Disability Insurance for Incoming Fellow

[seattlegas89]

Hey everyone,

I was wondering what the current/incoming fellows are doing for disability? I have a non-own specialty plan I signed up for with my whole med student class back in MS4, but am now looking to get a new plan that is more relevant to pain medicine as I will be more dependent on being able to perform procedures than some other specialties. I also know it is usually better to start a plan while still in training to avoid some of the physical exam. What have you guys done recently, when did you do it (in PGY4 or during fellowship), and what were the factors of disability that you thought were important as a future interventional pain physician? Thank you.

(and yes, I have read WCI)

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[deleted131481]

You hit the most important point regarding getting own occ/specialty. See If your current program has a resident/ fellow , group rate. Be sure to shop the major carriers on your own regardless.

Learn about the riders. Want future increase for jump in income. I decided to forego COLA and do 6 month waiting period. Substance abuse/mental health i see a lot of variation and personal preference on.

 

[MD Financial Services Scott]

Virtually all disability contracts definition of disability are based on 'what you are doing at the time of claim' not what you were doing at the time of purchase. The duties at purchase are to determine the cost of what you are buying. Now it might do you well to get a new policy because the cost as a med student is not as good as the cost for some specialties so that is a variable worth reviewing.

 

[Agast]

I extended the plan I had during residency which locked in a better rate. That was around the time they were going to increase the rates on disability due to mental health/substance abuse for anesthesiologists. As you start working you have the option of increasing your rider.

 

[Ravenclaw90]

Does Guardian have the best definition of disability and is it worth paying extra for?

Virtually all disability contracts definition of disability are based on 'what you are doing at the time of claim' not what you were doing at the time of purchase. The duties at purchase are to determine the cost of what you are buying. Now it might do you well to get a new policy because the cost as a med student is not as good as the cost for some specialties so that is a variable worth reviewing.

 

[MD Financial Services Scott]

Does Guardian have the best definition of disability and is it worth paying extra for?

Guardian has for some a 50% threshold of duties to be on full claim. This can work for you or against you, here is an excerpt from an article I wrote about this very issue at the end of 2020.
Total Disability Definition: Enhanced True Own Occupation - You will be totally disabled if, solely due to injury or sickness, you are unable to perform the material and substantial duties of your occupation.

As long as you are totally disabled, benefits will not be reduced even if you are working in another occupation. You will also be considered totally disabled if you are an MD or DO and more than 50% of your income is from:

Performing surgical procedures and, solely because of injury or illness, you can no longer perform surgical procedures -or- Performing Hands-on patient care and, solely because of injury or illness, you can no longer perform hands-on patient care.

Let's unpack the pros and cons of the clauses:

The pro is stating that percentage, this being present in the contract can make someone feel comfortable because it has a clearly defined number.

The con is what happens when that surgeon had 49% of their income from surgery and the rest was from clinic work which was being referred to them, consulting, or even surgery centers? Once they personally can't do surgery, are they still going to get the referrals for the clinic work that was making up 51% of their revenue, how about the consulting, will the surgical center suffer? Other carriers might certify that as a total claim but Guardian might only certify that as partial since the 50% number was not hit.