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Disability Insurance
- Thread starter gpg17
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Guardian, Standard, Metlife are 3. It's wise to consider disability insurance now, balanced with other options of things you could do with any extra $$$: Roth IRA contribution, paying toward loans, IBR, PSLF, etc.
You'll only be able to insure your resident salary, but you get the benefit of medical eval now (when you are hopefully healthy) without need for re-exam when you become attending. You want ability to buy into insuring attending salary when you finish.
You'll only be able to insure your resident salary, but you get the benefit of medical eval now (when you are hopefully healthy) without need for re-exam when you become attending. You want ability to buy into insuring attending salary when you finish.
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This has been covered a bunch of times and there are some unique, specific features that are important to be aware of. A search should turn up at least a couple comprehensive discussions.
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Are you referring "own occupation" insurance? I've had family members urging me to do this during residency because it lowers my premiums?
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Yes - "own occupation, specialty-specific." Disability defined as unable to practice your medical specialty.
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Please share what specialty you are going into and I will let you know which companies are best suited for you.
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I will assume Anesthesia. If that is the case there is currently only one carrier offering your specialty Specialty Specific /Own Occupation with Full Mental nervous protection, Metlife. Both are vital to your overall protection. NWML, Guardian, Principal, Mass Mutual all limit Mental Nervous to a 2 year payout, yet their policy's cost the same if not more!!! This advice come from 26 years of experience helping Anesthesiologist with this important protection.
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Your residency program (or HOSPITAL) should be offering you a reasonable disability insurance policy that should meet all of your needs as a resident.
The policy will provide a level of coverage that is close to what you are earning as a resident.
When you get VERY close to the end of your residency (but before you are done) you should then purchase a more serious disability policy from one of the six major insurance carriers (usually through an insurance agent who can get you the group rate).
Unless you have a special situation (expecting some major medical issue coming up, expecting to get hurt soon, psychiatric issues) than this is the best route in my opinion.
The policy will provide a level of coverage that is close to what you are earning as a resident.
When you get VERY close to the end of your residency (but before you are done) you should then purchase a more serious disability policy from one of the six major insurance carriers (usually through an insurance agent who can get you the group rate).
Unless you have a special situation (expecting some major medical issue coming up, expecting to get hurt soon, psychiatric issues) than this is the best route in my opinion.
Get it as soon as you can - disclose EVERYTHING (even a stubbed toe when you were two years old).
I got a policy right out of residency, had a major health problem come up eight months later and the company did eventually pay out however it was after four months of them "reviewing" my entire medical records (literally they get every single record from the time I was brought into this world until the disability).
It's expensive but, it's worth every single penny. I have Guardian and was pretty healthy at the time of the underwriting - I pay around $400 per month for $6800 in coverage. I could increase the policy to give $9500 but it would be more expensive and I think it's feasible to live off of $6800.
I got a policy right out of residency, had a major health problem come up eight months later and the company did eventually pay out however it was after four months of them "reviewing" my entire medical records (literally they get every single record from the time I was brought into this world until the disability).
It's expensive but, it's worth every single penny. I have Guardian and was pretty healthy at the time of the underwriting - I pay around $400 per month for $6800 in coverage. I could increase the policy to give $9500 but it would be more expensive and I think it's feasible to live off of $6800.
Depending on your resident state, Standard should also offer coverage without limiting benefits for mental/emotional conditions. Standard tends to be priced out of the Anes. market, but they are also an option.
Principal will also include full mental/nervous benefits if the Transitional Own-Occupation option is selected, instead of the Regular Own-Occupation.
While the benefits for mental/nervous conditions are definitely important roughly 12% of long-term claims are caused by them - there is typically a significant price difference (~20-25%) between policies that cover it and those that dont. Whether right or wrong, some people would rather take on the risk in exchange for lower premiums.
Also, MetLife is releasing a new policy series that will eventually replace the current plan. Therefore, anyone who does want the MetLife plan with full benefits for mental/emotional conditions should look to move forward soon. The new policy will limit these benefits for Anesthesiologists who want own-occupation coverage.
Principal will also include full mental/nervous benefits if the Transitional Own-Occupation option is selected, instead of the Regular Own-Occupation.
While the benefits for mental/nervous conditions are definitely important roughly 12% of long-term claims are caused by them - there is typically a significant price difference (~20-25%) between policies that cover it and those that dont. Whether right or wrong, some people would rather take on the risk in exchange for lower premiums.
Also, MetLife is releasing a new policy series that will eventually replace the current plan. Therefore, anyone who does want the MetLife plan with full benefits for mental/emotional conditions should look to move forward soon. The new policy will limit these benefits for Anesthesiologists who want own-occupation coverage.
