Should Medical Students Consider Disability Insurance

by Andy Puls

Published on 12/11/06

Article views: 255

Last year the Association of American Medical Colleges (AAMC) said that schools should require disability insurance for all medical students and provide access to policies. Medical students are particularly vulnerable to the financial hardships that may result from a disability. Disability insurance protects students from possible fiscal disaster and is also a prudent investment. Purchasing a policy while still in medical school presents tremendous advantages that can save students money after graduation, while protecting their financial future and providing the peace of mind necessary to focus on the demands of a career in medicine.

Most medical students do not generate income while in school, but instead accumulate debt at staggering rates. In 2005, medical school graduates who took out loans started their residencies with an average debt of 100,000, a figure that does not include undergraduate debt. Only the expected future income from a career in medicine makes such exorbitant debt palatable; however, a student that suffers a disability may never realize that income. According to the 1994 Statistical Abstract of the United States, in the course of a year, 1 in 10 people between the ages of 25 and 64 will suffer a disability. When comparing that ratio to the odds of being victim of a house fire (1 in 122); injured in an automobile accident (1 in 160); or even of death (1 in 117), the value and protection offered by disability insurance is clear.

A student who suffers a disability and is unable to complete their education will be saddled with student loan debt and may not be able to work in any field depending on the disability and its severity. Repayment of student loans combined with medical expenses and lack of income due to disability can destroy a financial future. Even a student that is able to continue medical school could face the burden of simultaneously repaying loans and paying tuition.

Aside from the obvious advantages disability insurance offers by minimizing the risk riding behind a medical students debt, there are other long-term advantages to purchasing a policy as a student instead of as a physician. A student purchasing a policy will likely get a lower rate than a physician. According to doctordisability.com, three factors determine disability insurance rates: age at the time of purchase, occupation, and health status. These factors tend to favor a student. Not only are students younger, but generally the health status of younger people is better than that of older people. Obtaining insurance at a younger age may also protect the policyholder from the difficulties of securing a policy later in life when other health issues may affect insurability.

A disability insurance policy also adapts to meet the changing needs of the insured. A Future Increase Option (FIO) Rider allows the policyholder optional future increases in coverage without providing evidence of medical insurability. The ability to increase coverage regardless of current health status is attractive to any policyholder, but the FIO Rider is also ideal for a student who wants to increase coverage upon graduation and the expectation of significant income. A policy purchased by a student before they take their first class in medical school can be flexible enough to last a career.

The protection, flexibility, and benefits the insured has by purchasing a disability insurance policy as a student are reflected by the stance that medical schools take. Dartmouth Medical School and the University of North Carolina School of Medicine mandate that all students have disability insurance. While in some states it is illegal to require students to have a disability insurance policy, most medical schools at least recommend that all their students have it. In 2006, the University of Washington School of Medicine was ranked by U.S. News and World Report as one of only three schools in the top 10 for both research and primary care. Their office of student affairs and services says it is advisable to have disability insurance in light of the cost of education and risks associated with practicing medicine. The school offers its students a plan, but in general, group plans come with limitations and restrictions.

The Liaison Committee on Medical Education (LCME) is the sole accrediting authority for medical education programs leading to the M.D. degree in the United States. Accreditation standard MS-28 states, all students must have access to disability insurance. Simply allowing access to disability insurancea minimal requirement placed on accredited medical schools or even recommending it, is not enough to save students from the risks of not protecting their future income. In light of the monetary investment that students make to medical schools, it should be the responsibility of each school to promote and educate its students about the benefits, value, and importance of disability insurance.

Bookmark it:

Rate this article:

» Most viewed in Articles on Insurance

» Latest articles

» Highest rated articles

Issuance Of Life Settlement Policy
Life settlement is a sale transaction takes place in life insurance policy, where the policy holder is responsible for the cash payment received from the sale of life settlement policy.
PHRs model by Blue Cross Insurance
High quality health care today simply means having the right information in the right hands and at the right time. You may be an individual or a family, every body need concurrent access to health care information that might be discrete among a number of physicians, hospitals, pharmacies, and other health care providers. But in fact we are many years away from the system that are fully inter operable.
Tips for choosing and using your health plan
Today there are actually many more health insurance plans available to choose from than ever before. Not really everyone has a choice. But if in case you do, this section could surely help you choosing the right plan, which offers the best quality for you and your family.
Should Medical Students Consider Disability Insurance
Purchasing a policy while still in medical school presents tremendous advantages that can save students money after graduation, while protecting their financial future and providing the peace of mind necessary to focus on the demands of a career in medicine.
All about Health Insurance
Health insurance is a necessity for all. With medical expenses soaring every day higher than a hang glider, paying for them could have you digging deep into the pockets of your jeans.

Need for Mortgage Insurance
Insurance is a great way to safeguard your self from the uncertainties in life. Mortgage Payment Protection Insurance is designed to protect you from getting into debt or missing the mortgage payments due to unemployment.
Travel Insurance
Are you considering about traveling overseas? It is something quite common these days. A trip overseas can be a great experience a once in a lifetime adventure. It would be a great tragedy if something went wrong, so it’s better to be prepared. Not only will it beneficial to you but your loved ones.
PHRs model by Blue Cross Insurance
High quality health care today simply means having the right information in the right hands and at the right time. You may be an individual or a family, every body need concurrent access to health care information that might be discrete among a number of physicians, hospitals, pharmacies, and other health care providers. But in fact we are many years away from the system that are fully inter operable.
Should Medical Students Consider Disability Insurance
Purchasing a policy while still in medical school presents tremendous advantages that can save students money after graduation, while protecting their financial future and providing the peace of mind necessary to focus on the demands of a career in medicine.
All about Health Insurance
Health insurance is a necessity for all. With medical expenses soaring every day higher than a hang glider, paying for them could have you digging deep into the pockets of your jeans.

Types And Uses of Medieval Armor
The earliest form of medieval armor -- mail (a.k.a. 'chain mail') -- traces its origins back to around 500 BC. The Celtic people developed this kind of armor -- iron rings woven together into a protective garment -- and the Roman Army later copied this engineering to protect its soldiers.
Know About Otitis Externa
Otitis extern is a common problem of the ears. The inflammation occurs in the outer era canal and affects the tube that is located in between the ear drum and the surface of the external ear. This disease is commonly known as swimmers ear. Generally bacterial growth of the fungal infection can cause this problem.
Diamond Color Grading Scale
Diamonds come in virtually all colors of the rainbow, from the 'beautiful violet' of the Hope diamond to shades of blue, brown, gray, orange, etc. But colored diamonds are very rare and precious. Chances are, all the diamonds you'll see in your diamond shopping will be white or yellow, and the whiter the better. Some people are more sensitive to the color of diamonds.
Should Alcohol Ads be Banned on Television And Internet?
It is hard to battle alcohol addiction when television seems to urge people to drink. Alcohol and liquor ads are everywhere. Even if you browse the internet, you will find loads of alcohol ads. These ads are very encouraging. They cover up the many warnings of the harmful effects of alcohol in the body.
Is there a reason that American Football is not an Olympic sport?
Has it ever surprised you that one of the greatest sports in one of the greatest nations is not shared with the rest of the world? This article is meant to point out some of the peculiar reasons that it might not qualify for any future Olympic Games.

Ecommerce Checkout - Make Them Register
The world of ecommerce is expanding daily as more and more retailers take their business to the web in the hopes of attracting a percentage of those ever finicky web shoppers. As the amount of businesses open up ecommerce shops online, the amount of web development companies is also growing, offering ecommerce solutions for even the smallest of budgets. It is important that web developers understand the dynamics of the checkout process when discussing the options with the client.
Common mistakes before starting a website
If you want your website to be a big hit then you need to avoid some common mistakes before starting one. Here you have a list of pitfalls that are designed for beginner and for many established ones too. Check out the common mistakes that have to be avoided for sure!
How to Create a MySpace Layout
Creating a MySpace layout might seem tricky when you think about it but it is actually pretty easy. Here's a few steps that will help you in designing myspace templates.
Reiki and how it can help you Heal
Reiki is a valuable healing tool which involves the practitioner placing his or her hands on the client without actually manipulating the body in any way. This makes Reiki an ideal healing tool for people who suffer from all kinds of conditions, both physical and emotional. This article discusses what is involved in a Reiki session and what training a Reiki practitioner undergoes.
A History of Vintage Automobiles - From 1916 to 1924
Before cars were around, people usually traveled distances using horse-drawn carriages. But as early as 1335 several bright minds have been trying to come up with a 'horseless carriage'.