Disability Insurance

Hey all-

I'm wondering about current and past residents' experience with disability insurance. I've been advised by senior residents, fellows, young attendings that obtaining insurance is recommended during residency.

Any thoughts out there on this topic? Anyone have recommendations on specific carriers, what sort of coverage is necessary, etc.

Thanks and happy holidays.

Most everywhere you go will have basic group disability policies. However, you may want to consider getting an individual policy. When I was an intern, the rates were still good for physicians to get "own occupation" disability policy. I ended up getting a great policy through the Guardian with my "future increase option" maximized so that I never had to get a new policy again. I basically locked in on the rates at the time and now have a fantastic policy that you could never get today. Something to think about.

I strongly recommend buying disability insurance in addition to what your institution/hospital supplies. You never know when you get into an accident or get exposed to some disease.

Your income actually dictates how much insurance you can obtain. It isn't cheap but it's worth it. I got mine through Mass Mutual but their are other companies that you can go through. Look into it and write back with any questions.

BBMF

There are many reasons to purchase disability insurance in your residency or fellowship - prior to entering private practice.

I have written several articles on disability insurance planning for physicians which are available on my website. They are located on the left hand toolbar on the "Disability Insurance and Financial Planning Articles for Physicians" tab.

I had an article published recently in General Surgery News magazine called "Is Own-Occupation" Disability Insurance Still an Option?" which describes the common definitions of disability available to surgeons in today's market.

Fortunately, there is ONE COMPANY that still allows Orthopedic Surgeons to purchase a policy with a true "Own-Occupation" for the entire benefit period (to age 65 or longer). However, it only exists for those that are informed or have access to the right professionals to help them plan their futures.

If you have any questions or require additional information, feel free to call me directly, post a reply or send me an email.

Larry