Disability insurance protects your income when you can’t work because of an injury or illness. Carriers offer disability insurance for practicing veterinarians and students nearing graduation. Getting disability insurance as a student allows you to have a smooth transition into the workplace. Here are some insurance options you have as a soon-to-be veterinarian:
Short-Term Disability Insurance
Short-term insurance provides coverage for temporary illnesses and injuries, making it suitable when entering an internship or corporate practice. Disability insurance for practicing veterinarians and soon-to-be veterinarians provides income replacement to help cover daily living expenses, such as rent or transportation. The coverage usually has a short elimination period, so you can get your insurance soon after an injury occurs.
Short-term disability insurance is ideal for minor injuries, surgeries, and temporary medical issues that improve within a few weeks or months. As a soon-to-be vet, it’s possible you’ll try a few job options before settling in your preferred location. Short-term insurance is a temporary commitment that gives you the protection you need before transitioning to long-term coverage. Coverage may be available through employer benefits, or it can be purchased independently.
Long-Term Disability Insurance
Long-term disability insurance covers injuries and illnesses that keep you out of work for an extended period. If you’re unable to work for several months, years, or even permanently, long-term disability may replace more than half of your income. The benefit duration for long-term coverage varies among providers. Some policies offer benefits for a few years, while others are in place until your retirement age. The elimination period is usually longer than short-term disability insurance, which delays when coverage begins.
Long-term insurance options offer three levels of protection based on how the disability is defined. Own occupation coverage provides the most protection as it replaces your income if you can’t perform specific veterinary duties. Coverage usually continues even if you find work in another field. Modified own occupation doesn’t allow you to work in any other profession. Any occupation coverage pays only if you can’t work any job that you’re reasonably qualified for.
Partial and Non-Cancelable Coverage
Residual or partial disability coverage is another option you have as a soon-to-be veterinarian. The coverage pays partial benefits if you recover from the disability and go back to work with a reduced capacity. A disability may leave you unable to work as efficiently as before, resulting in part-time schedules and reduced capacity and income. The benefits of a partial coverage policy are based on your lost income, often during recovery or rehabilitation. The coverage is ideal when gradually returning to work and helps supplement your income without requiring a total disability status.
Options like non-cancelable or guaranteed renewable complement your long-term or partial coverage. These prevent the insurer from canceling your policy or raising your premiums if your health changes. Disability may alter your health and increase the number of days you’re out of work. A non-cancelable policy prevents your current premiums and coverage from being adjusted to reflect new medical underwriting.
Future Increase and Student Coverage
Your income naturally grows over time, and disability benefits can reflect this change. The future increase option allows you to increase coverage as your income grows, helping you protect your income in case a permanent disability occurs late in your career. The insurance provider can increase the benefit amount based on your career growth without requiring new health qualifications. Getting insurance coverage early gives you a chance to lock in lower premiums and the flexibility to scale as you start earning more. You can also find student-specific coverage designed for professional students and recent graduates. These policies are ideal when you have a limited income history, which is usually the situation as a soon-to-be vet. Apply during the final year of veterinary school and assess policy features such as student loan repayment and permanent benefits. These features can help you repay student loans despite not being able to work.
Disability Insurance for Practicing Veterinarians
Getting disability insurance while still in school gives you access to lower premiums, as they reflect your current health condition and occupation risks. Brokers who specialize in providing coverage for veterinarians can help you negotiate benefits and choose a loan repayment plan. Speak to an experienced provider today to find out more about disability insurance for practicing veterinarians.
