How Purchasing Disability Insurance Can Help Resident Doctors to Avoid Financial Ruin

The road to becoming to a doctor is an extremely long and expensive one. The average amount of debt acquired by a medical student is right around $156,000 dollars. This does not take into consideration loans incurred while doing undergraduate work. Many loans require individuals to start paying six months after their schooling is complete. Resident doctors usually make just a fraction of what they will make once their residency is finished. This means that their loan payments can be difficult to afford. Difficulty becomes impossibility if the resident doctor becomes ill or acquires an injury that makes him or her unable to work. Disability insurance for resident doctors can help residents who have fallen on hard times avoid financial ruin.

Finding the Best Insurance Rate

There are many residency programs that will offer group disability insurance plans. While having a group plan is better than being uninsured, it does come with some limitations. First of all, the insurance plan will usually not continue once a doctor has finished his or her residency. This means that the doctor will have to either become part of a new group plan, or try to find an individual plan. Insurance rates often depend on the doctor’s age and health, which means that it is usually a better idea to acquire an individual plan earlier on.

It is possible to find disability insurance for resident doctors that will pay a reasonable amount each month to disabled residents or fellows. This kind of money can help a resident doctor remain afloat financially in times of trouble.