Disability insurance for Vascular Surgeons: Guide to Costs vs. Benefits

Vascular surgeons help treat and manage a variety of medical conditions related to blood vessels, veins and arteries. This type of care can be life-saving for patients dealing with an aneurysm or clogged arteries. 

Working as a vascular surgeon is an intensive and delicate profession that requires a demanding education and thorough training for close to a decade. However, your compensation can be high; the average vascular surgeon earns an average of $431,059 per year, according to Salary.com.

With such a large income, and reliance on your dexterity and physical ability to perform procedures and surgeries, safeguarding your income is a good idea. Read on to learn more about the cost of a disability insurance for vascular surgeons, and how to find a policy to offers the greatest protection. 

Vascular surgeon disability insurance premium cost

As a vascular surgeon, some procedures you handle might be minimally invasive whereas others can be more invasive. Even so, surgeons, in general, are at higher risk of filing disability insurance claims given their line of work. This might mean paying a higher disability insurance premium. However, this only means that investing in a disability insurance policy to secure the income you’ve built thus far is that much more crucial. 

How much you end up paying for disability coverage is nuanced and based on your unique medical history, location, age and gender. Long-term disability insurance plans are relatively affordable compared to the protection they offer. For example, a long-term disability insurance policy might cover up to 60% of your income, but costs you a small fraction of your income, about 2%-4%. 

Vascular surgeons own-occupation disability insurance monthly cost
(Age 34, resident/fellow)

Company	Male	Female
Guardian	$221	$322
MassMutual	$222	$345
Principal	$163	$286
Ameritas	$165	$231
Standard	$173	$275

In the chart above from SLP Insurance, you can see that rates for disability insurance for vascular surgeons vary. It ranges from $163 to $345 per month, which depends on your age, gender and the insurance provider. 

Monthly base benefits begin at $5,000 in coverage. Having a future increase rider allows you to add additional coverage later, regardless of medical status. You could get $15,000 more in coverage even if your health changes. 

Catastrophic disability benefits offer additional coverage in the event you don’t have the physical or mental capacity to perform basic functions, like eating. In this case, you could use your benefits to hire additional assistance. 

Why do vascular surgeons buy disability insurance?

Medical students and medical professionals alike should look into disability insurance, especially vascular surgeons who have a greater likelihood of filing a disability insurance claim. Disability insurance companies can provide long-term plans that protect your livelihood and still bring money in even if you’re unable to work.

Purchasing a policy through an insurance company can provide disability benefits for months to years, depending on the benefit period. You can also choose a benefit period that covers you up until retirement age. 

You can get started on a plan by submitting the form below. SLP Insurance finds you the best premiums and coverage catered to your unique needs. Get a quote below or keep reading for more information about disability insurance for vascular surgeons. 

What should vascular surgeon disability insurance cover?

Getting disability insurance for vascular surgeons is a key component to a well-rounded financial plan. But aside from getting a long-term policy there are non-negotiables to include in your coverage. 

• True-own occupation coverage. This differs from any occupation coverage which might provide limited benefits. Under own-occupation coverage, you’ll receive benefits if it’s no longer possible to perform your current job. This holds true even if you can perform a different job. 
• Future increase rider. As noted above, this is a crucial rider for your policy. It lets you secure a higher amount of coverage later on, despite any changes with your health. 
• Cost-of-living adjustment (COLA). If you want to combat the effects of inflation on your potential future benefits, you can opt for a cost-of-living adjustment rider. It increases your benefits as the cost-of-living rises. 
• Residual disability benefits. This rider can help secure benefits if you’re experiencing partial disability, and don’t meet the full definition of disability. 

Ensure that you get the appropriate riders and sufficient coverage to cover your current expenses. If you earn a high income, but have high expenses, getting adequate coverage gives you the peace of mind of avoiding major lifestyle changes — like being forced to downsize your home — while experiencing disability. 

How often do vascular surgeons file disability insurance claims? 

Not every healthcare or medical professional has the same risk of disability filing a disability claim as vascular surgeons. From historical disability claims, surgeons generally are at a higher risk. For vascular surgeons who perform surgical procedures using an intricate and delicate part of the body — their hands — the risk can be great. 

As it is, about 1 in 4 professionals at age 20 are expected to face disability by the time retirement comes, according to the Social Security Administration. Having any kind of impairment while working as a vascular surgeon can be more likely than you imagine. 

That’s why protecting your income can be wise to do today, as Social Security benefits only cover a small amount of your income. 

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

There are many places to look for disability insurance for vascular surgeons. Compare all of your options and the coverage thresholds to make sure you’re fully protected. Here are some places to consider getting a plan. 

Employer coverage for vascular surgeons 

Vascular surgeons can look to their employers to see if disability coverage is offered. Oftentimes, a group plan might be available; however, group plans often offer lower limits than you actually need. 

Vascular surgeons who are self-employed or have their own practice likely won’t have this option. 

Professional association 

Vascular surgeons can look into professional associations to see what coverage is available. For example, the Society for Vascular Surgery offers a disability insurance option. Another place to look is through the American Medical Association (AMA Insurance).

Individual policy 

If you can’t find the appropriate coverage through your employer or a professional association, not all is lost. You can get true-own occupation coverage through one of the “Big 5” insurance carriers. To get started, you can work with an insurance agent who can help you determine your coverage needs and any risks to consider. 

Guaranteed Standard Issue (GSI) policies for vascular surgeons 

One policy that might not be as well-known is a Guaranteed Standard Issue policy. This type of policy is available to residents and fellows. The best part? It locks in coverage (hence, “guaranteed”) and doesn’t require medical information. This is ideal for any residents who are living with a pre-existing condition. 

Plus, you might find unique discounts through GSI. Generally, you can find GSI policies at schools or hospitals. Some schools that offer this type of policy include UC Davis, University of New Mexico and NYU Medical Center. 

How much disability insurance do vascular surgeons need?

How much disability insurance you need as a vascular surgeon varies on your needs and risk. But remember, disability insurance isn’t a full replacement of any loss of income. Rather, it covers up to about 60%. 

If the average vascular surgeon salary is $431,059, your gross monthly income is $35, 922. Sixty percent of that amount is $21,553, which would be the maximum available disability insurance payout. 

Physicians with a medical specialty or who command a higher salary, might earn more and therefore be eligible for higher benefit amounts.

Vascular surgeon disability payout amount

Disability insurance is a good bet on your future and a safeguard against the unfortunate. However, it won’t replace your entire income so make sure that the 60% of coverage actually covers your essential expenses. 

Given the example above, you might qualify for up to a $20,000+ disability payout amount. If you buy a policy on your own, and pay for it with after-tax dollars, this is actually tax-free money. If it’s from an employer disability plan, however, it’s taxable. 

Review your total expenses, like housing, debt, childcare, food, and utilities. If you’re the sole provider for your family, consider getting the maximum amount of coverage. 

No one wants to consider the possibility of becoming disabled, but having benefits to cover necessary expenses can help you deal with the challenge at hand.

Why you need to review your vascular surgeons disability insurance policy

Here are the quick points to look out for before signing up for disability coverage:

• Confirm it’s true own-occupation coverage, so you’re covered for your exact profession no matter what. 
• If you have medical concerns or prior medical history, work with a broker who can evaluate your specific situation. 
• Compare rates to avoid overpaying for disability insurance. 
• Don’t fall victim to being undercovered. If you have group coverage, it might not be enough to protect you in the worst-case scenario. Look at benefit amounts and make sure your fixed costs can be paid. 

Get a disability insurance quote for vascular surgeons 

Vascular surgeons perform a unique and demanding job. It comes with a lucrative income which should be protected. Get a quote for disability insurance with SLP Insurance. Our partners will work with you to get you the coverage and discounts you need. Fill out the form below and we’ll get the process started immediately!