Training program discounts are discounts that insurance companies offer to medical professionals who are in training. However, once you complete your course, your savings are no longer available.
With so little time, how can you be sure you’re getting the finest disability insurance coverage for yourself? We’ll go through the advantages of acquiring disability insurance now and how to select the best package.
Why should I get disability insurance during training?
It would be an understatement to say that life as a resident or fellow is hectic. You’re putting in long hours every day to complete your residency, and the last thing on your mind should be financial preparation. It may be difficult to picture what your post-training life will look like, but you will most likely have a large number of liabilities balanced out by your future earnings potential.
It may be tough to imagine your life beyond training, but by looking into physician disability insurance now, you may take advantage of training program discounts that can save you a significant amount of money over the course of your career.
Unisex Disability Discounts
For disability insurance, women pay about twice as much as males. According to the corporations, this is attributable to the volume of claims and the length of the typical claim. If you can secure a unisex reduced coverage as a female physician, you can save greatly.
A few companies still offer unisex policies to residents. Some only provide savings if you are a practicing physician. If you are in the final six months of your training, you should compare the differences before deciding on insurance.
Unisex rates save women between 50 and 70% on their premiums. Men might either save 15% or be paid extra depending on the company.
Principal, MassMutual, and Ohio National are among the companies that provide unisex products.
Medical Resident Disability Discounts
Some companies offer a flat 15% or 20% medical resident discount. Prior to graduation, policies must be obtained while in medical school or training.
You must engage with a broker who has access to these reductions and has previously arranged for them. Otherwise, you must identify at least two additional residents who are also purchasing insurance.
Other policies only provide for a discount on the original insurance; subsequent purchases are not reduced. Companies offering medical resident discounts include Ameritas, Standard, Guardian, Principal.
GME Resident Disability Discount
When they complete their residency, graduating medical residents may be eligible for savings through group convertible insurance. These reductions are generally 10-15% off the regular price. You must purchase the coverage through the GME before graduation to qualify for these reductions.
Inquire whether this discount will be extended to future purchases. This varies. If they do not apply to future rises, subsequent purchases may become far more expensive. These regulations may impose restrictions on pre-existing conditions, especially if no medical inquiries are asked.