MD & DO co'21 Residency Panic thread

[PorkChopsOG]

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Was initially gonna do x2 disability insurances, as a person with risk-prone hobbies in a surgical residency. But my additional DI (not through my hospital) required all paperwork by hand and only took payment in checks so as a person that lives on auto-payment and doesnt own a printer I decided on sticking with just the one offered by my hospital

lolwut. Please get real DI. All of my quotes were electronic and my monthly premiums are just taken from my checking account electronically.

 

[Chads2]

7000 messages...too long for me to sift through, but good luck to all of you getting started! Especially my IM peeps. 🙂 This will be my 8th July as an attending and excited to get all my interns started off on the right foot!

 

[redsox93]

You guys are making me think it was a bad idea to just get DI through my program. How do I even go about getting additional insurance

 

[MD Financial Services Scott]

Was initially gonna do x2 disability insurances, as a person with risk-prone hobbies in a surgical residency. But my additional DI (not through my hospital) required all paperwork by hand and only took payment in checks so as a person that lives on auto-payment and doesnt own a printer I decided on sticking with just the one offered by my hospital

You must be dealing with an 'old school' agent/agency because every disability carrier (the big 6) all do electronic apps and electronic payments, in fact some carriers are getting ready to add a discount to the premiums for clients that will do e-app and e-delivery. That discount is being instituted to help push agents to do things electronically vs. paper and check, the carriers do not want the paper for multiple reasons.

 

[MD Financial Services Scott]

You guys made me look into physician occupational disability insurance. Picked someone from white coat investor and scheduled online appointment. I’ll see what the rates and coverages actually are. But if doesn’t seem worth it I won’t bother.

Your rates, if you are typical of resident age and not in CA, should be about $18-$25 per month per $1,000 of monthly benefit unless you get a graded contract then it might be $14-$18 per month per $1,000 of monthly benefit.

 

[sunshinefl]

Your rates, if you are typical of resident age and not in CA, should be about $18-$25 per month per $1,000 of monthly benefit unless you get a graded contract then it might be $14-$18 per month per $1,000 of monthly benefit.

That sounds like a lot. If I want occupational disability insurance that would cover my approximate attending physician salary, I would have to pay $500 a month? Now I don’t even want to bother wasting my time.

 

[MD Financial Services Scott]

That sounds like a lot. If I want occupational disability insurance that would cover my approximate attending physician salary, I would have to pay $500 a month? Now I don’t even want to bother wasting my time.

Everything is dependent on age, gender, specialty and state you live in. After that it is just a function of how much benefit you want/need. Most attendings end up with between $10,000 -$15,000 per month of tax free benefit costing $200-$300 per month, that is pretty typical. Keep in mind that you can't buy a disability policy that is going to pay you every dollar of your attending salary so if one has an income of $350,000 they can buy about $15,000 of income protection but that is assuming that you don't have employer sponsored group insurance, if you do you will not be allowed to buy the $15k, it would probably be more in the $10k range.

 

[PorkChopsOG]

That sounds like a lot. If I want occupational disability insurance that would cover my approximate attending physician salary, I would have to pay $500 a month? Now I don’t even want to bother wasting my time.

My DI ($5000/year coverage, plus others) is $115/month. $15 of that is extra add ons.

 

[MD Financial Services Scott]

My DI ($5000/year coverage, plus others) is $115/month. $15 of that is extra add ons.

That sounds kind of right on at $115 for $5k, that comes out to a total of $23 per month per $1,000 of monthly benefit.

 

[FindersFee5]

That sounds kind of right on at $115 for $5k, that comes out to a total of $23 per month per $1,000 of monthly benefit.

Mine is a bit higher than this, but also being a surgeon bumps up your risk class vs other specialties.

 

[Naruhodo]

Did you guys get DI separate from what your residency provides in their benefits packages? We have orientation next week and that's when we pick our benefit packages and they offer short term disability that I plan to get through the program. I was initially asking about separate insurance from a private seller/insurance place. I don't plan to get life insurance as I'm not married and have zero kids. It's the disability insurance I'm thinking about. But I think I'm going to hold off until after intern year and maybe get a separate policy. I've heard the disability insurance that residencies provide are notoriously not great. But I'll find out next week

Nope, I just went with what the residency offered (the highest levels of both DI and LI offered that didn't require additional health check/ paperwork). I know one of my co-interns who's wife is also having a kid went with private insurance because the coverage was better (but also he's a man so probably pregnancy disclosure was not a thing for him). This is our first foray into these things, so I wanted to keep it simple (lots of firsts, first real salary in 4 years, first time homeowners, first kid). I do want to be more financially responsible going forward (a lot of med school was me trying to not have panic attacks from thinking about the financial consequences of my decision to attend), but I'm easing in starting with things like maxing our my annual Roth IRA. As it is, due to opting for better health insurance, DI, LI, etc. my first paycheck was substantially less than what one of my co-interns shared with me, but hey, at least I am back to having a salary and I'd rather have the good insurances just in case for my family's sake.

 

[Ho0v-man]

 

[Deecee2DO]

Sorry to revive this thread but could some of the DOs from last year who had High Step 1s with strong apps who applied IM without a Step 2 shed some light on your interview experience last year. I have no interviews still despite my peers with lower stats than me getting academic invites. I applied to 63 academic IM programs and 1 community program (home program). I have mid 250s step 1 all honors top 5-10% class rank and multiple publications 1st/2nd author with strong ECs and I am getting told by one of your classmates on here from last year that the DOs with strong apps and high step 1s without Step 2 struggled to get interviews until they had a Step 2 score. I am kind of freaking out right now because I have a date to take CK first week of November which means that my CK score wont be available until late november early December when its probably too late. Any advice would be greatly appreciated

 

[efle]

Sorry to revive this thread but could some of the DOs from last year who had High Step 1s with strong apps who applied IM without a Step 2 shed some light on your interview experience last year. I have no interviews still despite my peers with lower stats than me getting academic invites. I applied to 63 academic IM programs and 1 community program (home program). I have mid 250s step 1 all honors top 5-10% class rank and multiple publications 1st/2nd author with strong ECs and I am getting told by one of your classmates on here from last year that the DOs with strong apps and high step 1s without Step 2 struggled to get interviews until they had a Step 2 score. I am kind of freaking out right now because I have a date to take CK first week of November which means that my CK score wont be available until late november early December when its probably too late. Any advice would be greatly appreciated

You probably are having some invites delayed due to programs switching to Step 2 screening this year and not yet having your score. But there is nothing you can do except sit your Step 2 in a couple weeks, wait for the results, and see if that triggers some invites. Don't let yourself sit awake at night worrying about this, stressing won't influence anything.