Plastic Surgeons Disability Insurance: How to Buy + Costs

As a plastic surgeon, you’ve spent a significant amount of time learning and training. In general, plastic surgeons spend about 14 years in school. This time commitment can pay off in a big way though, leading to the highest average annual salary for physicians coming in at $576,000, according to Medscape Physician Compensation Report 2022. 

Given the investment into your career and the high salary, it’s important to protect yourself against the potential loss of income due to disability. In general, surgeons of all types tend to have more risk factors as the job is demanding and requires dexterity. 

In this guide, we’ll cover plastic surgeons disability insurance and what you need to know. SLP insurance can help you get true-own occupation disability coverage. Just fill out the form below for a custom quote. 

Keep reading to learn more about plastic surgeon disability insurance, the types of coverage options, and how much it costs. 

Plastic surgeons disability insurance premium cost

Getting a disability insurance policy is an investment into your future and to protect your peace of mind. The cost is relatively low for that peace of mind as well, generally about 2% to 4% of your income. 

Your premiums will also depend on your health history, gender, where you live, your employment, and whether you’re a smoker and the company's underwriting. Depending on how invasive your work is, you may also see higher quotes, but remember you’re also protecting more. 

Plastic surgeon own-occupation disability insurance monthly cost
(Age 34, resident/fellow)

Company	Male	Female
Guardian	$220	$323
MassMutual	$201	$311
Principal	$192	$346
Ameritas	$235	$360
Standard	$174	$275

This chart includes some prospective rates from our partner but can vary based on a number of factors. As you can see, the lowest rate is $174 per month, and the highest is $360, though rates vary by gender, health history, and carrier. 

In the chart, you can see that as a resident or fellow, you could get a $5,000 benefit now and get a future increase to $15,000 as an Attending making that $20,000 total. Also, note that some insurance providers put a time cap on how long you can receive disability benefits if it’s related to mental health or nervous disorders. 

You can also see catastrophic coverage and residual benefits as well. These rates are based on true-own occupation coverage, so you can receive benefits if you can’t work your exact job. Considering that surgeons in general are considered a higher risk, you may see higher premiums. But given the risk, you are taking steps to protect yourself from that probability. 

Why do plastic surgeons buy disability insurance?

Plastic surgeons disability insurance is a form of insurance coverage that protects a percentage of your income in exchange for monthly premiums. You pay now to protect your income later if you become disabled. There are both short-term disability coverage options and long-term coverage options. 

A disability insurance policy is a smart move for most people. But for plastic surgeons, who outearn many of their peers, it’s even more important. Should something happen to your hands, your body, or your mental or physical faculties, performing your job could be difficult or impossible. 

It’s a very touchy subject to think about as it represents the fragility and unexpected nature of illness and disease. It can be easy to write it off as something that won’t happen to you if you take care of your health and wellness, but it’s expected that about 25% of 20-year-olds will end up disabled before retirement, according to the Council for Disability Awareness. 

Being proactive by purchasing a long-term disability insurance policy can mean having a benefit period of a couple of years all the way up to retirement age. 

SLP Insurance can help you get the right protection. Just fill out the form below, and we'll connect with you about your own-occupation disability options. Also, keep reading to learn more about plastic surgeon disability insurance costs and riders you'll need to buy.

What should plastic surgeons disability insurance cover?

When purchasing plastic surgeons disability insurance coverage, you can look into short-term or long-term coverage and select your benefit period. Aside from those major points, there are some riders you can add on to your policy. These are optional but can increase the benefits you qualify for. Here are some to consider:

• True-own occupation coverage. It’s important to choose true-own occupation coverage to get benefits if you can’t work in your current profession. Even if you can work in a different position, if you can’t perform your own job, you’re eligible for benefits. 
• Future increase rider. If you get coverage while in residency or training, getting a future increase rider is a smart move. Doing so helps you qualify for higher coverage amounts without any medical exam. 
• Residual benefits. Opting for residual disability benefits helps cover you in the event of partial disability and therefore provides partial benefits. 
• Catastrophic rider. In the event you become disabled and are unable to care for yourself, a catastrophic rider might help. This rider provides funds for caregiving assistance if you can no longer do routine tasks such as bathing or eating. 

Getting an appropriate amount of coverage and the proper riders can set you up for success. Consider how much your basic monthly expenses are and what you’d need in order to pay for expenses. You want a disability insurance policy that can cover what you need. 

How often do plastic surgeons file disability insurance claims? 

Plastic surgeons tend to be a higher-risk profession, given the nature of the work. Based on data from disability insurance companies, surgeons tend to be at higher risk and file more claims. 

Because of that, you can expect to pay higher premiums for disability coverage. However, on the other hand, it means you’re making moves to protect yourself and your income, knowing you have a higher likelihood of disability. That’s a big win. 

In other words, plastic surgeons disability insurance is a good idea given the higher probability and increased risks. A policy can protect everything you’ve worked so hard for, no matter what happens. 

What kind of disability insurance coverage is offered to plastic surgeons?

If you’re interested in getting disability insurance as a plastic surgeon, there are a few places you may be able to get a policy. 

Employer group coverage for plastic surgery 

If you have an employer, you may be eligible for a group policy through your employer. However, it’s important to note that the coverage amount with group plans might not meet your needs or be enough. For example, you may be covered for $5,000, but if you need $10,000 in coverage to be comfortable, it’s not enough. 

Plus, if you have your own plastic surgery practice, then you might be on your own for disability insurance coverage. 

Professional association 

You may also be able to obtain disability insurance through a professional association. One example is getting coverage through the American Medical Association (AMA). You may be able to get coverage through the American College of Surgeons or see if there are policies available via the American Society of Plastic Surgeons. 

Individually purchased plastic surgeons disability policy 

If you don’t find the right fit through your employer or a professional association, you can buy a policy on your own as well. You can typically get true-own occupation coverage through one of the big six companies that offer this product. In this case, the insurance agent or broker you work with discusses your needs and risk tolerance to find you the best individual policy. 

Guaranteed Standard Issue plastic surgeon policies 

You might not hear about Guaranteed Standard Issue (GSI) policies as they’re typically for residents and fellows, and agents might not earn a commission. Through this option, you can get guaranteed coverage regardless of any medical conditions. This can be a major advantage for anyone with a pre-existing condition. You might also qualify for some discounts as well. 

GSI policies are available in many places, including John Hopkins, NYU Medical Center and the University of Washington. 

What makes SLP insurance stand out is that we’ll send you to the best policy for your situation, even if it’s not from one of our partners. To get a personalized quote, fill out this form below, and our partners will reach out soon. 

How much disability insurance do plastic surgeons need?

Based on Medscape Physician Compensation Report 2022, plastic surgeons earn an average salary of $576,000. Over half a million dollars per year is quite a number and one you want to protect. In general, you can expect long-term disability coverage to protect 60% of your income. That means the maximum benefit amount you can likely get coverage for is $28,800 per month. 

Depending on your medical specialty, you may earn more or less. For example, some subspecialties include cosmetic surgery or cranio-maxillofacial surgery or hand surgery. 

Regardless of your maximum benefit amount, you want to purchase the right amount of coverage for your unique financial situation. 

Plastic surgeons disability payout amount

Based on the 60% benchmark listed above and the average salary for plastic surgeons, the disability payment amount could be up to $28,800 per month. The good news is when you purchase a disability policy on your own, the payout is tax-free when using after-tax dollars. That’s not the case if you get an employer policy. 

It’s important to purchase a coverage amount that takes into account your necessary expenses for housing, food, insurance, childcare, and student loans. 

If you have a family and are the breadwinner or sole income earner, consider getting the most coverage available. 

Checklist for your plastic surgeons disability insurance policy

Before signing up for an individual disability insurance policy, there are some things to review. 

• Make sure you understand the definition of disability by the carrier and opt for an own-occupation policy.
• If you have a health history, consider a Guaranteed Standard Issue Policy or work with someone that can keep your interests and needs top of mind.
• Compare rates and ensure you’re not overpaying and undercovered.
• Look at the disability insurance benefits and benefit period to make sure it fits with your financial plan and covers all your expenses.

Get a disability insurance quote for plastic surgeons 

Getting plastic surgeons disability insurance is part of a well-rounded financial plan and can be a huge asset and form of protection. Get a customized quote from SLP insurance by filling out the form below. We’ll see if discounts are available and get you the best policy, even if it’s not from us.