Individual Disability Insurance

[BrainGirl]

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Hi All,

I am starting residency soon and was wondering if any of you purchased additional individual disability insurance before you left medical school. My residency program has a 60% coverage with an option to convert at the end of my residency, but the benefits stop at age 65. An additional individual package would be for life but the premiums are way expensive for a resident salary. Any thoughts would be greatly appreciated. Thanks!
-BG

 

[PMR 4 MSK]

Hi All,

I am starting residency soon and was wondering if any of you purchased additional individual disability insurance before you left medical school. My residency program has a 60% coverage with an option to convert at the end of my residency, but the benefits stop at age 65. An additional individual package would be for life but the premiums are way expensive for a resident salary. Any thoughts would be greatly appreciated. Thanks!
-BG

Most doctors likely agree that disability insurance can be a good thing, if you need it. Basically you're making a bet against yourself, that you'll get disabled. The odds, of course, are in the favor of the insurance company, and others would argue that putting that same amount of money away in to an investment account would be wiser. Again, that's a gamble too.

The problem with disability insurance, as you'll find out in PM&R, is that in order to get paid, you have to have a doctor certify that you are disabled, explaining the injury, it's sequela, your impairments and how that prevents work, including how it prevents you from seeing and treating patients. You often have to get them to fill it out EVERY MONTH! They don't fill it out, you don't get paid. I can tell you that I get really tired of filling out the same forms for the same patients every single month.

Then you have to meet the company's definition of disabled. You'll never get the criteria in writing, and they deny a lot of claims, even for physicians.

Then you have to get through the delay period - you have to be disabled for 2,3, 6 or so months, depending on the policy you chose (another gamble).

If it means piece of mind to you, definately go for it. One MVA can easily disable you, any time anywhere. Never know when. Similarly cancer or other illnesses can strike. Where do you want to place your chips? The more you spend (gamble) the more you stand to win, if you lose.

 

[BrainGirl]

Thank you for the reply!

I saw a resident in a PM&R program that was in a wheelchair and had limited use of his hands, he was an inspiration for me that you can be dramatically disabled and still work as a doc. Good to know. and you are right, it is a gamble.

Thanks PMR 4 MSK! and I appreciate all your other posts / cases on the SDN network.

-BG