I'll be doing an AEGD next year. Do I need to get disability or malpractice insurance for that year or wait til after residency?
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Malpractice/Disability insurance
- Thread starter dentite24
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Two separate issues. Two different insurances.
The program should provide malpractice insurance for you. Ask ahead of time. If they do, ask if it is “occurrence“ coverage or “claims made“ coverage. The latter requires that you buy “tail coverage“ when you finish.
Disability insurance is important to have, I think. It is always easier to buy when you are younger, before you develop any medical issues. Any medical issues that you currently have will exclude you from receiving disability insurance for those issues.
The program should provide malpractice insurance for you. Ask ahead of time. If they do, ask if it is “occurrence“ coverage or “claims made“ coverage. The latter requires that you buy “tail coverage“ when you finish.
Disability insurance is important to have, I think. It is always easier to buy when you are younger, before you develop any medical issues. Any medical issues that you currently have will exclude you from receiving disability insurance for those issues.
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Always remember that insurance companies are not in business to help you. They are there to collect your premium dollars and not pay claims.
Having said that, I think it is important to have. If you have the cash flow for it, buy it. I bought mine when I was finishing my OMS residency. I have a good friend with whom I grew up who was an agent for a well-known company, and he told me everything about it. Of course, he sold me mine when I was young. You cannot now buy what I have.
For disability insurance, be sure that it covers you for your specific job..."clinical dentistry", etc. If you lose a hand, the insurance company will do everything it can legally to avoid paying. For example, if your undergraduate degree is a B.S. in biology, they might say you can get a job teaching biology, and then deny your claim unless the job description is specific. Ask if you can change the job description as you advance (e.g., to a pediatric dentist).
Also, know that if you pay your disability insurance with post-tax dollars, the benefits are tax-free (at least for now). If you get disability insurance as a benefit from a job, then that is pre-tax, and you will have to pay tax if you collect the benefit.
Moreover, you are allowed only so much disability insurance. There is a finite value that you can receive. So consider that when buying it. I declined such insurance with a job I had once because it would cut into the amount I already had.
Did I say insurance companies will do everything they can legally to avoid paying a claim?
Having said that, I think it is important to have. If you have the cash flow for it, buy it. I bought mine when I was finishing my OMS residency. I have a good friend with whom I grew up who was an agent for a well-known company, and he told me everything about it. Of course, he sold me mine when I was young. You cannot now buy what I have.
For disability insurance, be sure that it covers you for your specific job..."clinical dentistry", etc. If you lose a hand, the insurance company will do everything it can legally to avoid paying. For example, if your undergraduate degree is a B.S. in biology, they might say you can get a job teaching biology, and then deny your claim unless the job description is specific. Ask if you can change the job description as you advance (e.g., to a pediatric dentist).
Also, know that if you pay your disability insurance with post-tax dollars, the benefits are tax-free (at least for now). If you get disability insurance as a benefit from a job, then that is pre-tax, and you will have to pay tax if you collect the benefit.
Moreover, you are allowed only so much disability insurance. There is a finite value that you can receive. So consider that when buying it. I declined such insurance with a job I had once because it would cut into the amount I already had.
Did I say insurance companies will do everything they can legally to avoid paying a claim?
