Disability Insurance Planning During Fellowship
Fellows should review the individual coverage they already own, the new employer’s benefits, and any option to increase coverage. Verify the student or resident policy discount after the transition and the price of added benefits rather than assuming the original younger age applies to all future coverage.
By Navid Lalezari · Author
Reviewed by Navid Lalezari
Last reviewed
In this guide
Carry forward the paperwork
Collect the policy schedule, riders, discount documentation and the final certificate from residency. Obtain the fellowship employer’s benefit start date. An individual policy and an employer plan have different continuity rules.
Read next: Disability Insurance for Fellows
Sources:[1]
Review changed duties and compensation
Describe subspecialty procedures, research, teaching and other duties accurately. Ask which compensation documents will support an increase and which existing benefits the insurer considers. Keep actual coverage separate from an amount you intend to apply for.
Check discounts and increase costs separately
Confirm whether the discount continues, whether it applies to a new benefit, and which age and risk class price that benefit. A continuing discount does not by itself establish original-age pricing. Compare the added premium and total payment before accepting an increase.
Read next: Student Discounts on Disability Insurance: A Guide for Residents and Fellows · Buying Disability Insurance During Residency: Age, Premiums, and Future Increases
Sources:[4]
Prepare for the attending transition
Record option windows and the expected start of the next employer’s benefits. Ask whether a signed employment contract changes the financial evidence accepted. Do not replace or cancel existing coverage based only on a pending proposal.
Read next: From Residency to Attending: Build an Insurance Transition Timeline
Common questions
Does a future increase use my original younger age?
Not necessarily. The original coverage can have premium protection while additional coverage is priced using a later attained age. Confirm the pricing rule and any continuing discount in your policy.
Where to go from here
These next steps are educational and have no cost or obligation. They do not start an insurance application or begin coverage.
- Check My Options
Tell Drs Choices what you are weighing and request a conversation about your situation.
- Compare Policies
See how the coverage types and policy terms on this page differ side by side before you decide.
- Start Your Plan
Build a discussion brief from your own numbers. No account or email is required.
Sources
Drs Choices summarizes and compares these sources on this page. Each entry links to the original if you want to verify the wording yourself.
Ameritas: Medical resident programs and state variations
View original source for “Ameritas: Medical resident programs and state variations” (opens in a new tab)Guardian: Disability insurance pricing factors
View original source for “Guardian: Disability insurance pricing factors” (opens in a new tab)Guardian: Future increase options and medical underwriting
View original source for “Guardian: Future increase options and medical underwriting” (opens in a new tab)The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42
View original source for “The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42” (opens in a new tab)