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Types of Insurance Residents and Fellows Need

By Richard Weston, CIC

I was interviewed by Medical Economics a few years back on the “other types of insurance” physicians need. The list in Medical Economics was comprehensive and still applies, so be sure to take a look at the article.

I thought now might be a good time of year to revisit this topic specifically for Residents and Fellows practicing in Massachusetts. Of course, insurance needs may vary among specialties. Not every physician needs every type of coverage. But in the article we will address coverage every Resident should consider.

Medical Professional Liability insurance is required by law in Massachusetts. You may need your own policy, and what may not be obvious is that, depending on the coverage your employer provides you, you may need additional coverage, particularly if you are moonlighting.

Disability coverage would come into play if you are injured or disabled and unable to perform your job and bring in revenue. Your policy will help reduce the impact of the loss of income. This is particularly important for surgeons or if you work in a smaller or solo practice, one where the loss of your contribution could threaten your practice’s existence.

Your disability policy should be written to define disability as a ‘physician no longer being able to work as a physician’, rather than as complete disability. That is to prevent an insurer from denying a disability claim if you could perform a different job. The coverage should also be non-cancellable.

Early on in your career you may still be worrying about school loans, and you may overlook purchasing insurance that can be crucial to securing your assets in the future. Disability is always best purchased at the end of training, as changing health can create scenarios in which coverage is no longer available and purchasing before any group disability is added through employment which might create more favorable outcome.

Richard Weston, CIC, is an Operations Manager at Physicians Insurance Agency of Massachusetts. Richard was interviewed by Medical Economics in 2019 to offer an expert take on insurance for physicians and has written articles for the PI agency.