Disability insurance

[HbyHA]

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To any graduating residents/fellows or attendings out there:

What is your take on long term disability insurance? Do most people get it? We're getting an own-occupation (specialty specific), non-cancelable, no-medical exam needed deal.

Thoughts? Thanks!

 

[gungho]

by long-term, i assume you mean to age 65+ or so.
definitely recommend it if you can afford it-you're more likely to become disabled than die. if you buy short term and become disabled, then you have to assume you will be able to re-train in another vocation. it's a gamble either way-which way do you want to throw the dice?
if you can find an affordable own-occ non-canc policy these days, with a decent benefit, jump on it. be sure and check out the company. the better/best disability insurers out there don't offer own-occ anymore from what i can tell

 

[BU Pathology]

In my situation, I purchased my own disability insurance to augment what was provided by my employer at the time. When I bought the insurance the statistics indicated that you were 6 times more likely to be disabled during your career as compared to dying. Both events have the potential to result in a loss of income.

Some things to consider:
1) The hospital or local medical assocation may have a group plan for you that will have a lower rate.
2) Ask for the statistics about the disability plan, complaints to payouts ratio, percentage of claims denied etc. The ratio or percentages are more important than the actual numbers because larger companies will have a larger number of payouts, but the actual ratio may be smaller.
3) Be sure that the disability is defined as specific for pathologist and not physicians in general. There are aspects to our practice, such as the ability to look through a microscope, that are not applicable to other doctors. You do not want your disability denied because the company classifies you as not disabled.

 

[MR Insurance]

HbyHA - Purchasing Disability insurance early in your career certainly has benefits as mentioned already. Be careful of what you purchase however, there are some very attractive options out there right now, that may not be as great as they seem.

"We're getting an own-occupation (specialty specific), non-cancelable, no-medical exam needed deal."
There are a few ways to get this type of deal, but I am guessing the one you referenced is through Standard, is that right?

This is an attractive option for many Residents right now, and I know Standard is out there advertising full force. However, you should also be aware that their Residual benefits are not so great and they limit benefits for Mental/Nervous conditions to 24-months.

If you are not in excellent health, than this may be an even more attractive option since there is no medical required. If you are in good health though, there are some better options out there.

My advice would be for you not to rush into any decision before hearing multiple views. Own-Occupation Disability insurance is still offered by some companies, and at an affordable price. You just need to work with the right person.

Good luck!