Disability insurance is considered an income protection benefit – if you end up disabled and unable to work, this insurance policy will replace a portion of your income for a defined period of time. Due to the risks associated with practicing medicine and the cost of medical education, students are strongly encouraged to enroll in a disability insurance plan. Long-term disability (LTD) insurance protects your ability to earn an income should you suffer a debilitating illness or injury that keeps you from working or attending medical school. This policy can be purchased from the American Medical Association (AMA).
AMA supports a disability insurance plan that meet the unique needs of heath care professionals:
- If you became totally disabled, you are eligible for a monthly base benefit of $1,100.
- If permanently and totally disabled, your eligible student loans, up to $250,000, are eligible for repayment.
- Includes a Return to School/Work Benefit to cover expenses if disabled and participating in the Rehabilitation Plan.
- If you became totally disabled, you will receive a monthly benefit starting on the first day after a 90-day waiting period. Your benefits will continue for the rest of your life or until your disability ends. Disabilities due to a mental health disorder and substance abuse disorder are limited to 24 months.
AMA Student Disability Income insurance is available to eligible medical students and physician assistant students across the country. Students should review the eligibility requirements of the AMA plan before purchasing.
Important tip: Students must apply for long-term disability insurance within the first 31 days of starting school to obtain coverage without having to provide evidence that they are in good health.