This special program allows current and recently graduated The Ohio State University College of Medicine Residents and Fellows to obtain Long Term Individual Disability Insurance. You own this from day one, is guaranteed issue (no medical exam or record review is needed) and includes a permanent discount.
Professional Benefits is the endorsed broker for this program
at The Ohio State University College of Medicine.
What is Long Term Disability Insurance?
Disability Insurance aka Income Protection Insurance helps replace your income when you cannot work due to injury or illness. According to Social Security Administration, more than 1 in 4 20-year-olds will experience a disability that lasts for 90 days or longer before they reach 67 years old.
What are the advantages of an Individual policy?
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You own the contract, so it is fully portable at the same benefits from one job to the next. The coverage follows you, regardless of employer or job changes.
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You can include all your bonus and productivity (RVU Pay), which may not be included in your group contract.
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True Own Occupation definitions of disability are available, covering your ability to work in your specialty even if you decide to work in another occupation while disabled.
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Benefits will not be reduced against other income or benefits you receive while disabled.
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Benefits are not taxable.
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Can be increased as your income goes up.
What are the advantages of it being Guaranteed Issue?
According to the Milliman 2021 Annual Survey of the U.S. Individual Disability Income Insurance Market, 50% of individual disability insurance policies are either modified (34%) or declined (16%). A Guaranteed Issue plan avoids this and reduces the approval process from potentially months to a matter of days.
The underwriting for a medically underwritten policy can be extensive with a detailed medical questionnaire, insurance / prescription database reviews and detailed review of your medical record. It is common that anything uncovered will drive either an exclusion, increase in cost (called a Rating) or a decline.
Common causes of these exclusions, ratings or declines that often come as a surprise include diagnosis or treatment for Stress, Anxiety, Depression, Build / BMI issues, Chiropractic Therapy, Pregnancy and Injuries. In addition to major medical issues such as diabetes or cancer.
Once you have a rating, exclusion or a decline on another disability application you will become ineligible for this program. Therefore as a broker of disability insurance, both guaranteed and medically underwritten, our recommendation to any resident or fellow (no matter where you are training) would be to always take the guaranteed issue offer and if you want to go through underwriting to obtain alternative coverage it is best to do that after the guaranteed issue policy is in place. The guaranteed issue policy can be cancelled later once the underwriting process is completed and the other policy is in force.
What are the unique features of this product?
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Guaranteed Issue (no medical exam), if actively at work past 180 days Only need to answer a limited number of medical questions on the application. While it is possible that you could be denied coverage based on those answers, if approved, you will be issued a policy with no medical exclusions.
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You own the individual contract
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Specialty "Own occupation" definition of disability
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Guaranteed increase options as your income grows throughout your career, to $15K/mo.
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Fixed premium, guaranteed renewability and portability
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Permanent 20% premium discount
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Payable after 90 days of disability to age 65