Guest McMastergirl Posted March 10, 2003 Report Share Posted March 10, 2003 Anyone have any advice about when and where to get disability insurance? I'm really confused. Some people say to get it as a medical student because it's cheaper, but others say you don't need it until you are out of residency. Help! Link to comment Share on other sites More sharing options...
Guest MayFlower1 Posted March 10, 2003 Report Share Posted March 10, 2003 McMastergirl, EDIT: I apologize, I just talked with my wife and she indicated she had some disability provided automatically through pairo...then she got additional as she felt the pairo coverage wasn't sufficient. She got additional coverage through the OMA. Peter Link to comment Share on other sites More sharing options...
Guest JSS02 Posted March 10, 2003 Report Share Posted March 10, 2003 I've been thinking about this as well. Any med students here have disability insurance yet? Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted March 10, 2003 Report Share Posted March 10, 2003 I don't yet, but I know I should. A number of people in our class have - track me down in the halls some day and I'll tell you who to talk to. The OMA is the best source I know of. Link to comment Share on other sites More sharing options...
Guest phantom8 Posted March 11, 2003 Report Share Posted March 11, 2003 Here at Calgary, the Alberta Medical Association reps have let us know about disability insurance several times already... I suppose it's better to get it now than after you get a needlestick injury! Link to comment Share on other sites More sharing options...
Guest UOMeds05 Posted March 11, 2003 Report Share Posted March 11, 2003 Yes, I got in my first year. It is very basic coverage, but it only costs $50/year in year 1 and 2, and i think $75/year in year 3 and 4. We, at Ottawa, were advised over and over and over again about how important it was to get this... it is kind of scary when you think how much we have invested, both financially and physically, just to lose it all and have nothing with a slight accident! Also, when you subscribe, they refund a portion of your $20 CMA/OMA fee (i think $12) so really it only cost me $38!!! Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted March 11, 2003 Report Share Posted March 11, 2003 I still don't have any, although I probably should have got it for my clerkships, since at that point I was actually involved in higher-risk activities. ie: scrubbing for surgeries, suturing up patients in the Emerg, starting IV's and other invasive things involving needles, etc. One thing about getting disability insurance as a med student is that the payout is pretty dismal. You don't get much back even if you're totally disabled. I think it's pretty important to get before you start doing any real patient contact (particularly with higher risk things like the above), and definitely something you want to have on an individual basis after you match and before you start residency. UBC has a few disability insurance salesmen who sponsor a few lunches etc in order to advertise their services. I was under the impression that most other schools have these individuals as well. If that all fails, you could contact the MD Management folks in your city for further information, and I'm sure they'd be able to give you further guidance. Ian Link to comment Share on other sites More sharing options...
Guest JSS02 Posted March 11, 2003 Report Share Posted March 11, 2003 UOMeds05, so I suppose you bought insurance through the OMA? Were they the best option out there? Link to comment Share on other sites More sharing options...
Guest statementofclaim Posted March 11, 2003 Report Share Posted March 11, 2003 Once you hit Residency, protect all your hard work and get yourself some disability insurance. Take it from a guy who see's the tragic stories on the other side of the fence. Working in the legal department of a large insurer, I see very sad cases of people (some of them very high income earners) who did not buy or did not buy enough insurance when they were healthy. If one ever becomes disabled as a result of the negligence of another, then there will always be a litigation option; and you folks are a NIGHTMARE when it comes to the present value of future earnigs. Can you imagine present valuing the numbers in a car accident where a group of doctors are involved! I joked a couple of weeks ago when when I was driving a group of friends around, as we had three future pathologists and an interventional radiologist in the car. That being said, litigation is a very LONG process and one has to eat, make their mortgage, an pay their lawyer, etc. in the mean time. So do your homework, go to a few free lunches and get the sales pitch, and get yourself some disability insurance before your residency starts. Later... Link to comment Share on other sites More sharing options...
Guest PDSP Posted March 11, 2003 Report Share Posted March 11, 2003 Hi, Not a medical student... yet, but have a question in this area. Given that med students are typically graduating with anywhere from $60 to $100K debt, do banks require (or provide) both life and disability insurance to cover the debt if something should happen to the student (or resident)? PD Link to comment Share on other sites More sharing options...
Guest JSS02 Posted March 11, 2003 Report Share Posted March 11, 2003 I have a line of credit with BMO, and they don't require a co-signer or life insurance (though it is offered). Link to comment Share on other sites More sharing options...
Guest UOMeds05 Posted March 11, 2003 Report Share Posted March 11, 2003 JSS02, I did get it through the OMA, but to be perfectly honest, i did not take the time to research to see if this was the best deal. I have taken out other policies with their insurance providers and have found them to be more than reasonable and very competetive. As for bank loans, my loan is through ScotiaBank, and it is covered through it's own insurance policy. So if, heaven forbid, I were to die before repaying, it is covered and is not something that my heirs would be left with. As for disability, good question!!!!!:\ I also did not need a cosigner. Generally, they do not require one until your loan exceeds, get this, $125,000!! 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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