Disability Insurance for First Year Attending Physicians
Jul 7, 2016
Jamie Fleischner

Jamie Fleischner

7 Jul, 2016

Congratulations on graduating from your medical residency! After years of hard work, you are finally ready for your next chapter.

If you are like most graduating medical residents, chances are you were approached about purchasing an individual disability policy prior to graduation. Many are told that they are missing the boat if they don’t sign up prior to graduation date!

The good news for first year attending physicians is that many of the same benefits apply to graduating medical residents. Here are some of the perks that relate to first year physicians:

  1. As a first year physician, you may automatically purchase up to $6500/month benefit ($7500/month for some specialties).  This is especially beneficial if you still haven’t landed a job or are working locum tenans. Or, if you are working for a hospital or private practice with a large group policy, you may still purchase this benefit amount regardless of income and group benefits in force.
  2. If you have a signed contract, you may apply for benefits based on your new income. You may either apply for that amount of eligbility (based on income and group benefits in force) OR choose the $6500/month benefit.
  3. Discounts. If you are affiliated with a hospital, chances are there are still discounts available to you. Some policies only provide discounts on the base policy and it is a student/resident discount. In that case, you would have had to apply for a policy prior to graduation. However, some companies provide permanent discounts whether you are a student or not. Look for discounts that will also apply to future income.
  4. If you are a woman, you may still qualify for unisex, discounted rate if you are affiliated with a discounted hospital. If your hospital is not yet listed, contact Set for Life to find out if they are available or how to set up the discount. Women benefit significantly by obtaining unisex rates. Since women pay twice as much as men for disability insurance, these discounts can save women up to 70%. Men have a net savings of about 15%.
  5. Look for a policy that will cover you if you can’t work in your specialty regardless if you can work in another specialty or occupation and can still earn an income. Some policies only cover you in your specialty for a short period of time (2 years for example).

For more information about individual disability insurance for first year physicians, contact Set for Life Insurance 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!