Disability Insurance

[MTGas2B]

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This is mainly directed at the attendings. I'm looking for a own occupation disability insurance policy. Does anyone have any experiences with Guardian or Standard of Oregon? Good, bad, etc. Let me know. Thanks.

 

[jetproppilot]

This is mainly directed at the attendings. I'm looking for a own occupation disability insurance policy. Does anyone have any experiences with Guardian or Standard of Oregon? Good, bad, etc. Let me know. Thanks.

I've had Berkshire policies for 10 years.

Own occ that pays 10K (tax free since I pay with after tax dollars) a month which is the best I could do at the time.

Costs about $1600 a quarter.

I missed the 20K-a-month policy days by about 5 years.

Cant comment on experiences since I've yet to make a claim.

 

[militarymd]

I've had Berkshire policies for 10 years.

Own occ that pays 10K (tax free since I pay with after tax dollars) a month which is the best I could do at the time.

Costs about $1600 a quarter.

I missed the 20K-a-month policy days by about 5 years.

Cant comment on experiences since I've yet to make a claim.

You might want to shop around. I started with a 10k policy 4 years ago for about the same price, and I am now able to add another 5 k on to it with a rider for cost of living.

 

[MTGas2B]

Thanks for the posts.

The guardian policy i'm looking offers benefits for life, not just until 65, you get certain percentage of your benefit based on the age at the time of your disability. Its starts dropping off at age 40 or so. I'm only 29. The standard policy offers a higher monthly benefit, for the same price.

Both have riders for increased coverage later. Both have COLA adjustment riders. I've have an acquaintance (not a physician) who had to file for disability and had a standard policy. The said the customer service for her claim was amazing. Didn't dink around, hired lawyers to get her SSI disability processed. Quickly paid back payments after her claim was processed.

 

[Arch Guillotti]

I am interested in this as well and I have to confess that I really don't know much about the topic at all unfortunately. I have both short and long term disability through my employer now. Am planning on entering private practice next summer. So you attendings out there have your own peronal disability insurance in addition to the coverage provided to you through work?

 

[Gimlet]

I am interested in this as well and I have to confess that I really don't know much about the topic at all unfortunately. I have both short and long term disability through my employer now. Am planning on entering private practice next summer. So you attendings out there have your own peronal disability insurance in addition to the coverage provided to you through work?

My guess would be that most policies provided through work are "any occupation" policies, which means that you only get paid disability if you are incapacitated in such a way that you can't perform any job (i.e., couldn't be a checker a the local supermarket). If you can still work in any capacity, you would have to get used to living on that supermarket employee paycheck.

When you're making attending dough, you need an "own occupation" policy that will cover you if you become disabled and can't perform the job of being an anesthesiologist. This provides a disability income more commensurate with what you would be accustomed to as an attending.

Sorry if that was already totally obvious to you, but that's my understanding of the matter.

 

[Arch Guillotti]

Thanks for the reply. I was under that my policy was "own occupation" but I will double check it.

For the attendings out thre are your work policies "own occupation" or not?

 

[Arch Guillotti]

Well I dug out my benefits summary and I have both short and long term but it doesn't specify if it is specialty specific or not. I am assuming it isn't.

 

[militarymd]

Thanks for the reply. I was under that my policy was "own occupation" but I will double check it.

For the attendings out thre are your work policies "own occupation" or not?

what's the point if it is not?

 

[Pilot Doc]

what's the point if it is not?

Well, there is the chance of becoming totally disabled - e.g. devastating neurologic injury after a high speed motorcycle crash. In which case private disability insurance without own occ would be a lot better than nothing.

 

[Arch Guillotti]

what's the point if it is not?

I guess there's not one. I will call HR tomorrow and have them cancel my disability🙄

 

[OB1🤙]

As an intern I figured it would be worth my while to get minimum coverage, and will jack it up after graduating from residency. May as well jump through the major hoop while I'm healthy, I figured.

Got own occ. from both Standard and Guardian. So far it's been worth the peace of mind, and I was happy with the quality of the interaction from both companies (which obv. came mostly from the broker).