Insurance Planning Before Residency
Medical students can begin by understanding current school or employer benefits and planning the transition to residency. Individual coverage, student discounts and GSI eligibility depend on the actual applicant and offer. A residency match or future income does not itself establish coverage.
By Navid Lalezari · Author
Reviewed by Navid Lalezari
Last reviewed
In this guide
Know what your current benefits do
Locate the school’s health and disability benefit information and record effective and termination dates. Health insurance pays toward covered medical care; disability insurance addresses qualifying income loss. Neither label tells you the specific limits or guarantees.
Read next: Physician Disability Insurance · Health Insurance Basics for Physicians and Their Families
Sources:[1]
Prepare for a change of program
As residency plans become clearer, ask the receiving institution about benefits, enrollment timing and any GSI offer. Check application eligibility and the handling of earlier applications before submitting another formal application. Information from a classmate is a prompt to ask, not personal approval.
Read next: GSI Disability Insurance: Questions to Ask Before Applying
Sources:[2]
Ask about younger-age pricing and the student discount
Review any opportunity to obtain an affordable initial benefit and preserve increase options. Younger age can favor initial pricing, but a policy discount and the age used to price later additions are different. Ask when student or residency eligibility starts and what documentation is required.
Read next: Student Discounts on Disability Insurance: A Guide for Residents and Fellows · Buying Disability Insurance During Residency: Age, Premiums, and Future Increases
Include family responsibilities
If someone depends on your income or care, a life-insurance needs review may also be appropriate. Start with actual responsibilities, coverage already in force and an affordable budget. The useful first step is a clear record of questions, rather than a policy amount based only on hoped-for attending income.
Read next: How Much Life Insurance Should a Physician Consider? · Physician Planning Toolkit
Sources:[5]
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.
Guardian: Disability insurance for medical residents
View original source for “Guardian: Disability insurance for medical residents” (opens in a new tab)Guardian: Its GSI offer for eligible residents and fellows
View original source for “Guardian: Its GSI offer for eligible residents and fellows” (opens in a new tab)Guardian: Disability insurance pricing factors
View original source for “Guardian: Disability insurance pricing factors” (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)NAIC: Life insurance consumer guide
View original source for “NAIC: Life insurance consumer guide” (opens in a new tab)