Individual Disability Insurance for an intern?

[chuck deli]

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My new financial advisor suggested I apply for an individual disability insurance plan now, as an intern. He recommended Standard as the company to go with. I do have the group DI through residency that they pay the premiums for. No real medical problems and no real high-risk activities. I am married. Is this something worthwide as an intern (and a healthy intern)? Any harm in just completing the application and medical exam just to see the quote? Or would it be wiser to wait until my PGY3 year, right before graduation? This is all new to me, I'm reading as much about this stuff as I can, but i'm always willing to listen to advice.

I won't even get started with the life insurance that he suggested, sigh, I guess I'll need to read and learn more about that too.

 

[gutonc]

My financial advisor suggested the same thing but was realistic in noting that the hospital provided plan is MUCH cheaper than anything else I could get at this time. She works specifically w/ MDs and provides services for free to residents and fellows which is pretty sweet.

Based on what she told me, I would go with the plan your program provides now, and only the long-term disability, not the short-term one.

Also, getting life insurance now, while you're healthy, is a good idea. Like car insurance, having it in the past makes it easier to get in the future. It'll be much easier to get someone to write a $1M+ policy on you in 5-10 years if they see you've got a $100-250K policy now. If you've got no dependents or spouse, go w/ the low end ($50 100K). If you've got people who depend on you and your future income, go with as much as you can afford ($300K costs me about $7 a paycheck or, as I like to think about, 1 happy hour pint a week).

Finally, you're healthy now but there's no guarantee you won't get sick soon (leukemia sneaks up on you like a MoFo) or that you won't get hit by a bus next week.

 

[EM2BE]

My financial advisor suggested the same thing but was realistic in noting that the hospital provided plan is MUCH cheaper than anything else I could get at this time. She works specifically w/ MDs and provides services for free to residents and fellows which is pretty sweet.

Based on what she told me, I would go with the plan your program provides now, and only the long-term disability, not the short-term one.

Also, getting life insurance now, while you're healthy, is a good idea. Like car insurance, having it in the past makes it easier to get in the future. It'll be much easier to get someone to write a $1M+ policy on you in 5-10 years if they see you've got a $100-250K policy now. If you've got no dependents or spouse, go w/ the low end ($50 100K). If you've got people who depend on you and your future income, go with as much as you can afford ($300K costs me about $7 a paycheck or, as I like to think about, 1 happy hour pint a week).

Finally, you're healthy now but there's no guarantee you won't get sick soon (leukemia sneaks up on you like a MoFo) or that you won't get hit by a bus next week.

I am not there yet (an intern), but have been thinking about this a lot lately. I agree with the above. I have been looking into these things and already got life insurance (have an undiagnosed problem that may not be good in the future, so getting it now is best for me). Also, I thought I was healthy too and no risks and had this whatever problem it is happen to me. I am all for getting yourself help before it's too late.

 

[Aloha Kid]

Life insurance is VERY KEY especially in intern year and especially if you plan on getting married and having kids or already have some.

Your health does not get any prettier in 5-10 years. Being dx with HTN, Hyperlipidemia, or gaining a few pounds over a normal BMI automatically puts you into a higher bracket.

A nice term policy with locked in rates over 30 years or longer is definitely good enough to get you into your retirement years when you are settled and your children are too.

With disability insurance, ensure it is specialty specific and has the option of increasing so that as you increase your salary once you are an attending, you can also increase your coverage. It is not a bad idea to get it in your intern year. The problem is most of us cannot afford the extra 100-200 a month right now. With disability, their medical screening is even more potent as they consider everything. Did you ever get a prescription for a benzo, or SSRI. If so, you may be at higher risk for Depression and your rates may go up or you may be denied. Any back problem, joint problem, chronic medical problem is a red flag. Above your normal BMI is also a red flag. Disability insurances take no chances and look to insure only individuals with pristine health. They will screen your medical records thoroughly. Do you know what is on your physicians documentation about you?

 

[gutonc]

With disability insurance, ensure it is specialty specific and has the option of increasing so that as you increase your salary once you are an attending, you can also increase your coverage. It is not a bad idea to get it in your intern year. The problem is most of us cannot afford the extra 100-200 a month right now. With disability, their medical screening is even more potent as they consider everything. Did you ever get a prescription for a benzo, or SSRI. If so, you may be at higher risk for Depression and your rates may go up or you may be denied. Any back problem, joint problem, chronic medical problem is a red flag. Above your normal BMI is also a red flag. Disability insurances take no chances and look to insure only individuals with pristine health. They will screen your medical records thoroughly. Do you know what is on your physicians documentation about you?

This can't be overstated. If you have a disability policy from your program that you can personally add to for a reasonable amount (<$50/month) you should do it for the same reason you should get extra life insurance now. Once you have insurance it's easier to get more. If you don't have it and try to get it for the first time later it will be much harder.

 

[EM2BE]

This can't be overstated. If you have a disability policy from your program that you can personally add to for a reasonable amount (<$50/month) you should do it for the same reason you should get extra life insurance now. Once you have insurance it's easier to get more. If you don't have it and try to get it for the first time later it will be much harder.

Is this pertaining to all policies or those not through the hospital? I guess the question is whether all the obstacles exist if you get it through the hospital.

 

[Aloha Kid]

In general, the disability you get through the hospital is short term, non specialty specific, and minimal coverage. It is worthless since the majority of us will not become disabled during training.

There are many type of disability insurances - but most are not specialty specific. This means the coverage is poor and on top of that often requires total disability to kick in. If you can flip a burger at McDonalds they will hold you to this and say you are not disabled.

Again, you want specialty specific disability. There are only three carriers that cover the EM specialty. However you choose to apply to them whether it be directly or through an agent, specialty specific disability will always be through these three carriers.

Occasionally you will be able to work for large national group or democratic groups once you are an attending. Many of these groups and hospitals you might work for have group disability coverage. However, the issue still is whether or not it is specialty specific. Don't get me wrong there are quite a few that have specialty specific coverage, but unless you are able to say that you are going to work with them for the rest of your career, it's still better to get your own coverage.

 

[EM2BE]

If you have too many "red flags" already before even starting, is there a group that will work with you?

 

[gutonc]

In general, the disability you get through the hospital is short term, non specialty specific, and minimal coverage. It is worthless since the majority of us will not become disabled during training.

Good point. We get no disability insurance for free but can pay for "own occupation" short and long-term disability if we wish to which is what I've gotten. Having said that, something is better than nothing,

 

[gutonc]

If you have too many "red flags" already before even starting, is there a group that will work with you?

You will always be able to find people who are willing to take your money. At a certain point though you have to consider whether it's worth spending the money on insurance or investing it.