Medical Students – InsMed Insurance Agency

Medical

Students

Medical school is busy and leaves little time to evaluate your insurance needs. Fortunately, many US medical schools offer long term disability insurance to their students, providing monthly income to cover bills and loan repayments. This protection often continues into graduate training and practice without health questions.

How InsMed Helps Medical Students

As a medical student nears graduation, they’re a lot of decisions that need to be made. Issues such as finding housing, moving possessions, creating new back accounts, telephone numbers and travel plans and often financial wellness issues such as evaluating your benefits provided by your upcoming residency time sensitive benefit opportunities are often overlooked.

At InsMed, we work with your time constraints to help evaluate the level of protection your teaching hospital will provide you during your residency program. We show you the steps you can take to make sure you can meet your monthly expenses, make sure your loved ones will always be financially protected, and start building a path to financial wellness.

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Medical

Students

How InsMed Helps Medical Students

Did you know?

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

Business overhead expense policies can cover hiring a locum tenens

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

Group insurance policies usually only protect base salary

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

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

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 insure 100% or more of their incomes during training

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

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

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

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

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

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

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

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

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