Physician disability insurance is essential at every stage in your career as a medical professional. However, as a medical student, living with little to no income while accruing significant debt exposes you to particularly unique risks.
According to the American Medical Student Association, over 86% of medical students carry educational debt. The median debt burden is over $119,000 for public school, and almost 150,000 for private institutions. The growing expense has been aggravated by increases in tuition costs across the country due to economic downturns and a lack of funding.
Furthermore, as more physicians leave medical school, the average salary is not keeping pace with increasing debt loads. Where tuition and debt outpace inflation, physician incomes are lagging behind, creating a significant disparity. A beginning primary care doctor could be paying 8-15 percent of their income solely to manage their debt.
This is why physician disability insurance is so important. Especially as a medical student, you face a particularly unique risk if you encounter a disability. The American Association of Medical Colleges advises that schools should require disability insurance for all medical students and provide access to policies. You don’t have the benefit of relying on accumulated savings from your salary, or the chance to start paying off some of your debt. If you are sidelined as a medical student due to injury or illness, it could leave you in serious financial woe.
Whether you are a medical student, resident, or seasoned doctor, physician disability insurance can help your protect your livelihood. Regardless of your specialty, Doctor Disability provides relevant information on how you can protect your career and your livelihood. We even insure dentists as well. You can save time and money by comparing plans and prices from multiple insurance companies. For more information on physician disability insurance, please contact us today.