Disability Insurance for Resident Physicians and Fellows
Many physicians opt for life insurance, but they also fail to consider the possibility of being in a debilitating accident. Many would be surprised to learn that a fellow or resident physician has a greater chance of suffering a severe disability than a premature death. Such an injury could completely compromise your ability to make a living. This is why disability insurance for resident physicians and fellows is so very important.
Fellow and resident physicians disability insurance is also extremely important because their salaries are a fraction of those of fully-fledge physicians. Until they attain their full income-earning potential, a fellow or resident physician is in no position to begin paying back their student loans. You wouldn’t want to suffer from a serious injury resulting in a disability with no disability insurance to protect your ability to earn a living. Succumbing to such an injury as a fellow or as a resident physician while carrying a large debt would almost guarantee a negative long-term financial impact on your person.
Now, if you’re a resident, you may very well be covered by a group disability insurance plan—and you may think you don’t need an individual resident physician’s disability insurance plan. But be wary, as numerous disadvantages are associated with group disability plans. For instance, these plans can change or be canceled at any time. Most of these plans will only cover you during the course of your residency and end afterwards. You could purchase your own resident physicians disability insurance plan at that time (and you absolutely should), but you likely would have missed out on the lower premiums that were available.
There’s also the possibility that a debilitating medical condition may emerge during your time as a resident physician. If this were to happen, it would seriously impair your ability to purchase an individual disability insurance policy. And let’s not forget that many group plans will only offer coverage if the resulting injury is considered a total disability. They may not cover a serious but partial disability in the slightest.
Luckily, simply purchasing your very own fellow or resident physicians disability insurance policy can mitigate all of these concerns. At Physicians Disability Insurance, we provide you with a wide variety of medical specialty-specific disability insurance plans from numerous insurance carriers. As we have no particular allegiance to any of these carriers, we can provide you with a number of options until you find a plan that’s perfect for your occupation and financial situation. Contact us today to learn more about disability insurance for resident physicians and fellows.