Medical residents purchase disability insurance to provide more extensive coverage in the event that they sustain an on-the-job injury. The coverage provides the residents with monetary benefits while they recover from their injury. Occupational illnesses are also covered under these policies. A local insurer provides Physicians Disability Insurance for medical professionals and residents.
Are There Any Medical Requirements for Coverage?
No, residents aren’t required to submit to any medical examination, and the insurer will not request information about the resident’s health. Any resident that is younger than forty and is enrolled into a medical program on a full-time basis are accepted under these policies. The resident must be enrolled in an approved program based on the terms of the policies. A list of approved programs is available through the insurer.
What is the Maximum Monetary Benefit for the Policy?
The residents will receive a grand total of $12,000 through the disability insurance for physicians. They receive $1,000 each month for no longer than one year and according to the requirements of their recovery from their injury or illness. Once the residents have maxed out their coverage, they won’t receive any further benefits.
What is the Expected Premium and When Does It Increase?
The premium for residents is $41 per year for the disability insurance policies. The policy premiums increase once the resident graduates and transfers their coverage to a standard policy. The standard policy premiums are based on the group rate acquired through their new employer.
How Do Residents Receive Their Benefits?
After the injury claim is processed, the claims adjuster determines how long the resident will receive monetary benefits. A check is mailed or a direct deposit is scheduled according to the release date of the funds.
Medical residents could face serious financial hardships if they sustain an injury while performing their job duties. These injuries could also lead to complications that prevent the residents from attending their classes and stop them from completing their program. Disability insurance coverage could provide the benefits the residents need to manage their expenses. Residents who want to review these policies more thoroughly contact an insurer right now.