10 Reasons CRNAs Need Disabilty Insurance
Aug 2, 2023
Jamie Fleischner

Jamie Fleischner

2 Aug, 2023

Protecting one’s income with disability insurance is important for everyone, including Certified Registered Nurse Anesthetists (CRNAs). CRNAs should consider disability insurance for several reasons:

  1. Dependency on Income: CRNAs rely heavily on their ability to work and earn an income. A disability or injury that prevents them from practicing anesthesia could result in a significant loss of earnings, impacting their financial stability and quality of life.
  2. High Student Debt: Many CRNAs incur substantial student loan debt to complete their education and training. Disability insurance can help ensure that they can continue to meet their financial obligations, such as loan repayments, even if they become disabled and unable to work.
  3. Specialized Skills: CRNAs possess highly specialized skills and training. If a disability prevents them from practicing anesthesia, it may be challenging to find alternative work that matches their previous income and expertise. This can be protected with an own occupation defnition of disability. This means if due to sickness or injury you can’t work as a CRNA, you will be paid a monthly benefit even if you can earn an income elsewhere in another occupation.
  4. Employer Benefits May Not Be Enough: While some employers offer disability insurance as part of their benefits package, it might not be sufficient to cover all expenses in the event of a disability. Individual disability insurance can provide additional coverage tailored to individual needs. Most group policies require you to be totally disabled and not working to receive benefits. Furthermore, if the employer is paying the premiums, the benefits are taxable to you.
  5. Maintaining Financial Security: Disability insurance helps CRNAs maintain their financial security in case of a sudden loss of income. It can cover essential expenses such as medical bills, mortgage or rent, utilities, and daily living costs.
  6. Long-Term Disabilities: Disability insurance can provide coverage for long-term or permanent disabilities that prevent CRNAs from working in their profession for an extended period or indefinitely. A COLA Cost of Living Rider can ensure that your benefit will increase each year you are on claim.
  7. Peace of Mind: Knowing that they are protected by disability insurance provides CRNAs with peace of mind, allowing them to focus on their career without worrying excessively about the potential financial implications of a disability.
  8. Safeguarding Retirement Savings: Without disability insurance, a CRNA’s retirement savings could be significantly impacted if they have to dip into those funds to cover expenses during a disability.
  9. No Guarantee of Government Assistance: While government programs like Social Security Disability Insurance (SSDI) exist, the eligibility criteria can be strict, and the benefits may not be sufficient to maintain the same standard of living.
  10. Youth and Health Factors: Purchasing disability insurance at a younger age and when in good health generally leads to more affordable premiums and better coverage options. It is important to make sure your policy has the ability to increase the policy in the future without any medical questions.

Disability insurance is a critical component of overall financial planning for CRNAs and can help them protect their income and financial well-being in case of unforeseen events.

For more information about CRNA disability insurance, contact Set for Life today!

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!