InsureSTAT is the leading resource for providing physician disability insurance solutions to graduate medical education programs nationally, including Wake Forest Baptist Health, UNC Health, and University of Nebraska Medical Center. With over 50 years of experience in the medical market, InsureSTAT is the best resource to design and customize all facets of a hospital’s income replacement benefit platform, including individual and group offerings. Additionally, the team at InsureSTAT offers programs similar to our graduate medical education (GME) programs for other professional organizations, like the United States Professional Tennis Association (USPTA).
Advantages of GME Disability Insurance Programs
InsureSTAT helps resident physicians and fellows nationwide by helping them secure customized resident disability insurance policies prior to graduation. Here are several reasons why this is critical:
- Resident disability insurance lets individuals lock in insurance age pricing. That means the younger the person when disability insurance is secured, the less the insurance will cost over time. And, with non-cancelable and guaranteed renewable policies, the cost is fixed to age 65 or 67.
- Policies are often discounted 10 to 15% via the graduate medical education programs, and in some cases, as much as 50% when unisex pricing is available to females.
- The industry allows unlimited employer-funded group Long Term Disability (LTD) benefits to be added on top of pre-existing individual plans without limiting the total percentage of income replaced. When done in the reverse order, the insured is always capped at 50-60% combined replacement. By securing professional disability insurance through GME programs, the graduating resident or fellow avoids these limitations.
- Taking advantage of this program allows access to future pools of benefits beyond the initial graduating amount, all without medical review, and in most cases, all discounted over time.
We Work With the Best Disability Insurance Companies for Doctors
At InsureSTAT, we’ve cultivated relationships with the best disability insurance companies for doctors who offer our GME program partners preferred discounts. All major insurance carriers are represented in our network, including:
- The Standard
- Ohio National
These carrier products can be offered to graduate medical education disability insurance program participants who choose to partner with InsureSTAT to offer maximum discounts and access, per institutional approval, to Guaranteed Standard Issue (GSI) underwriting. GSI allows physicians to secure individually owned policies with all desired features without medical review, exams, or any financial requirements. The biggest hurdle for any individual who seeks their own disability income replacement policy is the medical review or underwriting process that can lead to modifications or reduction in benefits offered or even declinations leaving the applicant uninsured completely.
Our Unique Professional Disability Insurance Benefits
InsureSTAT is uniquely positioned based on experience in helping major medical centers and their GME programs to bring highly sought-after GSI designs to residents and fellows. After a thorough and detailed examination of program circumstances, such as HR support, numbers of annual graduating residents, and access to educational forums within the institution, formal GSI offers can be made to the program via InsureSTAT. Not all graduate medical education programs are ideal candidates for insurance carriers to offer such extreme discounts, so it’s strongly recommended to contact InsureSTAT to discuss any possible interest in GME disability insurance programs.
Typically, these policies allow for up to $5,000 per month in benefits before graduation with access to up to $15,000 per month via financial qualification after graduation, all without medical review and with unisex rates. Individual physician or resident disability insurance typically bases pricing on morbidity risk versus life insurance’s mortality risk. As such, professional disability insurance can be 40 to 50% more expensive for females without unisex pricing to level the costs for all.
The InsureSTAT Difference
- Proven experience increasing overall resident protection while saving the organization considerable capital.
- Direct access to our quoting systems for individual traditional disability insurance.
- A proprietary disability insurance product backed by Lloyd’s of London to help pay student loans in the event of disability.
- Immediate term life insurance solutions.
- Total independence to offer the best available products to all residents and fellows.
Student Loan Protection
Student loan protection is disability insurance that can offer up to $200,000 paid in lump sum amounts. This is paid directly to the insured every six months in the event of a disabling injury or illness in 4 equal installments during a 24-month period if continually disabled. Policies have level fixed premiums for 5 years and are mutually renewed at that time should the insured decide to continue to the policy.
Own Occupation Rider
Own occupation riders and residual riders are included in contract definitions to protect the physician in addition to the terms of the physician disability insurance policy. Additionally, if an individual professional disability insurance policy has been secured via any major insurance carrier in the previous 12 months, or is in the process of securing a policy from InsureSTAT now, no additional medical questions or exams are necessary. Our unique online disability insurance quote provides immediate cost options and the ability to buy the policy right away.
Even More for GME Programs and Local Agents
If a graduate medical education program is interested in offering a more comprehensive GSI benefit option, InsureSTAT partners with local disability insurance specialists to provide onsite education and assistance for residents and fellows. Through this unique partnership strategy, InsureSTAT is able to provide access to maximum insurance company discounts with an independent approach, and the possibility of Guaranteed Issue Underwriting.
Most local or regional insurance agents are limited in what they can even offer these physicians. By partnering with InsureSTAT, independent professional disability insurance or life insurance specialists who may have current relationships with their local and regional teaching hospital now have the ability to increase their own array of products by leveraging our technology and experience. All GME partnerships are evaluated separately and agreement options are available depending upon the scope of service that is required of InsureSTAT.
Ready to Become a GME Partner?
InsureSTAT is actively seeking new direct GME relationships and welcomes any discussion concerning partnership opportunities to offer the best professional disability insurance solutions for residents and fellows. From basic education via email correspondence and website videos, to custom quoting for individual resident disability insurance, student loan protection, and term life insurance, InsureSTAT is prepared to help today! Contact us to see how we can work together for a better future!