Disability insurance

[annoyedpsychiatrist]

I dont have this, now im thinking to myself, I probably should. How much are you guys spending on it?

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[annoyedpsychiatrist]

disregard, i do have it, lol

 

[PsyDr]

Make sure it is "own occupation" disability insurance (i.e., insured if you cannot do your own occupation/psychiatry).

The cheaper option is "any occupation" disability insurance (i.e., insured if you cannot stock shelves at Walmart).

 

[comp1]

I do wonder about own occupation vs any for psychiatry in specific. I've always asked the disability insurance sales people, have you ever seen a pay out for a psychiatrist in specific? Never have I received an affirmative. I get surgeons. I feel like surgeons should be very expensive to insure, but I've literally been treated by a blind psychiatrist and she was great. It just seems like a given random disability is much more likely to impact your ability to stock shelves than to practice psychiatry. I've never felt the rates really reflected that well.

 

[clausewitz2]

I do wonder about own occupation vs any for psychiatry in specific. I've always asked the disability insurance sales people, have you ever seen a pay out for a psychiatrist in specific? Never have I received an affirmative. I get surgeons. I feel like surgeons should be very expensive to insure, but I've literally been treated by a blind psychiatrist and she was great. It just seems like a given random disability is much more likely to impact your ability to stock shelves than to practice psychiatry. I've never felt the rates really reflected that well.

Think head injury or something that keeps you from speaking fluently. It would become quite hard but you could probably stock shelves.

 

[comp1]

Yeah, it'd need to be a Phineas Gage level event (although even he would have had trouble working at Walmart). I still think the underwriting isn't appropriately done for psychiatrists.

 

[calvnandhobbs68]

I do wonder about own occupation vs any for psychiatry in specific. I've always asked the disability insurance sales people, have you ever seen a pay out for a psychiatrist in specific? Never have I received an affirmative. I get surgeons. I feel like surgeons should be very expensive to insure, but I've literally been treated by a blind psychiatrist and she was great. It just seems like a given random disability is much more likely to impact your ability to stock shelves than to practice psychiatry. I've never felt the rates really reflected that well.

I mean car accident and moderate to severe TBI will do it. Progressive neurologic condition would do it. Chemotherapy/radiation therapy with cognitive/neurologic side effects would do it. I could go on.

You want own occupation, you don't want your insurance company to be arguing that you could still make 18 bucks an hour stocking shelves at target when you're trying to deal with a significant medical condition and not paying out your 150K/year insurance policy.

 

[Merovinge]

I do wonder about own occupation vs any for psychiatry in specific. I've always asked the disability insurance sales people, have you ever seen a pay out for a psychiatrist in specific? Never have I received an affirmative. I get surgeons. I feel like surgeons should be very expensive to insure, but I've literally been treated by a blind psychiatrist and she was great. It just seems like a given random disability is much more likely to impact your ability to stock shelves than to practice psychiatry. I've never felt the rates really reflected that well.

Had this come up with my partner. She is a surgeon and was getting the same risk class as I was as a child psychiatrist (this was many years ago now, it may have changed since). I never got disability insurance and we decided she would be my disability policy (and got her the very good and cheap DI when they still had gender neutral policies). Actually just cancelled her DI this past year as we can afford either of us becoming disabled.

 

[Sushirolls]

Going without. If needed, will downsize life/living. Cost was too much to justify.
*In Private Practice.
**Point for working with a Big Box shop, assuming their policy is own occupation - but I suspiciously doubt they are.

 

[TexasPhysician]

Definitely should have own occupation. A neurological condition could effect my cognitive abilities much more than my ability to stock shelves.

My plan even includes mental health conditions.
Losing a limb is disabling on my plan as it would effect documentation abilities.

 

[finalpsychyear]

Makes sense to have but some cancel when they hit milestones like 25x FIRE kinda numbers but continue to work.

I think WCI suggested canceling when you hit those numberes.

 

[Stagg737]

I mean car accident and moderate to severe TBI will do it. Progressive neurologic condition would do it. Chemotherapy/radiation therapy with cognitive/neurologic side effects would do it. I could go on.

You want own occupation, you don't want your insurance company to be arguing that you could still make 18 bucks an hour stocking shelves at target when you're trying to deal with a significant medical condition and not paying out your 150K/year insurance policy.

I'd add significant back injuries. Had a severely herniated disc earlier this year and I could barely walk for a couple of days afterwards and couldn't sit for more than 30-40 minutes without needing to lay down. If that were a chronic issue, no way I'd be able to sit in an office or inpatient unit all day seeing patients and documenting. Really any injury or illness that would prevent basic mobility or the ability to sit for prolonged periods could qualify.

Going without. If needed, will downsize life/living. Cost was too much to justify.
*In Private Practice.
**Point for working with a Big Box shop, assuming their policy is own occupation - but I suspiciously doubt they are.

Imo totally depends on point of career like finalpsychyear implied. My big box provides own occupation insurance that would pay $7,500/mo if I become disabled. I pay a little less than $600/mo for supplemental insurance that would up that to $17,500/mo if I were disabled since I'm only a couple years out of residency without a solid nest egg yet and my spouse is unlikely to ever sniff a 6-figure income. If something happened to me and I couldn't work we'd be screwed. I also pay a decent chunk for extra life insurance at this point, but that will also obvious decrease as our egg grows.

 

[Candidate2017]

I mean car accident and moderate to severe TBI will do it.

I rotated through a TBI clinic once, and it made me want to wear a helmet 24/7. Every slobbering patient was presented to me as a "blah blah year old male/female, former accountant/scientist/engineer/business owner/other very high functioning person with a TBI from MVA..." They were indistinguishable from severely intellectually disabled patients and were reduced to nothing but for basic drives like going into a blind rage and attacking their family if they didn't get ice cream. I'm sure a good portion had good disability insurance and/or insurance settlement.

 

[finalpsychyear]

I rotated through a TBI clinic once, and it made me want to wear a helmet 24/7. Every slobbering patient was presented to me as a "blah blah year old male/female, former accountant/scientist/engineer/business owner/other very high functioning person with a TBI from MVA..." They were indistinguishable from severely intellectually disabled patients and were reduced to nothing but for basic drives like going into a blind rage and attacking their family if they didn't get ice cream. I'm sure a good portion had good disability insurance and/or insurance settlement.

find the best and safest vehicle one can afford if commuting regularly. this is an area i wont go with a camry or sedan but always a large 5 star suv no question.

 

[mistafab]

I got mine in residency prior to attendinghood. It's own occ, portable, 251 per month. I have a good agent and am pleased with her products. Gives a lot of peace of mind having that plus my term life covered. Pretty much - death or disability, my spouse/kids will be fine.

I agree with @calvnandhobbs68 - lots of things unfortunately can be the ticket to disability. My main concern is car accidents or drunk drivers since I live in a major metro.

I'm not yet self-insured so the policies are necessary.

 

[Stagg737]

I got mine in residency prior to attendinghood. It's own occ, portable, 251 per month. I have a good agent and am pleased with her products. Gives a lot of peace of mind having that plus my term life covered. Pretty much - death or disability, my spouse/kids will be fine.

I agree with @calvnandhobbs68 - lots of things unfortunately can be the ticket to disability. My main concern is car accidents or drunk drivers since I live in a major metro.

I'm not yet self-insured so the policies are necessary.

For all the residents/fellows reading this thread, the bolded is something that should be emphasized. You can get really solid disability insurance as a resident or fellow (and I think up to 6 months after finishing) at significantly lower rates than you would as an attending which are locked in once you become an attending. Bottom line is don't wait to look into this if you need it.