Certified Registered Nurse Anesthetists (CRNAs)should consider disability insurance for several reasons:
As a CRNA, you are reliant on your current and future income. It is important to protect this current and future income if you become too sick or injured to work. A lot of CRNAs have student loans which are still payable in the event of a disability.
CRNAs work in a demanding and physically intensive healthcare profession. It takes less for a CRNA to not be able to work than someone who sits at a desk all day. Look for a policy with an own occupation definition of disability that will pay you benefits if you can’t work as a CRNA even if you can work in another specialty or occupation.
CRNAs tend to be independent contractors and therefore do not have access to a group disability policy through their employer. If you are a CRNA that is affiliated with a group or a hospital, you may have access to a group disability policy. However, these policies can have limitations. If the employer is paying the premiums, the benefits to you are taxable. The definition of disability usually requires you to be totally disabled. If you leave your employer, the benefits are not portable.
CRNAs should look for policies with the following features:
- Own occupation definition of disability. This is critical for CRNAs. This says that if due to sickness or injury you can’t work as a CRNA, you will receive your benefits even if you can work in another occupation. No reduction in benefits will occur if you earn an income elsewhere.
- If you are affiliated with a hospital, chances are that Set for Life Insurance can offer you a discounted rate. This can help save you 15-25% off your premiums not just initially, but on all future increases.
- Increase options. Once you have your policy, it is important to have increase options that will allow you to increase your policy in the future without any medical questions.