Anesthesiologist Disability Insurance
Several companies have recently increased rates for physician disability insurance looking to purchase an individual disability insurance policy. Some companies have changed their occupational class entirely resulting in a 20% or more premium increase. Additionally, most of these companies will now have a 2 year mental nervous limitation for anesthesiologists.
If you are an anesthesiologist who already has a disability policy, what does this mean to you? If your policy is non cancelable, guaranteed renewable, nothing can happen to your existing policy. You may notice a significant price increase when you go to increase your policy. If your policy requires you to exercise a future increase option, the increased policy will be issued as a separate policy and the premium will be based on the new rate.
If your existing policy is an adjustable policy, the increase will reflect the initially purchased occupational class and you may be immune from the increased rates.
If your policy is both adjustable and has a disability insurance discount, this discount will apply to future increases.
With premium changes occurring for anesthesiologists recently, does this impact the rates for CRNA disability insurance?
Some companies distinguish CRNAs from anesthesiologists when it comes to categorizing their occupational class which determines premiums. Recently, some companies have downgraded anesthesiologists to a lower occupation class which has increased their rates by 20% or more.
The companies that classify CRNAs the same as anesthesiologists will have increased premiums if they changed the occupational classes. Some companies didn’t change the occupational class but instituted a 2 year mental nervous limitation for anesthesiologists and CRNAs