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Buying disability insurance as fellow or attending

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  • Buying disability insurance as fellow or attending

    I will be graduating from a hem/onc fellowship in June and am debating between buying disability insurance now or when I am a new attending? As an attending, I would think that the amount of disability insurance I could get would be higher than as a fellow but would appreciate any advice and comments.

  • #2
    As a "New In Practice" Hematologist/Oncologist, you automatically qualify to purchase $7,000-$7,500 month of individual coverage (depending upon the specific insurance company purchased), regardless of your starting salary or future employer provided LTD coverage, if any.

    If you have a signed employment contract with a guaranteed salary, you can typically purchase your coverage based upon that amount when you are within 2-3 months of starting. However, keep in mind, if your future employer will be providing you with Long-Term Disability (LTD) benefits, that will also be taken into consideration in determining the amount of individual disability insurance coverage available. If that allows for a higher amount of individual coverage, you could purchase that amount. If not, the "New In Practice" limit would still be available in most cases.

    If discounts are available, as is often the case, that are tied to your hospital affiliation, they are only available for 60-90 days after you complete your fellowship. Finally, if you have a birthday coming up between now and the time you graduate, that would be another reason to purchase your coverage sooner rather than later as you can lock into lower premium rates based upon your current age.

    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF