All residents and fellows are insured by a group Long Term Disability Insurance plan via The Standard Insurance Company. Benefits cover 66 2/3% of salary to a maximum of $3,000/month, with benefits payable to age 65. It’s not until you reach an annual income of $54,000 that you would exceed the maximum of $3,000 in monthly benefit. For those earning in excess of $54,000, many will secure individual supplemental policies to insure the difference.
The Guaranteed Issue feature from The Standard Insurance Company allows up to $5,000/month and is available to those within 12 months of their Graduation date. This plan can be increased to $15,000/month after graduation. In addition all other carriers, such as Principal, Guardian and Ameritas are available for review.
CRITICAL INFORMATION REGARDING ELIGIBILITY IF YOU ARE GRADUATING
We understand and value your independence and freedom to work with any agency to secure valuable disability insurance. However, please not that should you apply with any insurance company and have medical conditions that could exclude you from protection, you could become immediately ineligible for the GUARANTEED ISSUE program that Wake Forest has procured on your behalf. We strongly urge you to talk to us before applying anywhere else and risking ineligibility. We provide access to all carriers and all discounts are the same from all agencies. We will go above and beyond by protecting not only your income but your insurability under all circumstances.
The hospital provided Group Disability plan is designed to replace 66 2/3% of your income while in training. However, if you are on claim receiving benefits that amount will be taxed as ordinary income. We suggest that all residents consider securing an individual policy without medical review and this will pay $1,500/month tax free. This will help replace what you lose in tax from the Group plan benefit and allow you to lock in the first $1,500/month of your individual protection at a younger age. As a resident, you will pay this cost but it will be fixed and guaranteed and is portable for your whole career. Special rates are the same for males and females. Depending on your age and medical specialty, rates for a 28 year old start at $28.55/month. During the 12 months before graduation you can the automatically increase from $1,500/month to $5,000/month without any medical review or exams.
5P – Internal/Family Med, Pediatrics, Endocrinologist, Hematologist
4P – Cardiologist, Dermatologist, General Practitioner, Gastro
4S – Neurologist, Cardiothoracic Surgeon, ENT, Urologist
3P – Anesthesiologist, Emergency, Ortho Surgeons