The InsureSTAT Difference for Physician Assistants and Nurses
InsureSTAT is unique in its ability to bring the best available individual disability insurance solutions to the advanced nursing community such as nurse practitioners, nurse anesthetists and physician assistants. It is InsureSTAT’s intent to be the leading online source of information and products to protect the rising incomes of the non-physician medical world.
Salary Differences for the Non-Physician Medical Professional
According to nursejournal.org,
“Nurse practitioners and other advanced practice nurses (such as nurse anesthetists, clinical nursing specialists, and nurse midwives) can perform many of the same tasks that were once only done by physicians – but at a lower cost. This economic reality is driving the demand for nurses even more. It’s also worth noting that the demand for these advanced practice nursing professionals will soar by 31% in the ten-year period leading up to 2024, and those jobs pay a median salary of $107,460 per year.”
US News and World reports that the average physician assistant pay was a salary of $102,090 in 2016. Nurse practitioners made a similar salary of $104,610 for that year. Physicians, however, made much more, with an average wage of $201,840, and so did nurse anesthetists at $164,030.
InsureSTAT Partners with the Best to Overcome the Salary Barrier
With updated statistical information concerning incomes, the dramatic rise in the number of non-MD care providers, and perhaps the most important aspect, the key role that dual income now plays in U.S. based families, it’s no wonder InsureSTAT has partnered with major insurance carriers to secure discounts and higher maximum benefits for this growing population.
Major carriers include:
- Ohio National
- The Standard
- Ameritas
- Assurity
- Principal
InsureSTAT Insures the Growing Female Medical Provider Population
A growing trend has also shown that significantly more females have entered advanced nursing fields beyond traditional RN degrees. Because of this, many women are now seeking disability insurance via an individual policy for the first time. This is a large increase in demand compared to the offerings that have been available to their male counterparts over the years. The cost difference for females can be nearly 40% more in some cases.
Learn More About Your Coverage Options with InsureSTAT
Individual Policies
Individual policies can be designed to include the following key elements:
- Specialty own-occupation language to insure exact trained duties
- Residual and Partial benefits to protect reduced earned income in the event of an illness or injury
- Ability to increase benefits over time as income increases during a career, without having to re-satisfy medical review or exam requirements
- Cost of living increase features to keep pace with inflation
Group Policy Options
Greater discounts can be secured in employer-paid scenarios, too. With employer participation, policies can also be issued without medical review and with unisex pricing which can lower female costs by 40%. Many hospital or larger practice benefit programs have historically focused on the needs of the physician and because of this, the benefit amounts for the nursing and physician assistant world have remained far behind where they need to be to fully insure their needs. Often, we see group long term disability insurance benefit maximums of $5000-$10,000/month for these professionals who now have incomes in the $100-$200,000 annual range.
What Happens When Medical Professionals are Under-Insured
Here’s a look at what happens to $100,000 of income and a $5000/month Group Benefit Maximum:
- Typically, the group plan will insure 60% of gross earned income with a monthly benefit maximum of $5000. While 60% yields $60,000 annually or $5000/month GROSS, the net benefit shrinks to $3000. This leaves the insured with a $2000/month NET income LOSS. It is this monthly loss that InsureSTAT will find a solution for.
- An even greater scenario is the PA who earns $200,000 but has a $5000/month gross maximum…this professional is now close to $8000/month UNDERINSURED!
How InsureSTAT Can Help
InsureSTAT works with the nurse practitioner, nurse anesthetist and physician assistant to evaluate current income, current employer-provided group long term disability and their personal financial goals to determine how much additional individual disability insurance is necessary or appropriate.
From the evaluation period which requires no consultative fee or written obligation, InsureSTAT prepares the application, orders any required exam, and processes all information needed by the insurance company to allow underwriters from the insurance companies to approve and issue new policies.
InsureSTAT’s Process to Get You the Coverage You Need
Don’t get left out in the cold without the insurance coverage you need. Here’s InsureSTAT’s simple 5-step process to evaluate your needs and get you covered!
- Take 2 minutes to complete our free quote request form.
- Sit back and wait for our team to prepare your options.
- Provide InsureSTAT team members with the necessary income and health history to best customize your plans.
- Apply to the identified insurance company.
- Protect your income and feel secured for life!
Danny Mensh is the CEO of InsureSTAT, the leading online provider of Disability Insurance for Physicians, Nurses and Physician Assistants.
