PAGD Keystone Explorer Winter 2021-22

16 www.pagd.org While a disability can cause financial hardship at any age, it can be particularly troublesome for working-age families. After weighing all the facts, it’s easy to see why dentists need—and deserve—a quality, economical source of disability protection. The Academy of General Dentistry developed a Group Disability Insurance Plan with Met Life Insurance Company substantial enough to stand on its own and flexible enough to be an extra safeguard for those members who want more financial security. There is, of course, one more potential source of disability benefits. While some may have access to disability coverage at work, these plans are often generic in nature and may not have all the features and benefits needed and don’t contain the terms and coverage a dentist needs covered. And, because these plans accept a wide range of applicants, they often charge high premiums to the firm to help offset the risk. Plus, most workplace plans are not portable so one cannot take this coverage when changing jobs. And since many dentists are self-employed, you need disability coverage to ensure you can continue your firm, even if an illness suspends your work for a period of time. For more information U.S. Social Security Administration, “Fact Sheet,” June 2016 @ https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf The Council for Disability Awareness, “Disability Statistics,” @ http://www.disabilitycanhappen.org/docs/disability_stats.pdf U.S. Social Security Administration, “Fact Sheet,” June 2016 @ https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf To find out about the member-exclusive AGD Group Disability Insurance Plan, please visit the MyAGDinsurance.com website to review what is available for AGD members. All the information you need about the program, including its features, costs, eligibility, renewability, limitations, exclusions, and more are provided along with application forms. You can obtain a coverage overview and apply right online, if you prefer to speak with a representative, call directly to (877) 280-6487. Four Key Factors for a Dentist to Consider When Obtaining Long Term Disability Insurance: 1. The benefit period: How long will benefits continue? a. 5 years b. 10 years c. To age 65 or 70 2. Waiting period once disabled: 60-90-180 days 3. Monthly benefit amount: a. 60% of annual earnings b. 70% of annual earnings 4. Definition of disability: Your “own occupation” as a dentist versus any occupation you may be trained for by education or experience. Q dentistry issues FACT Less than 5% of disabling accidents and illnesses are work-related. Therefore, 95% of all disability claims are not covered by Workers’ Compensation.

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