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Average spent a month on insurance.

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  • #31
    this is interesting:

    malpractice--0(employer paid)

    auto--100 for 2 autos

    health/dental family plan--500

    umbrella (1M)--15

    DI (17k/mo benefit) -- 400

    life (2M) -- 100

    life for wife (250k)-- 15

    home -- 80

    TOTAL: $1,210/mo

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    • #32
      Medical - $100

      Dental - $43

      Vision - $14

      Disability - $0 (small policy covered by the hospital)

      Life - $0 (no children at this point)

      Auto - $200 (2 cars)

      Renters - $15

       

      Total - $372/month

       

      Probably need to upgrade disability and add on umbrella while in residency?

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      • #33




         

         

        Probably need to upgrade disability ... while in residency?
        Click to expand...


        That would be the prudent thing to do since your hospital provided group policy terminates upon completion of your training (there might technically be a conversion-to-individual policy option available but it will be severely limited in terms of benefits).  Also, since rates are based on age, locking in a lower rate for the life of your individual policy will save you thousands over the course of your career. There are other considerations to keep in mind including qualifying medically for coverage as well as establishing the maximum coverage available without financial documentation. Due to these factors, I would say most of the physicians we work with established their individual disability insurance policies in their final year of residency/fellowship.

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        • #34
           

          car insurance - $50/mo on average for 2 drivers full coverage on a 9 year old convertible

          homeowners - $1700/yr with a high deductible and high hurricane deductible.  The price of living in a wood frame house in a coastal zipcode even though our house is small

          Flood - ~$375/yr I think?  Had been lower but the fees that the Feds added last year even to policies that were market based kicked it up

           

          health/dental/vision insurance - $110/mo. Each of us pays ~$55 out of our monthly pay, work pays the rest for pretty good coverage.

          St and lt disability - work pays for these, but I think we pay taxes on the supplemental income attached to our paycheck to cover the cost.

          Life insurance - generous AD&D policies through employers at no cost to us that would push the remaining spouse well into the "safe to retire" area.

           

          My parents may still have a whole life policy on me that they took out as a kid (when my dad sold insurance).

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          • #35
            I just recently reduced my auto/home insurance substantially... and increased my umbrella coverage without paying extra!   You can decrease your home insurance cost by simply self insuring the deductible.   I am being told that even in a catastrophe.. replacement cost above $50k will void paying the deductible per Chubb.

            malpractice–0 (employer paid)

            auto– $1592.. recently $2300 annually through Safeco full coverage for 2012 bmw and 2016 infiniti suv (no uninsured motorist)

            umbrella ($2M)– $285 annually Safeco

            DI (20k) and extra life insurance 1.25million (employer sponsored VUL)— $12,400 annually (pretax and employer pays a large portion)

            life (1M) — $600 annually through Genworth.. I can probably do better with this?  Currently working with Larry.. great guy!

            home - $2383 annually reduced from $3300 for $1.15million coverage and 10k deductible through Chubb

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            • #36
              $1300 health/dental (family of 5)

              $200 home/umbrella

              $600 auto (we have 2 teen drivers)

              $275 disability - $16k

              $125 life - $2mil

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