Disability Insurance Research Paper

Improved Essays
If you've stumbled upon this article, then you likely have set off to learn more about Physician Disability insurance for medical residents. Undoubtedly, you have either been approached by an agent, advised by a superior or spoken with peers about this type of coverage. Likely you already know that the best time to purchase a policy is when you are young and healthy - but what is the true benefit for residents and fellows in purchasing Disability insurance during fellowship or residency?

The primary reason to consider purchasing Disability insurance during medical residency is pertaining to the idea that during this time, you are young and likely very healthy. This is an interesting concept however, because all 25-30 year olds are certainly still young, and more importantly feel that their health will remain the same for years. So although you know you should consider protecting your income now, it becomes very easy to procrastinate and hold off on purchasing coverage for weeks, months and years.

The factor of age is simple - every year you delay purchasing Disability insurance will cost you about a 4% increase in premiums. In other words, the cost of coverage will increase by about 3-4% each year you wait. If a Disability policy will cost $1,000 per year today, in three years your
…show more content…
Read articles that can be found online, but do not solely base your judgment on these. The value of reading articles and websites is to learn about the differences that exist in the various contracts available today. There are many websites providing additional resources and information about Disability insurance for medical residents and young physicians. Take advantage of the resources available over the web, find an experienced agent and work with them to find the best option for

Related Documents

  • Improved Essays

    Medicare Coverage: A Case Study Heidi is a 72 year-old female who is hospitalized for 70-days after experiencing a stroke and further complications of a deep vein thrombosis of the leg and pulmonary embolus. Her current insurance includes Medicare Part A and B without Medicaid or a Medigap policy. While in the hospital she is treated by both a hospitalist and neurologist.…

    • 973 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    When Roosevelt signed the Social Security Act in 1935, it was designed as a safety net and was intended to protect American workers upon retirement, disability or in the event of an early death. This program is the largest government program in the world and uses a pay-as-you-go system where workers contribute 6.2% of their salaries into the plan and come time to give up work, and they will be eligible to receive a limited monthly income to assist them during retirement. In other words, the individuals working today are paying for the former workers now in retirement, hoping that others will do the same when it comes their time to retire. Those who have contributed can start collecting these aids at 62 with the amount paid per month reduced, while workers who retire at age 67 will receive their benefits in full. The Social Security program has had some complications back in 1980’s due to budget…

    • 1327 Words
    • 6 Pages
    Improved Essays
  • Great Essays

    Medicare Coverage

    • 1560 Words
    • 7 Pages

    It is best to purchase a Medicare Advantage policy and or Part D drug coverage during the initial medicare enrollment period. There are two open enrollment periods launched every year that allows beneficiaries to make adjustments to their Medicare Advantage and Part D Plans. Medicare Part D is a fixed monthly rate. The concept is to allow your insurance provider to take on a bigger portion of the beneficiaries covered drug cost.…

    • 1560 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    Argument Against Medicaid

    • 697 Words
    • 3 Pages

    Medicaid, which is a state and federal funded program, provides health coverage to millions of Americans nationwide. Eligible recipients include low-income adults, children, pregnant women, elderly adults and people with disabilities. In the state of Michigan, there were 2,920,176 recipients who received Medicaid benefits in 2017 (State of Michigan, 2018). Although so many participants rely on Medicaid for health insurance, many of them are tremendously dissatisfied with the quality of health care themselves or their children receive. The reality is, many of the providers that do accept Medicaid patients, do not treat them with the same level of care as patients with private insurance.…

    • 697 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Why should the United States of America adopt a Universal Health Care System? With the rising number of uninsured Americans today, seeking medical assistance becomes a burden due to the high cost of service. There are many individuals living in pain, not only physically, but emotionally as well, because of the fear of going to the doctor and being faced with a large bill they can 't afford. In order to minimize or eliminate the number of uninsured individuals, high costs of health care, and low quality of care in America, United States should consider a universal health care plan that is affordable and available to everyone, regardless of income or employment status; giving Americans the option to select a doctor and hospital of their choice…

    • 962 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Some basic information about the affordable care act is the fact that it was a health care reformed bill that Obama singed around early 2010. Also the fact that a lot of the things in that act are already in effect. Some of the main things that the book points out about the Act is that it is providing new consumer protections, making the quality better but also making it cheaper, making it easier to access affordable care, and also making insurance companies more accountable for the actions that they take in situations. When the bill was first getting signed and Obama care was really talk because of the fact it had such a huge impact on how people worked with their healthcare. First Obama care changed what you can buy, how you can buy it, and…

    • 715 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    The Dos and Don'ts of Medicare So your birthday is right around the corner, and this year that means you're ready for Medicare. It does, doesn't it? Are there requirements other than age? Where do you even sign up?…

    • 615 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Long Term Care Essay

    • 887 Words
    • 4 Pages

    Long-term care policies will pay a daily rate for an eligible person or a limited amount for services that are needed. Many of these policies are challenging and are only activated with a certain number of medical issues, even still there is a limit to how much and for how long these policies will pay. Medicaid is an insurance that is ran by the goverment and can be different depending on the state that the coverage is in. Being a desirable candidate for Medicaid often means that you have to be at a very low income status and already struggling with your current bills. If you are one of the lucky ones that qualify for Medicaid then you will be limited to which facilities take the coverage and haveing to wait for the government to approve you for the services.…

    • 887 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Bankers Life Medicare Supplement The question in most people’s minds, especially seniors is what are supplement plans? A Medicare supplement plan is basically meant to compliment your primary Medicare plan commonly referred to as the Original Medicare. This means that once you qualify for the supplement Medicare Plans you can get extra coverage that you currently don’t get with your existing or Original Medicare Plan. It offers you a chance to get cover for an extra set of health care services that you have to choose.…

    • 948 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    1. Time: Being disciplined is a huge need. Making sure you understand work is just a few feet away and can you enjoy dinner or time with family knowing those little tasks are right there still needing to be done? This would be a huge task for me, knowing how to divide and know how to separate work from life. I honestly believe this would be my biggest struggle.…

    • 594 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Hrm 531 Week 6 Paper

    • 431 Words
    • 2 Pages

    Without a doubt, Alan has his homework cut out for him. Before making a concrete decision on whether to offer benefits to part-time workers. He must consider that part-time employees are likely to be less satisfied with the number of working hours, benefits and schedule hours than their full-time colleagues (Sobaih, Coleman, Ritchie, & Jones, 2011). Alan must come up with a solution that interest both the employees and the company. Alan should deal with these three factors.…

    • 431 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Compare Health Insurance Rates and Suppliers We as a whole compare health insurance rates to discover a backup plan offering the health arrangement we require at a reasonable rate. How would you compare medicinal insurance organizations with a perspective to finding the best for you? The way toward comparing shopping that leads us to compare health insurance rates likewise includes comparing he insurance organizations themselves. The inquiry then is - How would we compare insurance organizations?…

    • 563 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    There are differences in the two incentive programs. The Medicare program includes “nonhospital-based” providers such as physicians and dentists (MD, DO, DOS, DDM), podiatrists, optometrists, and chiropractors. Medicare offers up to $44,000 in incentives. The Medicaid program includes nonhospital-based physicians to include nurse practitioners, certified nurse midwives, dentists, or physician assistants with greater than 30% Medicaid volume or 20% for pediatricians. This program includes up to $63,570 in incentives.…

    • 69 Words
    • 1 Pages
    Decent Essays
  • Decent Essays

    Medicaid Research Paper

    • 372 Words
    • 2 Pages

    Name Professor Subject Date Medicaid Medicaid came into existence in the United States to help people who have insufficient income to gain access to medical services (Decker 1673). Those who are of a higher status in the society often have access to better health care, mostly through insurance that they are subscribed to by their respective employers. There is however another group of people that is not as lucky. These are people who are not employed, have low income jobs, or because of certain disabilities, they are not able to proper care for themselves and thus need to be put on the program. Currently, all states in the country take part in Medicaid, although they are not required to do so.…

    • 372 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    Your grandmother just turned 65 and is very confused about medicare. She doesn’t understand why there are four parts to this health insurance program. She asked you to help her with enrolling in Medicare. (1) List the different part of medicare and (2) explain what each part is and why it may be important to your grandmother. Medicare has four different part parts: Medicare Part A, Part B, Part C and…

    • 1195 Words
    • 5 Pages
    Improved Essays