Disability Insurance

[medanon]

Here is my problem, I am a first year med student and I am in the process of being tested for a disease that could potentially become a serious chronic illness, although I think it is unlikely it is a distinct possibility, and I have yet to buy any disability insurance. For those med students who have bought disability insurance, is there any plan that would cover me for any future complications of this once I start. Do I have an obligation to make it known that this is a possibility legally before it is officially diagnosed? What plans did you sign up for and were there medicals required. I have no other significant diagnosed medical problems on my record.

Just trying to be prudent, and hoping for some advice. Please don't ask for any specifics on the particular illness or circumstances, as I want to make sure I maintain my anonymity.

[justletmein]

Here is my problem, I am a first year med student and I am in the process of being tested for a disease that could potentially become a serious chronic illness, although I think it is unlikely it is a distinct possibility, and I have yet to buy any disability insurance. For those med students who have bought disability insurance, is there any plan that would cover me for any future complications of this once I start. Do I have an obligation to make it known that this is a possibility legally before it is officially diagnosed? What plans did you sign up for and were there medicals required. I have no other significant diagnosed medical problems on my record.

Just trying to be prudent, and hoping for some advice. Please don't ask for any specifics on the particular illness or circumstances, as I want to make sure I maintain my anonymity.


I would be very careful about signing up for disability insurance while you are being tested for a chronic illness.

It will look very suspicious if you end up trying to make a claim.

They will no doubt go back to your medical chart and realize that you only signed up for the plan once you had seen the doctor. Insurance companies usually have very strategically-written clauses to protect themselves from this sort of thing.


Bottom line:

Disability insurance? Good idea
Trying to outsmart the insurance company? bad idea

[blinknoodle]

Definitely look into the different options available, as they are each different.
Some require medicals, others do not. As far as I know, if you don't have a diagnosis yet you do not need to disclose anything but it could be obvious on a family history check. For some insurance, there is a 2-year run-in where you couldn't claim anything if you already have that diagnosis.

The 2 biggest plans are OMA (Sun Life, if you are in Ontario) and CFMS (RBC). I can't remember which program Gillian Johnson was promoting.

OMA - no medical required, 12-month pre-existing medical condition exclusion (or exclusion stops when a resident, whichever is first), not-for-profit but not portable outside Ontario (unless you pay membership fees)
CFMS - medical and health history required, 24-month pre-existing health condition exclusion, for-profit but worldwide portability

To me, it sounds like OMA would be better suited for you since they wouldn't do a physical or history check.

[medanon]

pretty much what I was thinking, but I doubt even if I had this condition that I would have to make a claim in the next 5 years, although the likelihood of me making a claim within 10 or 20 years would be quite high. I know some plans will sign up med students without any medical, and the clauses I have read for pre-existing conditions are quite confusing. The point is, I'm likely better off signing up now than when there is something definitively wrong with me (so long as I don't lie on the application, obviously). Obviously there is a very fine line here, but if there is a chance I can get insurance now, it's probably better to take it and try than the alternative of waiting until I do have a diagnosis. Let this be a lesson to all students to get the insurance while you can, because you never know what's coming down the line.

So I ask again, what plans do people have? what did they have to do to sign up? What questions were asked about potential problems?

[Satsuma]

I hope everything turns out alright for you.

In your case since you aren't actually diagnosed, I am not sure if the 12 month exclusion period would apply. At any rate, I am assuming you probably wouldn't have any disability claims within the next 12 months if it is something that slowly develops over time.

And even if you needed a physical exam...I am not sure what are on the forms in particular. But I am guessing whatever you are being tested for isn't probably anything standard they ask for? And since you aren't even diagnosed yet, it isn't like you would need to state you have this certain disease. People get worked up for things all the time and results come back negative. (I guess if you are going to find out soon though, you probably would know before you end up applying for the insurance). I guess you could always get the application forms from the companies you are interested in and see what they ask for.

I just looked at an OMA student disability insurance form I have. The only question medically related is...Have you ever used marijuana, tobacco, or nicotine in any form or any tobacco cessation or nicotine replacement product?

[MTesi]

Here is my problem, I am a first year med student and I am in the process of being tested for a disease that could potentially become a serious chronic illness, although I think it is unlikely it is a distinct possibility, and I have yet to buy any disability insurance. For those med students who have bought disability insurance, is there any plan that would cover me for any future complications of this once I start. Do I have an obligation to make it known that this is a possibility legally before it is officially diagnosed? What plans did you sign up for and were there medicals required. I have no other significant diagnosed medical problems on my record.

Just trying to be prudent, and hoping for some advice. Please don't ask for any specifics on the particular illness or circumstances, as I want to make sure I maintain my anonymity.

Hello there...you have two options for disability coverage as a student. OMA Insurance and CFMS/RBC. Both plans do not require evidence of health. Given your current situation the CFMS/RBC would be in your best interest. While OMA Insurance coverage provides some protection it does not provide the long term guarantees medical professionals need. There are also limited provisions you should be aware of. It's a great plan during medical school but not one I would recommend for the long term.

You do not need to disclose your information in either application for insurance.

I am a consultant to medical students and physicians. I possess 13 years experience with OMA Insurance specializing in disability contracts and provisions.

Www.mtadvisory.com

dedicated to doctors. committed to service.

[future_doc]

pretty much what I was thinking, but I doubt even if I had this condition that I would have to make a claim in the next 5 years, although the likelihood of me making a claim within 10 or 20 years would be quite high. I know some plans will sign up med students without any medical, and the clauses I have read for pre-existing conditions are quite confusing. The point is, I'm likely better off signing up now than when there is something definitively wrong with me (so long as I don't lie on the application, obviously). Obviously there is a very fine line here, but if there is a chance I can get insurance now, it's probably better to take it and try than the alternative of waiting until I do have a diagnosis. Let this be a lesson to all students to get the insurance while you can, because you never know what's coming down the line.

So I ask again, what plans do people have? what did they have to do to sign up? What questions were asked about potential problems?

You have another problem I think. Whatever disability insurance you can purchase today has a low level of payout considering your income. Over time, you will have tremendous earning power and you would want to increase your cover as your income rises. Presumably, you will not be able 'automatically' simply pay a higher premium for a higher cover. I would expect, whether or not the insurance company will require a physical, they will require you to fill out a Form indiciating your medical condition at that time. In other words, I think you will have a problem down the road to increase any disability insurance you are able to secure today. Anything you can imagine has already occurred to others, there are legal specialists who prepare these policies based upon prior experience and knowledge, and based upon protecting the insurer to the maximum legal limit. On a practical level you will be effectively self-insured asnd you will need to maximize your savings from income and limit expenditures more than most b/c of your particular situation, i.e., you are going to become the only practical solution to your future potential problem I believe.

[ploughboy]

You have another problem I think. Whatever disability insurance you can purchase today has a low level of payout considering your income. Over time, you will have tremendous earning power and you would want to increase your cover as your income rises. Presumably, you will not be able 'automatically' simply pay a higher premium for a higher cover. I would expect, whether or not the insurance company will require a physical, they will require you to fill out a Form indiciating your medical condition at that time. In other words, I think you will have a problem down the road to increase any disability insurance you are able to secure today.

As a med student, you can buy a couple a couple of thousand dollars a month worth of disability insurance through the various plans. All the plans allow you to buy more coverage as your income increases (up to a certain amount) and all of them (I think) come with a "guaranteed insurability" rider, which means that you can increase your coverage without a medical exam.

[ploughboy]

I am a consultant to medical students and physicians. I possess 13 years experience with OMA Insurance specializing in disability contracts and provisions.

Www.mtadvisory.com

dedicated to doctors. committed to service.

Just out of curiosity, do you currently work for OMA Insurance or MD Management?

[flying kumquat]

I've met with her. She provides insurance through CFMS/RBC.

[MTesi]

Just out of curiosity, do you currently work for OMA Insurance or MD Management?

Hi there...In 2006 OMA Insurance (and MD Mgmt) was obligated to undergo many changes which I felt would not benefit the insured members. I provide insurance and financial advice independently and have chosen to dedicate my practice to medical students and physicians.