Doctor Disability: Medical School Debt Still High
These days, college loans seem to come with the territory. Debt is synonymous with being a student. But how high is too high? And what happens if you can no longer practice due to injury or illness? This is why it is crucial to get doctor disability insurance to protect your investment and your future income. 
According to American Medical News, 86% of all allopathic medical school graduates and 91% of osteopathic medicine college graduates had educational debt in 2011. The average debt for osteopathic medical students is $205,674; for allopathic it is $162,000. Depending on the repayment plan that would leave a med school graduate with monthly payments of about $1,500 to $2,100 after their residency. Add in interest rates, and you could end up paying double.
Tuition rates continue to increase dramatically. At public schools, it has grown more than twice the rate of inflation. They have been hit particularly hard because states have reduced funding due to the poor economy. Coupled with uncertainty about physician payments and the limited availabilities of graduate educational positions available only compounds the situation.
Looming financial burdens aren’t deterrent to prospective medical students however. Evidence indicates that other factors have a much more significant influence. Medical school debt can even affect specialty choices. They might choose to enter into orthopedic surgery instead of general practice (orthopedic surgeons make $400,000 a year on average versus a primary care physician averages $150,000).
According to Doctor Disability, 1 in 10 people between the ages of 25 and 64 will suffer a disability. What type of disability insurance do you have to cover that
Resident physicians make about a quarter of the salary a full-time doctor does; they are treading water until then. Medical students have zero income. So what happens if a resident or medical student was unable to complete their studies due to serious injury or illness?
As a physician or dentist, it is vital to protect your most valuable asset – your ability to earn an income. Disability income insurance pays benefits to people who, as a result of an injury or illness, are unable to perform the duties of their occupation. Contact Doctor Disability to day for more information.