Should graduating medical residents and fellows purchase disability insurance prior to graduation?
Graduating medical residents may purchase up to $7500/month of individual disability insurance regardless of income or group disability insurance in force AT DISCOUNTED RATES.
To qualify for the discounted rate, applications must be submitted prior to graduation.
What to look for in a disability policy for medical residents and physicians:
- Specialty specific language. Also known as “own occupation.” This means the policy will pay you benefits if you cannot work in your medical specialty, even if you can work in another specialty or occupation.
- Non cancelable, guaranteed renewable .This means that once you have your policy, the company can never raise your rates or modify your policy. Most association plans do not have this feature, leaving the premiums precarious to large premium increases in the future.
- Increase options. This will allow you to purchase more benefit in the future without any further medical questions.
There are several advantages for medical residents to purchase a policy prior to graduation:
- No financial requirements. Once residency is complete, physicians must prove income with financial documentation and the benefit amount is limited to income and any group disability benefits are in force. This may reduce the amount of available benefit.
- *Discounts. If you are working for a hospital that has an available discount, you may lock in your discount prior to graduation and carry it with you throughout your career.
- If you are going on to a riskier specialty, it is best to purchase your benefit while still in residency. For example, if you are finishing your residency in general pediatrics and are moving on to a riskier specialty such as cardiology, you will save significantly if you purchase your policy when you are still working as a general pediatrician. Even though you will be paying a lower rate, the policy will still cover you in your subspecialty at the time of claim.
At Set for Life, we offer GUARANTEED STANDARD ISSUE (GSI) policies allowing residents to purchase a policy at discounted rates with NO MEDICAL QUESTIONS.
If you apply for a policy and are declined or have a medical exclusion, you are not eligible for the GSI policy.
- Set for Life has GSI policies available through multiple insurance companies at numerous hospitals around the country. Here is a partial list of the hospitals where Set for Life has a GSI policy available:
| · Mayo |
| · UConn |
| · UPMC |
| · Cleveland Clinic |
| · Kaiser CA |
| · UNC |
| · Wake Forest |
| · HSS |
| · Wisconsin |
| · Univ Buffalo |
| · Univ Florida |
| · Prisma Health |
| · Mt. Sinai |
| · Cedars Sinai |
| · Iowa |
| · Kentucky |
| · Tufts |
| · Univ South Florida |
| · Emory |
| · Temple |
| · PCOM |
| · Thomas Jefferson |
| · Einstein Hospital |
| · Washington University |
| · Virginia Mason |
| · Mt. Sinai |
| · Univ Minnesota |
| · Alabama |
| · Ohio State |
| · SUNY |
| · LSU |
| · Piedmont |
| · UCF |
| · Vermont |
| · Yale |
| · Mt. Sinai |
| · NYU |
| · Alameda Health |
| · Allegheny Health |
| · Atlantic Health |
| · Cahaba |
| · Eastern Virginia |
| · Emory |
| · Florida State |
| · ICahn |
| · Indiana U |
| · JPS |
| · Loma Linda |
| · LSU |
| · MUSC |
| · Methodist |
| · Mountain Area |
| · Ochsner |
| · Ohio State |
| · Oregon State |
| · Rutgers |
| · Stony Brook |
| · Texas Tech |
| · Tulane |
| · Union Hosp |
| · Unity Point |
| · U Central FL |
| · U New Mexico |
| · Univ Oklahoma |
| · Case Western |
| · Univ Arizona |
| · Univ CA Davis |
| · UCLA |
| · UC Irvine |
| · UC Riverside |
| · UC San Fran |
| · Univ IL |
| · Univ IA |
| · Univ Louisville |
| · UMass |
| · U Nebraska |
| · U South Al |
| · Univ TX |
| · Univ VA |
| · Univ WA |
| · UT Houston |
| · Virginia Commonwealth |
| · WellSpan York Hosp |
| · WellStar Health |
| · West Virginia Univ |
| · Westchester Med Center |
*Discounts are available through Set for Life Insurance from multiple companies. These discounts offer between 10-30% depending on the company . To receive the Set for Life Insurance discounted rates, applications need to be submitted through Set for Life Insurance while still employed at the discounted institution.
These include (but are not limited to):
-
EMCAre Avante Medical Group University of Alabama University of Arkansas University of Arizona University of Arizona Alameda Health Cedars Sinai Google Kaiser Stanford Sutter Medical UC Davis UC San Diego UCSF University of the Pacific Santa Rosa Memorial St. Joseph’s Hospital Children’s Hospital Univ of Colorado COPIC Children’s Hospital Greenwood Dental KKO Law Firm Univ of Colorado Denver Health Perfect Teeth Yale University Christiana Health Georgetown University Bayfront Hospital System University of Miami Jackson Memorial Augusta University Medical Center DeKalb Medical Center Medical College of GA Emory Georga Regents University Medical College of GA Wellstar Health University of Iowa Iowa Health St. Luke’s Aurora Care Carle Foundation Loyola University University of Chicago Northwestern University Rush University of Illinois Indiana University Dr. Neena Patel Via Christi Health KU School of Medicine University of Kentucky University of Louisville University of Louisiana Catholic Health East Tufts University Massachusetts General Harvard University (Mass General) Boston Children’s (Mass General) Johns Hopkins University of MD Maine Medical Center Portsmouth Regional Hospital Henry Ford Hospital University of Michigan Beaumont Hospital Michigan State Allina Health Mayo Clinic University of Minnesota Washington University in St. Louis St. Anthony’s St. Louis University Forest General Duke University Wake Forest University University of North Carolina University of North Dakota University of Nebraska Speare Memorial Hospital Portsmouth Regional Hospital University of New Mexico Cooper Health Long Island Jewish Princeton University Rowan University New Jersey Dental School UMDNJ New Jersey Medical School Robert Wood Johnson Medical School Saint Peter’s University Hosptial UNLV Bronx-Lebanon Hospital Einstein Medical Center Kings County Hospital Kirkland & Ellis New York Presbyterian Kings County Hospital New York Presbyterian St. Luke’s Roosevelt Unviersity of Rochester Case Western Reserve Children’s Hospital of Columbus Cleveland Clinic Ohio State University Medical Center University of Cincinnati Ohio State University Children’s Hospital of Columbus Wright State University Cherokee Nation Chickasaw Nation University of Oklahoma Oregon Health Sciences Carnegie Mellon University of Pennsylvania Good Samaritan Hershey Medical Center Pennsylvania State University St. Luke’s Drexel University University of Pennsylvania University of Pittsburgh St. Clair Brown Medical University South Carolina South Dakota East Tennessee University University of Tennessee Vanderbilt Baylor University Dell Medical Texas A&M Health Sciences Texas Tech University of TX University of Texas Medical System University of Texas at Houston University of UT EVMS Eastern Virginia Medical School University of Virginia Virginia Commonwealth University PeaceHealth University of Washington West Virginia University Medical College Wisconsin University of Wyoming SUNY Downstate University Hospital of Brooklyn Coney Island Hospital Woodhull Medical CcenterNYU Bellevue Hospital Harlem Hospital Metropolitan Hospital Jacobi Medical Center Lincoln Medical North Central Bronx Elmhurst Hospital Queens Hospital Center Long Island Jewish Beth Israel Medical CenterRoosevelt Hospital St. Luke’s Albert Einstein College of MedicineNorth Shore Long Island JewishBronx-Lebanon Hospital Montefiore Medical CenterSea View Hospital
If your program is not listed, please contact Set for Life to learn about setting up a discount at your program.
For more information about medical resident physician disability insurance or to request a quote comparison, contact the Set for Life Insurance office today!