Oma Disability Vs Rbc

[uoftmed2016]

I'm very confused about all the disability options mainly deciding between OMA and RBC. From my understanding:

 

1. OMA = Cheaper. Group plan so it could change and be less favourable in the future. As a resident will co-pay with PARO.

2. RBC = slightly more expensive. Contract between you and RBC so it cannot be cancelled or changed. 

 

What are other people doing?

 

 

[ploughboy]

No specific advice for you.  Just want to comment that it's great that you're thinking about things like disability insurance.

 

*Every* medical student needs disability insurance.  Once you get into med school you're on a path toward financial security, and you don't want anything to knock you off that path.

 

I will, no doubt, rant about this again some time.

[rmorelan]

No specific advice for you.  Just want to comment that it's great that you're thinking about things like disability insurance.

 

*Every* medical student needs disability insurance.  Once you get into med school you're on a path toward financial security, and you don't want anything to knock you off that path.

 

I will, no doubt, rant about this again some time.

 

I rant about it all the time

 

for those policies - you have to ask the right questions. Own occupation (and how is that defined exactly)? Guaranteed renewable? Indexed for inflation? You have to go into the details.

 

Personally I have about 9K for disability right now tax free with all the right (I hope) bells and whistles. I don't want to be disabled and not be able to do what I trained for over a decade for, but if it happens I will take some comfort in the roughly 110K tax free a year and still be able to work anywhere else I can without loss of benefits. I will up that (as I am allowed to) to 25K a month when I become staff.

 

Already seen some young doctors knocked out of the game with disabilities. It is not fun.

[NLengr]

I have a combination of OMA disability and private company disability. Right now I have more disability than would be paid out of I got injured (companies will only pay out up to your salary level) but I loaded up this year knowing I was healthy and would need a ton once I finished reaidency in June.

 

For insurance advice, you should talk to a financial/insurance planner. I have one from RBC Wealth Management but MD management also has some.

[rmorelan]

I have a combination of OMA disability and private company disability. Right now I have more disability than would be paid out of I got injured (companies will only pay out up to your salary level) but I loaded up this year knowing I was healthy and would need a ton once I finished reaidency in June.

 

For insurance advice, you should talk to a financial/insurance planner. I have one from RBC Wealth Management but MD management also has some.

 

in some cases you can go above that level although you have to be careful setting it up.