What is "own occupation" coverage and why does it matter?
Disability policies define when you're "disabled." Own occupation ("own-occ") policies pay if you can't perform the duties of your specific occupation, even if you could do other work. Any occupation ("any-occ") policies pay only if you can't perform any job for which you're reasonably suited. For specialized professionals — a surgeon who develops a hand tremor, a litigator with chronic vocal cord damage, a pianist with arthritis — own-occ coverage is dramatically more valuable. Many policies are own-occ for the first 2 or 5 years and convert to any-occ afterward; "true own-occ to age 65" is the gold standard and worth the premium for most physicians and high-income specialists.
- Category
- Personal Insurance
- Audience
- Pre-purchase guidance
- Topic
- Personal Insurance
Related FAQs
Are LTC premiums tax-deductible?
Federal: yes, as itemized medical expenses, subject to age-based limits that increase in steps every decade of age (current figures published annually by the IRS). The deduction phases in based on whether your total medical expenses exceed a percentage of AGI. NY allows a state income tax credit equal to a portion of LTC premiums paid (subject to caps). Self-employed individuals can deduct LTC premiums above-the-line up to the federal age-based limits. Confirm current dollar limits with a tax advisor…
Read answerAre NY plans different from plans elsewhere?
Yes, in two ways beyond community rating. (1) **NY mandated benefits** require coverage for things federal ACA doesn't mandate: infertility and IVF on most plans, autism spectrum disorder treatment including ABA therapy, broader contraception coverage, telehealth parity, and stricter mental health parity enforcement. (2) **Provider networks** in NY are heavily concentrated around the major hospital systems (NYC: NewYork-Presbyterian, Mount Sinai, NYU, Northwell, Montefiore; upstate: each region has 2–3 dominant systems) — picking a plan is functionally picking a hospital network.…
Read answerCan I see specific doctors / hospitals on the plan I'm considering?
This is the most important question and the most-overlooked one at enrollment. Marketplace plan summaries don't tell you network depth. The right move: get the list of every provider you currently see (PCP, specialists, dentist, mental health), call each one, ask "do you take [Plan Name from Carrier X for the current plan year]?" — and confirm the *specific plan*, not the carrier. Carriers offer many plans on different networks (e.g., HMO, EPO, PPO, narrow network) and a doctor accepting…
Read answerDo I need a medical exam?
For most term policies above $500K, yes — a paramedical exam (height, weight, blood pressure, blood draw, urine sample) at home or in an office. **No-exam (simplified or accelerated) underwriting** is increasingly available for healthy applicants under age 50–55 buying $500K–$2M of term, often with an answer in 1–7 days. **Guaranteed-issue** policies (no health questions, no exam) exist for older applicants but cap face value at $25K–$50K and are expensive per dollar of coverage. We pre-screen the underwriting category at…
Read answerDoesn't Medicare cover long-term care?
No, and this is the single most-misunderstood point in retirement planning. Medicare covers up to 100 days of **skilled nursing care** following a qualifying hospital stay (with cost-sharing after day 20). It does **not** cover custodial care — the day-in-day-out help with ADLs that constitutes the vast majority of long-term care needs. Medicaid covers long-term care, but only after you've spent down most of your assets. This is why people who want to control where and how they receive care,…
Read answer
STILL HAVE QUESTIONS?
We answer the same business day.
If yours isn't covered here, schedule a consultation and we'll get you a clear answer.