Disability Insurance for Trauma Surgeons: 5 Must-Ask Questions

Medical school is expensive and incredibly taxing on its own. But trauma surgeons must also undergo extensive training, including a general surgery residency and trauma surgery fellowship, to gain the necessary experience to deal with high acuity situations. So, you’ll want to protect this specialized knowledge with disability insurance for trauma surgeons.

Long-term disability insurance provides a monthly benefit that can replace a large portion of your income during uncertain times. With an own-occupation disability policy, you can further protect your medical specialty income — making it easier to file a claim based on your actual job duties.

Here’s what you need to know about buying disability insurance for trauma surgeons.

How much does disability insurance cost for trauma surgeons? 

Trauma surgeon disability premiums vary based on the individual and the policy. Your age, gender, medical history and other lifestyle choices (e.g., whether you smoke) can all impact the cost of disability insurance. But you can generally expect to pay between 2% to 4% of your income for adequate coverage.

In most cases, physicians who perform invasive procedures will receive higher premiums for disability insurance. Let’s look at some sample quotes for disability insurance for trauma surgeons.

Company	Male	Female
Guardian	$221	$322
MassMutual	$200	$311
Principal	$192	$345
Ameritas	$206	$299
Standard	$174	$275

As you can see above, gender plays a major role in determining disability claim premiums. In fact, women often pay up to 35% more for coverage. So, working with a knowledgeable insurance agent who can level the playing field with premium discounts is important.

Why should trauma surgeons buy disability insurance?

As a trauma surgeon, you must respond to many injuries and illnesses on the fly, including unexpected medical emergencies and critical care conditions. Many of these procedures require full dexterity of your hands and other physical and mental requirements that aren’t as necessary for more general medicine professions. Any number of accidents or illnesses could affect your abilities as a trauma surgeon.

Long-term disability insurance can protect your medical specialty income while giving you options to continue working in another field while you recover. But you’ll need a true own-occupation policy that is specialty-specific with a broad definition of disability.

If you want a custom disability insurance quote, fill out the form below to get started. Continue reading to learn more about disability insurance for trauma surgeons.

What should trauma surgeon disability insurance cover?

As a trauma surgeon, one of your top priorities should be finding a true own-occupation disability policy. This type of policy provides the strongest income protection for your specific medical specialty.

With own-occupation coverage, you can file a disability claim if you aren’t able to perform the “substantial duties” of being a trauma surgeon. But you’ll be able to continue working in another medical role or an entirely different profession if desired.

Without an own-occupation definition of disability, you must show that your disability prevents you from working in any profession. This can make it much harder to file a claim and use the coverage you’ve been paying for throughout your career.

Additional coverage considerations include disability insurance policy riders, such as:

• A future increase option will allow you to purchase more coverage without further medical underwriting.
• Residual disability benefits provide benefits based on loss of income due to a partial disability.
• Catastrophic benefits apply for a severe disability that impacts your ability to perform daily living activities.

Many disability insurance options can provide more comprehensive coverage. But they’ll also increase your premiums. You’ll need to consider your risk tolerance and financial situation to customize a plan to your needs.

How often do trauma surgeons file disability insurance claims?

Trauma surgeons fall into a high-risk classification which usually translates to higher premiums than physicians in non-invasive medical specialties. This is because those practicing invasive procedures are more likely to file a disability claim based on historical claims data.

Although the higher cost might not be ideal, you’re also protecting against a higher risk — meaning you’re more likely to use your disability coverage than a generalist. So, it’s a trade-off that can pay off in the end.

What types of disability insurance coverage is available for trauma surgeons?

Group disability plans and individual policies are available to trauma surgeons through several avenues. But each has its own set of pros and cons.

Employer-provided disability coverage

• Pro. It’s often a no-cost benefit that requires minimal effort to enroll.
• Con. These group policies usually have a weak definition of disability that isn’t specialty-specific.
• Con. There might be a maximum monthly benefit that doesn’t reflect your high income (e.g., $5,000).
• Con. Your disability benefit will be taxable income if your employer covers your premiums.

Disability coverage through a professional association

• Pro. You might have group or individual coverage discount options through your association membership.
• Con. Premiums can change over time with age.
• Con. Discounts might not be guaranteed over the life of your policy.

Individual disability insurance for trauma surgeons

• Pro. You can customize the policy, including own-occupation coverage and choosing from various disability riders.
• Pro. Your disability insurance benefits will be tax-free since you’ll pay your premiums with after-tax dollars.
• Con. It can be more expensive than group disability insurance coverage. However, discounts are available with the right insurance broker.

Guaranteed standard issue (GSI) policies with your residency

• Pro. Residents and fellows can access exclusive policy opportunities.
• Pro. Those with pre-existing medical conditions can receive guaranteed coverage without medical underwriting.
• Con. You might find better coverage or pricing with another plan option.
• Con. GSI policies aren’t available for young attendings.

How much disability insurance do trauma surgeons need?

Most disability insurance companies will allow you to purchase a policy for up to 60% of your gross income. However, depending on the insurance carrier and your existing coverage, you might be eligible for more or less.

Let’s say you earn $425,000 as a trauma surgeon and plan to purchase the maximum benefit. In this case, your payout could be up to $21,250 per month, tax-free.

However, only some physicians want or need the maximum amount. For instance, you might opt for a lower payout if your spouse also has a high income or if you have relatively low expenses.

To figure out how much disability insurance you need, look at your current spending. At a minimum, you’ll want enough disability income to cover your fixed expenses with an extra cushion of a few thousand dollars.

What else should you consider before buying disability insurance for trauma surgeons?

Trauma surgeons should opt for true-own occupation coverage to protect their medical specialty income. But you’ll also have other policy considerations, such as:

• Benefit period. The length of time that you’ll receive disability benefits.
• Waiting period. The time between when your disability occurs and payments begin.
• Benefit limits. Your existing group coverage might not be enough if your plan has a cap on benefits. In this case, an individual supplemental policy can fill the gap.
• Pre-existing health issues. You might have limited coverage options if you have a pre-existing medical condition. This is where a GSI policy might benefit you more.

Considering there are many nuances to disability insurance, including varying levels of coverage and premium factors, it’s best to review all of your options before applying for a policy.

Get a quote for disability insurance for trauma surgeons

If you need help reviewing your existing coverage or are ready to move forward, SLP Insurance can help find the best discounts for own-occupation disability insurance for trauma surgeons. Fill out the form below to start the custom quote process.