Is this a smart thing to consider as a resident? There are some affordable options, and I felt like it would be smart to protect myself in case something were to happen, but figured I'd ask you guys too.
It can be... What I mean is you are currently younger than you will be but you also might be on a medication that goes away in the future which at that point won't cause a rate increase vs. now it might. Just visit with a competent agent who really knows the disability market place and they will guide you correctly. In addition the rates are probably about $20-$25 per month per $1,000 of benefit for an efficient plan design as a resident.Is this a smart thing to consider as a resident? There are some affordable options, and I felt like it would be smart to protect myself in case something were to happen, but figured I'd ask you guys too.
Group plans don't have a true own specialty definition that will pay you 100% of your benefit if you can't do your specialty and you are off doing another occupation. Some group plans will even have a trigger that can force you into another occupation after a period of time. Group plans are also owned by the employer so when you leave they typically don't have any conversion to a personal policy and if they do it is usually about $3k. The group plan also has offsets (benefit reduction) against other income (workman's comp, no fault insurance, Social Security Disability, some retirement plan distributions, and the list goes on). An individual plan you just simply own and control without any interference from the carrier post issue, in addition you can build them to your specs not have a design pushed on to you.What's the difference whether one gets this independently or if someone out of training is getting it via their employer? If the latter is going to happen, should one still sign up for an individual plan?
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Group plans don't have a true own specialty definition that will pay you 100% of your benefit if you can't do your specialty and you are off doing another occupation. Some group plans will even have a trigger that can force you into another occupation after a period of time. Group plans are also owned by the employer so when you leave they typically don't have any conversion to a personal policy and if they do it is usually about $3k. The group plan also has offsets (benefit reduction) against other income (workman's comp, no fault insurance, Social Security Disability, some retirement plan distributions, and the list goes on). An individual plan you just simply own and control without any interference from the carrier post issue, in addition you can build them to your specs not have a design pushed on to you.
AMA is cheap for sure, but because of that they have very restrictive language in their waiting period, they don't have a true own occupation, they can change any provision in the policy whenever they want, their rates go up by 25-35% at ages 40, 45, 50, & 55. In addition they can change that rate anytime they want including canceling their 1 year additional discounted rate they currently have applied to policies. Finally, there are some employer plans that have started to reduce their payout when one has an association plan because these are group plans thus why you get a certificate of coverage vs a policy. In employer plans, look at the 'income offset provisions' you will see things like social security, workmans comp, no-fault insurance, and other group insurance.Sign up with AMA...they have a portable plan and are excellent with pricing.