NOTE: This podcast was transcribed by a free AI transcription tool called Otter. Please forgive any typos or errors.
Speaker 0:04
Hello, in today's Physician Edition Episode, we are covering the COBRA Rider. This is an ancillary feature offered on one of the big six insurance contracts. This will explain how it works. I hope you enjoy Scott's going to discuss the Cobra benefit.
Speaker 0:23
Yeah, so COBRA Benefit is typically associated with employers' health insurance. You know we all know this if you're employed with a group, hospital. If you ever leave, you get an extension. It's called COBRA.
And what happens is the employer says we're no longer paying for your health insurance. Now you're 100% responsible. A lot of people ask him well, how does that apply to disability insurance? Well, if you're employed as a physician, and you have a disability contract, and all of a sudden you become disabled due to an illness or an injury, after a period of time, your employer is gonna look at you and say, Hey, we love you. We enjoyed having you here. But we need somebody to do this work. And so they're gonna release you from your employment. At that moment, they no longer are subsidizing your health insurance and all that comes onto your plate.
Now, as an employee who is separated from service, there are as many as about 18 months of continuation you can do. And what these COBRA benefits do is they come in and say in addition to your monthly benefit, we're willing to pay up to an extra $1,000 a month. So if your benefits cost $800 A month, the insurance company will reimburse you 800. If your insurance costs were $1,200, then they'll reimburse up to $1,000. And it's nice because that is an addition to your monthly benefit may not be a reason why you say I want to buy this contract. But if it's nice, it's a nice perk.
Unknown Speaker 1:50
Thank you for joining us on today's episode of the amber Stitt show physicians edition. For more information about this podcast books, articles, and more, please visit me at Amber stitt.com. For more information about physician insurance contracts, please listen to the entire physician edition podcast series or visit us at MD Disability Quotes.com.
Thank you for listening!
Transcribed by https://otter.ai
Thank you again for joining me, Amber Stitt, in this episode of The Physician's Edition. I’ll see you next time, podcasters!