Physician disability insurance rates are determined by a number of variables as outlined below.
- Medical specialty (invasive vs. non-invasive)
- Most companies have higher premium rates for invasive specialties (about 10% higher)
- See list of medical specialty examples below
- There are variations in specialty classification depending on the company
- State of residence – Higher population states have higher premiums
- Gender – Females pay higher premiums because they are a higher risk for disability
- Age – Premiums depend on the age you establish coverage
- Health status – Premium charges can apply when an applicant has a medical condition or is outside the height/weight tables
- Discount programs – some physician disability insurance brokers have access to exclusive discounts
- Policy riders quoted – riders cost additional premium (COLA, catastrophic benefit, etc)
A Brief Example List of a Physician Disability Insurance Company’s Specialty Classifications:
Invasive – Anesthesiologist, Cardiothoracic Surgeon, Dentist, Plastic Surgeon, Oral Surgeon, Orthopaedic Surgeon, General Surgeon
Non-invasive – Allergist, Family Medicine/Practitioner, Gastroenterologist, General Practitioner, Geneticist, Geriatrician, Hematologist, Hospitalist, Immunologist, Internist, Neonatologist, Nephrologist, Neurologist, Nuclear Medicine, Occupational Medicine, Oncologist, Ophthalmologist, Pathologist, Pediatrician, Physical Medicine/Rehabilitation, Psychiatrist, Pulmonologist, Radiologist, Rheumatologist
Due to the fact that companies classify medical specialties differently, it is critical that you work with a physician disability insurance broker who is keenly aware of how companies price their physician disability insurance rates. That way you can ensure you are establishing the most competitive physician disability insurance available.