GME Programs – InsMed Insurance Agency

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

These policies can be offered without modifying the teaching hospital’s current disability coverage or establish any payroll deduction fields.

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Graduate Medical Education

Programs

Customized Group LTD "Conversion" Programs

Did you know?

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

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.

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

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

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

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

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

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

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

Business overhead expense policies can cover hiring a locum tenens

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

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

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

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