Anesthesiologists represent the highest disability risk out of all medical specialties. Due to this, anesthesiologists pay the highest rates for physician disability insurance. Some companies offer more favorable rates for anesthesiologists who sub-specialize in pain medicine. If you are an anesthesiologist resident planning to go into a pain medicine fellowship, it would be prudent to consider waiting until then to obtain your policy. Below are 4 key guidelines to follow when exploring disability insurance for anesthesiologists.
- Own Occupation Definition of Disability – It doesn’t take much to disable an anesthesiologist. It is critical that an anesthesiologist have own occupation coverage so that benefits are not reduced if working in another occupation while disabled from anesthesiology.
- Partial/Residual Benefit – This pays a portion of the monthly benefit if able to practice anesthesiology on a part time basis. All claims either begin or end on a partial basis, and this is no less true for anesthesiologists.
- Non-Cancelable and Guaranteed Renewable – This ensures that the insurance company cannot raise rates or modify the policy in any way. Anesthesiologists are downgraded fairly regularly, so it is important to be protected against that risk.
- Recovery Benefit – This allows for benefits to continue beyond recovery if still suffering a loss of income. A long term disability can derail an anesthesiologist’s earnings potential, even though he/she is no longer disabled.
If you are an anesthesiologist in search of the most comprehensive and cost-effective disability insurance, click the button below to review discounted plans with a specialist.