Written By Melanie Lockert
Key Takeaways:
- Nephrologists study for many years and earn multiple six-figures in their career.
- As a medical professional, nephrologists can get a true-own occupation disability policy to protect their hard work.
- Nephrologists are a lower risk than other types of physicians and might score lower rates.
Staying healthy means ensuring bodily systems are working properly, including the kidneys. Nephrologists work as physicians with a medical specialty on all things kidney-related, detecting and treating potential kidney disease in patients.
Becoming this type of medical specialist is a huge investment, taking up to 13 or 14 years of study including the rigorous demands of medical school. This level of expertise and commitment pays off in the end, however, with an average annual salary of $329,000, according to the 2022 Medscape Physician Compensation Report.
Protecting your educational investment and six-figure salary is possible with disability insurance for nephrologists.
Nephrologists disability insurance premium cost
The cost of disability insurance varies person to person. Some factors that are evaluated to set premiums include existing medical conditions and medical history, age, location, and if you engage in high-risk activities, like smoking.
Generally, long-term disability insurance costs policyholders about 2% to 4% of their income. It’s a nominal amount for robust financial protections if you become disabled.
It’s easy to believe that your health today could never suddenly get turned around, but sometimes life has other plans. In fact, some numbers show that up to 25% of current 20 year-olds will become disabled before hitting retirement age, according to the Social Security Administration (SSA).
Nephrologist own-occupation disability insurance monthly cost
(Age 34, resident/fellow)
| Company | Male | Female |
|---|---|---|
| Guardian | $162 | $236 |
| MassMutual | $140 | $218 |
| Principal | $143 | $246 |
| Ameritas | $145 | $207 |
| Standard | $144 | $228 |
Above you can see a chart from SLP Insurance partners about potential rates for disability insurance for nephrologists. The lowest prospective premiums are $140 per month and the highest prospective premiums are $246 per month.
This fluctuates by gender and the insurance issuer. Coverage is for a base of $5,000 with an option to add $15,000 in coverage later thanks to the future increase benefits. Plus, partial disability is covered through residual disability benefits and caregiving assistance can be paid for with catastrophic disability coverage.
The good news is that nephrologists have a lower risk of filing a disability insurance claim, compared to other types of physicians. This lower risk generally means lower premiums necessary to protect your financial situation and lifestyle if you become disabled.
Why do nephrologists buy disability insurance?
Disability insurance lets you recoup some of your lost income if an unexpected disability or illness prevents you from performing your role as a nephrologist. Coverage isn’t a one-to-one match of your income — rather, a disability insurance policy covers about 60% of your income.
How long you can receive disability insurance payouts is based on the benefit period you choose. For example, you can choose coverage for just a few years or up until retirement age.
If you’re looking for affordable coverage, SLP Insurance and its partner insurance agents can help you find a true-own occupation policy and review optional riders so all of your bases are covered.
Fill out the form below and we’ll reach out with affordable coverage options ASAP, or continue reading to learn how to choose the best disability insurance for nephrologists.
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What should nephrologists' disability insurance cover?
Although nephrologists might be at a lower risk of filing a disability claim, it’s important to have appropriate coverage when buying disability insurance. Below are some options to consider:
- True-own occupation coverage. As a medical professional with unique expertise, you want this type of coverage and not any-occupation coverage. Own-occupation coverage pays out benefits if you can’t work in your medical specialty, even if you can technically perform a different job.
- Cost of living adjustment (COLA) rider. A dollar today won’t have the same purchasing power in the future, due to inflation. Getting a COLA rider adjusts your disability income to keep up with inflation up to a certain amount.
- Future increase rider. A future increase rider gives you the option to increase your coverage amount later as your income rises, without getting a medical exam. This is a huge benefit that shouldn’t be ignored.
- Catastrophic disability rider. In the extreme and unfortunate event that you’re unable to sufficiently care for yourself due to a disability, you might need to hire caretaker assistance. This rider offers a benefit to pay for caregivers who can help you perform daily functions, like eating or getting dressed.
As a high earner, protect your assets and livelihood from all potential issues later on. It can be overwhelming and uncomfortable to think about, but getting coverage now protects you for these “just in case” scenarios.
How often do nephrologists file disability insurance claims?
Looking at previous disability insurance claims, nephrologists don’t file claims as often and therefore have a lower risk rating from insurers. Managing dialysis in your patients and overseeing potential treatments may not be as risky as doing more invasive procedures. Being classified as lower risk can be advantageous and lead to lower premiums, relative to other high-risk professions like surgeons.
While you may be lower risk when compared to surgeons, your risk is still likely higher than the everyday person. Getting physician disability insurance can be part of a well-balanced financial plan.
What kind of disability insurance coverage is offered to nephrologists?
When it comes to disability insurance, there are several options to choose from which can be found from a variety of sources.
Employer group coverage
Nephrologists can first see if disability insurance is a benefit offered by their employer. Getting a group policy can be a good idea, but review what the policy includes and its coverage amount. Although this can be a convenient option, it might not offer enough protection for your financial needs.
Individual disability insurance
If you have a private practice, or your employer doesn’t provide sufficient group disability insurance, you can purchase an individual policy. Work with an insurance agent from one of the “Big 5” companies that offer own-occupation coverage. They can guide you through the process and explain which options might be right for you.
The best part about buying your own policy, instead of coverage through work? If buy it with after-tax dollars, your benefits are considered tax-free.
Professional associations
Professional associations, like the American Medical Association (AMA) or the American Society of Nephrology, are also a good place to start your search. Although they don’t appear offer disability insurance, they might have a contact or referrals.
Guaranteed Standard Issue (GSI) policies for nephrologists
Residents and fellows can take advantage of this unique option — Guaranteed Standard Issue policies. This offers guaranteed coverage and doesn’t require a medical exam. This is an amazing option for those who qualify and is ideal for nephrologists with a pre-existing condition. You might also qualify for certain discounts through GSI policies as well. An array of schools and hospitals provide this coverage option, including George Washington, Morristown Memorial, Oregon Health & Science, and more.
How much disability insurance do nephrologists need?
As stated above, the average annual compensation for nephrologists is $329,000, but disability insurance only covers about 60% of your income. Based on these figures, your monthly income today might be $27,417 but your disability monthly benefit would only provide up to $16,450.
If your actual income surpasses the average salary above, you might receive a higher benefit amount. Here’s what to consider when assessing how much coverage you need.
Nephrologists disability payout amount
Imagine that roughly $16,000 per month is your maximum disability payout amount. You might think you can get away with a lower payout, but look at your total expenses. This includes big-ticket expenses, like housing, cars, food, and healthcare, child care, as well as smaller bills that are a part of your lifestyle.
Disability is a disruption, but you getting adequate disability coverage can help minimize significant disruptions to the lifestyle you’re used to and your finances. If you’re the primary income earner in the family, consider getting the most coverage available.
Why you need to review your nephrologists disability insurance policy
If you’re ready to protect your income and finances and get a disability policy, here’s what to review, carefully:
- Clarify your insurer’s definition of “disability”.
- Look at the language around true-own occupation coverage.
- If you have a medical history, consider working with a broker who can find a plan that’s tailored to your needs.
- Review costs for all options.
- Check for existing benefit amounts.
Get a disability insurance quote for nephrologists
If you’re ready to get disability insurance for nephrologists, we can help. SLP Insurance partners find you the best quote possible, and hunt down potential discounts you might qualify for. Fill out the form and we’ll reach out to get started.
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SLP Insurance will find you the best price on own occupation coverage, even if it's not with us. Fill out the form below for a quote with up to 30% discounts.
