Graduate Medical Education
Programs
The long-term disability insurance coverage provided by most teaching hospitals focuses on providing income protection during training. These contracts are not designed to allow graduating residents to maintain a significant or comprehensive amount of coverage upon graduation, and the presence of any current or pre-existing medical conditions could allow an insurance company to deny an application for personal, portable and permanent protection. Additionally, the terms of most employer provided policies will only insure 60% of PGY income, and the resulting amount could leave a disabled resident without enough ongoing income to pay their monthly expenses.
Customized Group LTD "Conversion" Programs
In response for the need to provide residents and fellows with comprehensive protection during training and the right to protect themselves even if they contracted a condition during training that could render them uninsurable, several insurance companies have developed contracts that will better address the needs of doctors in training.
Through these contracts, teaching hospitals can:
- Insure the balance of their income not covered by the institution's insurance plan
- Obtain additional protection for student loan obligations
- Secure the right to increase coverage to as much as $15,000/month of tax-free benefits during practice years
- Lock in permanently discounted rates
