For eligible graduating residents and fellows, the guaranteed issue plan from Ohio National allows 4 different benefit options…$2500, $5000, $7500 or as much as $15,000 monthly depending on your medical specialty and a signed employment contract. These plans are available beginning January 1, 2020 for June 30(or later) 2020 graduates. Plans can be designed with a fixed level cost for the $7500 or on a Graded/Annual Renewable basis to start far lower for the first few years to help with initial cost before locking in to a level fixed cost in year 3+.

Discounts from Principal, Guardian, Berkshire/Guardian, Standard, Ameritas can also be compared and secured via medical review. Additionally, if you have a signed employment contract we can secure up to $15,000/month based on that before graduation!

This plan can be increased to $15,000/month after graduation. If you have a signed employment contract before graduation, we CAN USE THIS to secure up to $15,000/month of benefit before you finish your training to lock in the single higher benefit right away

This is one of the most critical pieces of all insurance discussion for residents and fellows: When an employer pays the premiums for any disability insurance on your behalf and you do not pay tax on the premium amount, all benefits would become taxable as ordinary income to you if you go on claim. So, for example, if you are a Wake Forest faculty physician and are eligible for the maximum of $20,000/month of group disability insurance benefit, you would end up with closer to $12,000/month NET after taxes. So, we SUPPLEMENT the tax loss by helping you secure an Individual policy for the $8000 you lost in tax. This would be tax free because you pay the premiums with after tax dollars.

The definition of Total disability can vary. The basic language says that if you cant perform your regular duties at the time of a disability, you are deemed disabled and eligible for benefit as long as you are not earning any other income. When we add an OWN OCCUPATION rider, the benefits are designed to pay EVEN IF you can do other things and earn other income as long as you cant perform your original duties.
“Specialty Own Occupation” adds another sentence to the contract to define your regular duties as your medical specialty which recognizes that you may have specific tasks inherent to that medical specialty that differ from other specialties. If you can’t perform exactly those tasks, you are deemed totally disabled. This is typically critical for all surgeons or anyone with invasive or interventional medical training.

All Guaranteed Issue program policies as well as ALL medically underwritten policies proposed by Mensh Insurance DO CONTAIN OWN OCCUPATION LANGUAGE.

3 BIG reasons…1. No GUARANTEED ISSUE offer once you finish at Wake Forest. So, if there are ANY health issues, you face declination and not getting coverage issued at all if you wait. 2. You lose access to all carrier discounts and the UNISEX rates for all females! 3. The insurance industry rules allow you to secure Individual protection and stack an unlimited amount of new Employer Provided Group coverage (typically without own occupation language etc) on top. However, if you wait and try to add individual policies on top of new group coverage, you will be limited to income and benefit maximums.

You sure do, it’s yours and totally portable with all discounts in effect to age 67.

The Guaranteed Issue plan includes a 15% multi life discount for all applicants and for females accessing the UNISEX rates, it lowers your cost by nearly 40% more! All available carriers include a range of 5-30% discount depending on company.

All plans proposed by Mensh Insurance including the Guaranteed Issue plans include Residual/Partial, Cost of Living increase, Non cancelable and Guaranteed Renewable, Own Occupation Riders. All plans provide access to future increase options that won’t require medical review. All plans CAN add Catastrophic benefit riders to pay additional monthly amounts for long term care related benefits.

You can always fix and guarantee the cost and pay annually, semi-annually, quarterly, or monthly. A NEW FEATURE unique to The New Guaranteed Issue program offers a way to lock in the full $5000/month of benefit at your age today but with a way to pay far lower for the first 3 policy years. While the cost will slowly increase during policy years 2 and 3, the cost is far lower than the original fixed/level cost which is possibly ideal for the resident who enters fellowship and wont quite jump to the higher income level yet. OR for a graduating resident who will become a partner in year 3 or 4. Starting in policy year 4, you can fix the cost from that point forward for only a slight increase over what the original fixed cost would have been in year one. Remember, you enjoyed the major savings in the first few years so the increase at higher income is less of a burden.

A few of our available insurance carriers can offer an additional rider to the base disability insurance policy that would provide an additional benefit to pay loan payments if disabled. Additionally, we have a unique program via Lloyds of London that allows you too secure lump sums paid directly to you versus the bank to help pay loans or use for any particular need.