Disability Insurance - EMRA?

[EMIM2011]

Anyone with some insight into EMRA's Disability Insurance Program? They send out an email today. Wondering whether it's a "good deal"?

http://www.emra.org/content.aspx?id=667&_cldee=dGJlY2tlcm1kQGdtYWlsLmNvbQ==

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[The White Coat Investor]

This the AMA/Essentials program. Not quite as good as some of the others, but a little cheaper and you can slide in without a medical exam- which is very handy if your health isn't good.

 

[EMIM2011]

Could you elaborate on what makes it "not quite as good as others"? Thanks!!

 

[MR Insurance]

It has been a while since the last time I reviewed the details on their policy, but here are a list of concerns that usually come along with association policies:

- The policies are guaranteed renewable and not non-cancellable, which means that the pricing could increase in the future. Individual policies can have guaranteed level premiums.
- Pricing may not be on a level basis. The pricing for many association plans will increase in 5-year age bands (30-34, 35-39, 40-44, etc.). Individual policies allow you to maintain a level premium until retirement age.
- Man association policies require a specific period of consecutive total disability in order to qualify for partial disability benefits. This is not required with individual plans. Additionally, a partial disability can be used to satisfy the entire elimination period with individual coverage, but not many association policies.
- The plan is generally owned by the association and run as a group policy. Which means the entire policy can essentially be changed at some point in the future.
- Benefits for mental/psychiatric conditions are limited to a 24-month maximum benefit period. For EM physicians, this tends to be the case with most individual policies too. There is one company however that does not limit these benefits for EM physicians – Standard.
- The plan is marketed as specialty-specific, but that would need to be determined by actually reading it. Anyone can market a policy as anything they want; it is on you to be sure it truly pays benefits when you are unable to perform the material duties of your medical specialty, regardless of whether you select to work in a different occupation while on claim.
- I'm certain there are others that can be added to this list.

Finance professionals may not have the best reputation, but many of us are honest and willing to be unbiased. You could always have someone provide you with quotes for individual coverage, compare it against the exact details of the EMRA policy and then allow you to make your own decision.

 

[EMIM2011]

Thank you, very helpful!

 

[The White Coat Investor]

Finance professionals may not have the best reputation, but many of us are honest and willing to be unbiased. You could always have someone provide you with quotes for individual coverage, compare it against the exact details of the EMRA policy and then allow you to make your own decision.

Exactly. The key is an independent agent. I have both an individual and a group policy. I compared buying another individual with what I'd get from the group policy and went with the group. It isn't as strong, but it covers Rock climbing (they don't ask about that stuff in group policies) which my individual policy doesn't and it's a heckuva lot cheaper. But compare it to a really good policy (Principal's tend to be well-priced for EPs) so you can tell the differences. A good agent will spend as much time as you need/want explaining the differences. Don't feel bad using him as a resource since he's being well paid with a solid commission once you purchase. Most of them can sell the Essentials policy anyway, so they get paid either way.