep in mind that 90% of all disability claims are the result of common illnesses such as stroke or cancer, not random accidents. That’s why it makes so much sense to protect yourself—and your loved ones—from the financial impact a disability could have during your working years. After all, how long would you be able to make ends meet if you were out of work for a month, a year, or possibly even longer? How much time and money did you invest in yourself to become a dentist? FACT The likelihood of a 20-year-old worker being disabled before they retire is more than one in 4.1. Workers’ Compensation is another program that provides disability benefits; however, not all employers are required to participate in it. What’s more, you will only qualify for benefits if injured on the job or become seriously ill due to a work-related activity. Injuries or illnesses that take place in the home are not covered under this program. Most dentists are not covered by Workers’ Compensation unless they are in a multi-partner practice. FACT In 2016, the average monthly benefit paid by Social Security Disability Insurance (SSDI) was $1,171 a month. FACT The average disability claim lasts almost three years. Yet, according to an industry survey, half of all working Americans couldn’t go one month without a paycheck before financial difficulties begin.
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