Don’t leave anything to chance. Find out why you need disability insurance coverage starting in residency to protect you fully throughout your entire medical career.
- Discover options that meet your needs
- Get the best rates
- Lock them in for life!
Here’s Why Every Resident Needs Disability Insurance Coverage
Residency is a busy time of your life, one where you only have a limited amount of income. The potential for growing it during your professional years surely keeps you going, however you should safeguard your career with disability insurance coverage.
Wondering why you should get this type of coverage? Just think of the logistics. You’re young and able-bodied now, but nothing guarantees that tomorrow could be the same. Disability insurance is essential to invest in your future. After all, even if you take the best care of your own health, accidents can happen and hidden health conditions can emerge, ones that can leave you disabled and unable to perform the duties of your profession.
Isn’t My Employer’s Disability Insurance Enough?
Sadly, it isn’t. Most residents do have disability insurance through their employer as they complete training. It’s a great benefit, but that coverage might be lacking. With employer disability insurance policies, it tends to only cover 60% of your income. Would you be able to cover your living expenses plus the cost of med school on just over half of what you earn each year?
Disability benefits via your employer are often taxable too. You’re losing it out of the payroll and what’s more, once your residency is over, so too is your coverage. Should you become disabled for a lengthy duration, you’re not going to receive your usual income which means your income potential declines. What will happen to your family? How will you alleviate the burden from your debts incurred with your education?
Why You Need Disability Coverage Starting in Residency
Drs Choices provides a safety net that keeps you covered so you can meet your financial needs if ever anything were to happen to lead you to a disability. These plans can be custom-tailored to your needs and can be updated to evolve with you as you move through your career. The best part though is that the rates are lowest for those that are young and healthy so your residency years are the ideal time to lock this protection in.
Disability insurance comes in several categories and it’s important to understand what the terms mean. Your best choices will either be “own occupation” or “own specialty.” If you’re going into something like neurosurgery, “own specialty” is a must because it allows you to draw benefits if your disability only means you are unable to practice in the field of your expertise.
As a resident, you should also look for medical school loan payment options and future benefit increase options. It’s often the case that disability insurance only covers the income you make at the time you activate a policy. With a future option, you can increase the benefits you’d receive as your income rises even if there are changes to your health that could make an impact on new coverage.
This is absolutely the best time to get your coverage. Drs Choices knows how to help you best with that. We specialize in creating customized solutions during your residency and down the road in the way of long-term disability income. We have the expertise to match you with the coverage that fits your needs for the most effective disability insurance plans with competitive rates. Protecting doctors. It’s all we do. Let us protect you today!