Guide to Disability Insurance for Orthodontists and Costs

Becoming an orthodontist requires years of dental school, and then completing a residency in orthodontics. This residency can add two or three years to your education. When you finish, there’s a good chance you’ll have student loan debt and other bills.

Income protection through disability insurance can help you make student loan payments and cover other bills, if you’re suddenly unable to perform your job.

Keep reading for tips on how to get a disability insurance quote for orthodontists, particularly one that offers the peace of mind of a sufficient monthly benefit.

Orthodontist disability insurance premium cost

Many experts recommend spending between 2% and 4% of your income on disability insurance premiums. Like all insurance products, your premium is based on a number of factors:

• Age. As a younger orthodontist, your individual disability insurance policy is likely less expensive. Plus, some residency programs offer access to low-cost guaranteed standard issue (GSI) policies that can save you money now.
• Health issues and pre-existing conditions. Certain health issues can impact how much money you pay each month to keep your disability policy current.
• Medical specialty. Your insurance classification can impact your disability insurance premium. Orthodontists have a rating that puts them middle-of-the-road for policy amounts. It’s not as expensive as a policy for a surgeon, but it’s still more expensive than a general physician might pay.

Here are some examples of potential discounts and premium costs.

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

Company	Male	Female
Guardian	$203	$297
MassMutual	$175	$273
Principal	$163	$287
Ameritas	$156	$218
Standard	$241	$384

SLP Insurance recommends the best policy, regardless of commission. Receive a disability insurance quote by filling out the form below. One of our partner agents will reach out with the next steps.

Why do orthodontists buy disability insurance?

The Bureau of Labor Statistics (BLS) and the American Association of Orthodontists (AAO) point out that it’s possible to practice dentistry as an orthodontist. What sets orthodontics apart is the fact that you have a specialty that allows you to make facial adjustments and use “appliances” like braces to help correct dental issues. 

The BLS lists the mean salary as $267,280 as of May 2021. That’s a fairly high salary, and you might need a future increase option on your disability policy, just in case you end up earning more later.

Additionally, the Social Security Administration (SSA) estimates that 25% of people who are currently at least 20 years old will experience some type of disability. Social Security Disability Insurance (SSDI) might help cover some of these costs, but the benefits probably won’t be enough to cover your needs due to loss of income.

Disability insurance offers a solution with coverage amounts more in line with your cost of living. Many disability policies are in force until you’re 65. Some might cover a partial disability or have other benefits. An insurance agent or broker can help you review your options and work through any waiting or elimination periods, limits and exclusions.

What should orthodontist disability insurance cover?

Different disability insurance companies offer varying benefits, insurance options and riders that can benefit you. Some even include term life insurance and other insurance products as part of your package.

As you speak with a broker or agent, consider the following:

• Own-occupation disability coverage. With own-occupation disability insurance, you can access disability benefits when you can’t complete the specific duties of your job as an orthodontist. This applies even if you’re able to work a job in a different career field.
• Partial disability. You don’t have to experience total disability to receive benefits.
• Ability to get more disability coverage later. Many dental school students and orthodontic residents have a smaller benefit because of their smaller incomes. A future purchase option on your insurance allows you to upgrade to more coverage later if needed.

Don’t forget to review your disability insurance policy’s benefit period and waiting period. You can’t access payouts immediately, and your benefits might only last a limited period of time. Short- and long-term disability insurance policies have different rules, so understand what you’re buying before moving forward.

How often do orthodontists file disability claims?

Insurance companies rate orthodontics as a middle-of-the-road risk when it comes to healthcare professionals that file disability claims. The rating classification comes from data about claims history and other points that influence how insurers view orthodontists. 

The overall classification means a long-term disability policy for an orthodontist comes with premiums that are likely somewhat affordable.

What kind of disability insurance coverage is offered to orthodontists?

Several organizations offer disability insurance to orthodontists. Consider your financial situation, need for income protection and your budget as you compare disability insurance policies.

Employer coverage

Many hospitals, dental practices, surgery centers and other employers offer disability insurance to orthodontists who work there. You can usually get a group policy. However, your payout amounts might be smaller than your cost of living. Additionally, the IRS views disability payouts from employer coverage as income.

Professional association

Any dental specialty, including orthodontists, can become a member of the American Dental Association and access discounts on various products and services. Additionally, the AAO has a relationship with providers that offer special access to disability insurance and other insurance products.

Individually purchased policy

You can also purchase an individual disability insurance policy through a marketplace or get a good insurance agent or broker to help you search. In general, individual policies are more customizable and might come with higher coverage amounts.

Guaranteed Standard Issue

Those completing an orthodontic residency might have access to Guaranteed Standard Issue (GSI) policies. Depending on where you get your policy, and the program involved, you might have access to standard discounts.

Most of the time, practicing orthodontists can’t get a GSI policy. Check to see if you can get a GSI policy through your residency program.

Not all brokers earn a commission on a GSI policy, so you might have to ask about this type of disability insurance. 

How much disability insurance do orthodontists need?

It’s common for dental and medical professionals to receive a benefit of up to 60% of their regular income as a disability benefit. Let’s say you make $270,000 as an orthodontist. Understanding the numbers can help you decide how much to get.

Orthodontist disability payout amount

Looking at a 60% benefit payout, that’s up to $13,500 a month if you make $270,000 a year.

However, you might not need that much to cover housing, insurance, student loan payments and other needs. A smaller coverage amount might lead to a less-expensive premium. 

Don’t forget, though, that a single-income household might need more coverage to make up a shortfall if you don’t have another earner in your family.

Why you need to review your orthodontist disability insurance policy

Because there are exclusions, disclaimers and various waiting and elimination periods, make sure you understand different terms. Here’s what to explore when getting disability insurance for orthodontists:

• True own-occupation definition. Make sure you understand the true definition of policy terms, and that you’ll get a benefit if you can’t work as an orthodontist, regardless of whether you can do other jobs.
• Waiting period. Find out how long it will take for your disability benefits to actually start being paid.
• Terms for pre-existing health issues. If you have different medical conditions or pre-existing issues, you might be excluded from some coverage.
• Commissions. Be aware of how your insurance agent gets paid. Make sure you’re seeing all the options, not just those that pay best for the agent.
• Disability benefit limits. Your group policy might not be enough. A recent SLP policy audit found a doctor with a limit of $5,000 a month. With housing costs of $8,000 per month, that policy wouldn’t cut it. You might need to add an individual policy to your group coverage.

Get a disability insurance quote for orthodontists

SLP Insurance and its partner agents specialize in getting orthodontists the true own-occupation disability insurance coverage they need. We gather customized quotes with only the coverage you need and can point you to available discounts. 

If we can’t find you the policy you need, we’ll find it for you elsewhere. Get a quote with the form below, and our team will reach out!