Purchasing Disability Insurance
Disability Insurance Benefit Amounts
Disability insurance is intended to provide a person with enough replacement income while disabled to maintain a standard of living similar to that which the insured had before becoming disabled, but small enough that one would want to return to work if possible.
Resident physicians are eligible to obtain specific benefit levels based on Special Limit Programs offered by most disability insurance carriers. The benefit levels available to attending physicians will, however, depend on their current earnings. The charts below illustrate benefit amounts available to physicians throughout training and beyond.
| Special Limits For Young Physicians | ||
| Status | Maximum Monthly Benefit | |
| Sr. Medical Student | $2,500 | |
| Medical Resident (Year 2 or less) | $4,000 | |
| Medical Resident (Year 3+) | $5,000 | |
| Fellows | $5,000 | |
| First Year Attending * | $6,000-$7,500 | |
* Limits for first year attending are available within 6 months of residency completion and are based on medical specialty.
| Benefit Limits For Attending Physicians | |||
| Annual Income | Monthly Benefit | Annual Income | Monthly Benefit |
| $100,000 | $5,000 | $260,000 | $11,800 |
| $120,000 | $5,800 | $280,000 | $12,600 |
| $140,000 | $6,700 | $300,000 | $13,500 |
| $160,000 | $7,600 | $320,000 | $14,300 |
| $180,000 | $8,400 | $340,000 | $14,900 |
| $200,000 | $9,200 | $360,000 | $15,200 |
| $220,000 | $10,000 | $380,000 | $15,600 |
| $240,000 | $10,900 | $400,000 | $16,000 |
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Benefits Of Buying Coverage Young
Better Health
In order to buy disability insurance, every applicant is medically screened and must be healthy enough to qualify. Healthy applicants are more likely to qualify for standard pricing and without requiring limitations or exclusions on pre-existing conditions.
Higher Benefits
Depending on circumstances, the Special Limit Programs available to young physicians could provide larger benefits during and shortly after residency than would otherwise be available, based on earnings alone. This can be particularly advantageous for first year physicians joining a group practice or for those beginning their own practice.
Lower Cost
Obtaining disability insurance at a young age allows you to secure a lower premium for the life of the policy. The difference in premiums between ages 28 and 35 can be as great as 35%. Considering that you will likely maintain this coverage throughout your career, 35% can be a sizeable difference over time.
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