Seven Things - InsMed Insurance Agency

7 Things Graduating Medical Students Need to Know About Financial Wellness During your Residency

#1

The majority of your new income will be used to pay your regular monthly expenses and any loan repayment obligations.

#2

If you were to become sick or hurt and unable to continue training you should expect to receive only 60% of your income (from your employer’s long term disability insurance plan).

#3

It’s very unlikely your employer’s disability benefits will cover your loan obligations.

#4

Your income protection coverage is likely to end when you complete your training.

#5

Your medical school may have created a special opportunity for its graduates to fill in these protection gaps, even if you have a current or pre-existing health condition.

#6

The pricing of these policies are designed to meet the budgetary constraints of a resident and can cost as little as buying a pizza once a month.

#7

The opportunity will expire 30 days after graduation!

Please don’t overlook a unique opportunity to better protect your future income without having to medically qualify!

For more information or to review the coverage you received from your teaching hospital, please contact us:

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7 Things Graduating Medical Students Need to Know About Financial Wellness During your Residency

#1

#2

#3

#4

#5

#6

#7

Please don’t overlook a unique opportunity to better protect your future income without having to medically qualify!

Did you know?

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

Business overhead expense policies can cover hiring a locum tenens

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

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

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

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

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

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

Group insurance policies usually only protect base salary

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

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

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

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

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

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

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

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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