Five Questions – InsMed Insurance Agency

5 Questions a School Should Consider About Their Students’ Protection

Graduating medical students have the opportunity to continue the disability coverage provided during their school years to help them pay their monthly expenses (including student loan repayments).

But the terms of coverage can vary greatly among insurance carriers and create a false sense of security. Here are five important issues to evaluate:

#1

Does your coverage limit benefits to twelve months for claims due to post viral conditions or any other conditions?

#2

Could the insurance company increase their rates, change the terms of coverage or even terminate the policy any year in the future?

#3

Can the monthly benefit be reduced by the coverage provided by an employer during practice years?

#4

Does the coverage limit the period of time that benefits can be paid?

#5

Will student loan payments be reimbursed if the disabling event will allow them to return to work one day?

There are substantial differences in the coverage a school can offer it’s graduates.

For more information or to review the coverage you currently provide your students please contact us

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5 Questions a School Should Consider About Their Students’ Protection

#1

#2

#3

#4

#5

There are substantial differences in the coverage a school can offer it’s graduates.

Did you know?

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

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

Group insurance policies usually only protect base salary

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

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

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

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

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

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

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

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

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

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

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

Business overhead expense policies can cover hiring a locum tenens

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.

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