Guest Cassiopeia04 Posted February 18, 2002 Report Share Posted February 18, 2002 Back in the fall, someone from the OMA came and spoke to us about getting disability insurance while in med school. Just wondering how many people actually got it, and in what year. thanks! W Queens2 Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted February 19, 2002 Report Share Posted February 19, 2002 Heya W! I hope some of the other med students here can help you out as to whether or not they have disability insurance, and when they purchased it. There's an old thread available here: pub44.ezboard.com/fpremed101frm14.showMessage?topicID=55.topic As for myself, I STILL don't have disability insurance, and I'm not alone in my class. I'd still say that at least a third of people don't have insurance at this point, just about halfway through third year. After discussing it with the folks, the really pitiful return that one would get as a med student just didn't make it practical. Perhaps that's just shortsighted of me, but it sounded a lot like even if I was to sign up now, if I was to become disabled at this point, I'd only receive a very small amount of money as my med student income is essentially zero. If I WAS disabled, then going on into residency and then practicing is going to be very difficult/impossible, so again, I'd only be drawing those tiny returns until my policy ran itself out. My current plan is to start the disability insurance once I begin residency, and to knock on wood that I don't get into a car accident, step into a sinkhole, whatever until then. What has everyone else been doing at the different med schools? Moderators? Ian UBC, Med 3 Link to comment Share on other sites More sharing options...
Guest Carolyn Posted February 19, 2002 Report Share Posted February 19, 2002 I did choose to buy disability insurance through the OMA student program -- can't remember exactly how much but it was <$50 for the year. I figured if I became disabled or sick it would partially pay my monthly tuition payments and at least keep me living properly until I could go back to medical school or at least help in paying off debts which I've already accrued up to this point in medical school if I couldn't go back to med school. The other reason some choose to get disability insurance is that it becomes more difficult/expensive to get disability insurance after becoming sick -- if you get disability now it is easier to maintain a plan with your company even if you have become sick. Link to comment Share on other sites More sharing options...
Guest med2 Posted February 19, 2002 Report Share Posted February 19, 2002 I'm a first year medder and decided to get insurance. It's costing me about $360 a year ($30/month) so over the next few years it'll cost me about $1500. This is for a benefit of $500/month if I'm totally disabled. I took it because I would rather not gamble with the future. To me $500/month (increasable to a few $1000 at 3rd year) is "locking in" the achievement of getting into medical school, even if something should happen to me. I'd give the $1500 for the next 4 years in order to be assured $500/month (adjustable to cost of living) till I'm 65. That adds up. My perspective is that med students are mostly young and we (in general) think we are going to live forever (well at least for a long time) and are invincible, as do most young people. One of the primary things a financial planner would do upon consultation is get you insured - especially as soon as you start making your big $$$. I guess I'm just the type of prudent person who would buy life insurance as soon as I have a spouse and kids (that I'm assuming I will love and care about! :-) to make sure they are taken care of if something happens to me. Disability insurance is similar, except it takes care of your lonesome self if something happens to you. I thought long and hard about it, and found it the wisest thing to do. My perspective. That's it. I'm a student, not an insurance agent. BTW. Go Canada! Link to comment Share on other sites More sharing options...
Guest Carolyn Posted February 19, 2002 Report Share Posted February 19, 2002 Wow that is a lot to pay! Here is a link to the OMA student insurance plan: www.oma.org/ins/std.htm Only $50-$60/year for $1000 mo in 1st/2nd year and $75 - $88/year $1500/mo in 3rd/4th year... Anyways, I thought it was a good deal but I'm not sure I would have shelled out $30/mo! Carolyn (also just a med student ) Link to comment Share on other sites More sharing options...
Guest med2 Posted February 20, 2002 Report Share Posted February 20, 2002 Hey Carolyn, I took at look. You guys have a pretty good deal, or I am just getting ripped off! What I don't want to do is go uninsured, but perhaps I should look at some cheaper options. $360 and $50 is a big difference, and the OMA gives you twice the montly benefit. Can a BC student sign up with the OMA ? I wish! :-) Perhaps the OMA was kind enough to subsidize the cost for students and the BCMA hasn't quite got anything setup. Cheers. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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