Top Questions CRNAs ask about Disability insurance
Dec 23, 2023
Jamie Fleischner

Jamie Fleischner

23 Dec, 2023
  • What is Disability Insurance?:Disability insurance replaces your income if you become too sick or injured to work.
  • Why Do CRNAs Need Disability Insurance?: A lot of CRNAs are independent contractors and do not have group disability polices. Therefore, it is important that they protect their income individually if they are not able to work. 
  • What Does Disability Insurance Cover?: The question should be what don’t disability insurance policies cover for CRNAs. All policies for CRNAs have a 2 year mental limitation. If you have a claim due to a psychological disaorder, it would only pay benefits for up to 2 years. Otherwise, all conditions would be covered, unless you had a pre-existing condition when you applied. 
  • How Much Does Disability Insurance Cost?: This can vary depending on your age and gender. Expect to pay about 3% of your income to cover about 80% of your take home pay. 
  • How is Disability Defined in the Policy?: Look for a policy that has an own occupation definitoin of disability. This means you will be paid benefits if you can’t work as a CRNA regardless of income earned in another specialty or occupation. 
  • Own Occupation vs. Any Occupation Coverage: A lot of group policies will only pay benefits if you are too sick or injured to pay in ANY occupation. 
  • Benefit Period: How Long Will It Last?: You may choose a policy that pays 5 years, 10 years, to age 65, 67 or age 70.
  • What is the Waiting/Elimination Period?: This is how much time must elapse before the benefits start paying. Most policies have a 90 or 180 day elimination period.
  • When a claim occurs, contact the company directly to start the claims process. They will request information from your treating doctor.
  • Can Premiums Change Over Time?: Most individual policies have rates that are locked in and guaranteed to age 65,
  • Are Benefits Taxable?: If you are paying the premiums from a personal account, the benefits are payable to you tax free. 
  • What Happens to My Policy If I Change Jobs or Specialties?: Policies are portable and can travel with you throughout your career. 
  • Is There an Option for Partial Disability Coverage?:Yes. Look to include a residual/partial disability rider on your policy. This will pay you benefits if you have a 15% or more loss of income and will pay you benefits proportionately. 

For more information about CRNA disability insurance or to request a quote, 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!