Frequently Asked Questions
Why Do I Need Disability Insurance Coverage?
Disability insurance is an important necessity for all medical students as a source of income to pay living expenses, loans, etc. in the event of disability. Moreover, the Association of American Medical Colleges (AAMC) has mandated that all medical schools make disability insurance available to their students. What Types of Disabilities Are Covered Under The Student Disability Insurance Plan?
The types of disabilities that are covered under our plan usually include injury and/or illnesses that impair your ability to perform your duties as a medical student. For information about specific qualifying conditions, please consult with the insurance broker at RX Financial Services (630)279-7900 or (800)545-5695 What Are The Advantages To Purchasing A Disability Insurance Policy While I Am In School? - This policy provides financial protection against loss of income due to illness or injury.
- You are locking in greater benefits at a lower cost prior to beginning your residency program.
- Insurance coverage provides a peace of mind so that you can focus on your medical training.
- Disability insurance policies are more difficult to secure as people get older.
What Is The Monthly Disability Benefit That I Can Receive Should I Become Disabled?
The monthly cash benefit is $1,500 for M1 and M2 students, and $2,000 for M3 and M4 students. Additional plan features include: - Benefit Period: To age 65
- Waiting Period: 180 days
- Guaranteed Issue: An individual policy issued without medical of financial history questions
- Portability: Your policy can be continued into residency and private practice
- Substantial Premium Discounts: Lower premiums to Age 65
- Comprehensive Coverage: Professional definition of disability
How Much Does Disability Insurance Cost?
The cost of your disability insurance premium rate is determined by your age and class year in school. The average cost per year ranges between $250-$600 per student. When Will My Tuition Account Be Billed For Disability Insurance?
M1 students are billed in August to cover their M1 year premium and the following December to cover their upcoming M2 premium year. All other class years are billed each December for their upcoming academic year premium. Students returning from a personal leave of absence are billed upon their return to medical school. Where Should I Send My Completed Enrollment Form?
Return your completed enrollment form to: Northwestern University, Feinberg School of Medicine, Office of Student Programs and Professional Development, 303 E. Chicago Ave., Morton 1-673 Chicago, IL 60611. Please DO NOT return your enrollment form to the address listed on the form. When Will I Receive My Disability Insurance Policy?
Policies are issued approximately one month after your enrollment form has been processed. Your policy packet will be placed in your student mailbox when it arrives. Linda Daniels, Coordinator for Student Support Services will notify you when the policies arrive. I Plan To Take A Leave of Absence From Medical School, Will My Disability Insurance Policy Be Terminated?
Your participation in the disability insurance plan will only be terminated if you take a personal leave of absence from school for one year or longer. If you are taking a leave of absence in order to participate in educational program within Northwestern University (e.g. MBA, MSTP, MPH, etc.) your policy will remain active and the annual premium charge will still be applied to your tuition account during the normal disability billing cycle. |
Frequently Asked Questions: For Graduating Students
What Are My Disability Insurance Options Beyond Medical School?
You have the option of extending your student disability insurance policy beyond your medical school years. This policy is non-cancelable, and guaranteed renewable as long as you pay your premiums. When you extend your policy you can also increase your plan benefits if needed. When Can I Sign-Up To Extend My Policy?
The Rx Financial Services Insurance broker, Jim Wallace, will hold an information session during the week of graduation (date, time and location, t.b.a.). Forms to extend your policy will be given out at that time. If you are not able to attend the session, please contact Mr. Wallace at (630) 279-7900 or (800) 545-5695 How Much Coverage Do I Need?
Most disability insurance policies are written to replace about 60% of your income, but you may have special insurance needs and choose to increase your benefits or explore other options that can provide additional benefits you need. Please consult with an experienced disability sales person to determine how much you need. If My Residency Program Already Offers A Disability Plan, Should I Still Keep My Current Policy?
If you choose to extend your student policy, it will convert to an individual policy which can give you the flexibility of adding or increasing benefits that your resident's group policy may not offer. Plus some disability policies offered through your residency program expire after you complete your residency training. Which means you may have to begin a new policy at a higher rate. The best thing to do is to consult with the insurance brokers of both plans to compare and discuss specific options and benefits offered before deciding to extend or drop the student policy. |
