Medical Schools – InsMed Insurance Agency

Medical

Schools

Medical students face unique challenges when trying to protect their financial well-being. They have yet to earn an income but are amassing substantial student loan debt obligations. Training in an environment where they are exposed to medical conditions that could eliminate their ability to secure income protection once they begin training or enter their practice years.

Guaranteeing Coverage That Can Last A Lifetime

To address the threat created by exposure to an environmental hazard or an injury, medical schools can secure specially designed disability insurance contracts. These contracts eliminate the need for a student to satisfy any medical underwriting requirement and provides protection for all pre-existing medical conditions.

These contacts will provide a medical student residents or fellow a monthly income that can be used to fill the gaps of any employer provided long term disability benefit. The coverage may also include a reimbursement for $200,000 of student loan obligations that would otherwise be put into forbearance and accrue additional debt as interest accumulates.

Pricing Designed to Meet Real World Circumstances

The plans chosen by most medical schools recognize the financial constraints facing most graduates until they enter practice years. To address this issue, schools can secure coverage using a group policy that can be continued during the graduate’s training. The cost of this type of coverage is substantially less than the individual policies typically promoted by commission-based insurance agents.

Access to Greater Amounts of "Own Specialty" Protection During Practice Years

The coverage that’s been maintained during training guarantees the right to exchange this protection for an individual disability policy once training is over and the doctor enters practice years.

This coverage is provided through an individual non-cancelable contract that guarantees that the rates and contact terms can never be changed by insurance company and defines total disability as being unable to perform one’s “own specialty” for the entire benefit period.

Please provided the following information if you’d like to explore opportunities to better protect your healthcare professionals’ financial well-being.

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Medical

Schools

Guaranteeing Coverage That Can Last A Lifetime

Pricing Designed to Meet Real World Circumstances

Access to Greater Amounts of "Own Specialty" Protection During Practice Years

Did you know?

Business overhead expense policies can cover hiring a locum tenens

Group long term disability policies can be obtained by practices with fewer than 10 full time employees

The “guaranteed right” to increase the benefit amount of an individual policy will be reduced as you age.

Voluntary offerings to large healthcare populations can be offered without medical underwriting and permanently discounted rates.

Group insurance policies usually only protect base salary

Residents and fellows can insure 100% or more of their incomes during training

Medical underwriting can be waived when a practice purchases individual policies as part of its benefit package

Most employer provided long term disability coverage will require you to be out for as long as six consecutive months in order to qualify for benefits

Taking medication or seeking counseling to manage stress can affect your ability to secure coverage

Contributions cannot be made into a qualified retirement account in the event of a disability

Graduating physician who are entering practice can obtain coverage that’s greater than their actual earnings

Individual policies can be used to raise the income placement percentage and maximum monthly benefit for employed physicians and executives

Some policies that insure student loan obligations require the insured to be out completely and not be expected to return to work ………ever.

Rates and provisions of individual policies are guaranteed not to change until the age of 65. The same isn’t true for group or association coverage.

Residents and fellows can forfeit their right to a teaching hospital’s “guaranteed issue” coverage if they apply elsewhere and are denied due to medical conditions

If your employer provides you with long term disability coverage for free, any benefit amount provided during a claim will be taxed.

The premiums paid by a practice owner for a policy that insures their ongoing business expenses is 100% tax deductible

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