Disability Insurance Broker Explains the UMRS-UDRS Exclusive Guaranteed Issue Disability Plan
As an experienced Disability Insurance Broker, I get questions all the time from clients about UMRS-UDRS exclusive guaranteed issue disability plan. UMRS and UDRS have provided a guaranteed issue disability program for all of their current residents as well as residents who go on to fellowships anywhere in the country. In order to explain how this program works, it’s very important to understand the history of the program and why it’s so important.
I started working with residents from the residency program in the 1980’s and at that time, there was no sponsored disability program here or at many other residencies around the country. Unfortunately, that’s still the case in many residency programs in the country, especially in the south. At that time, we did disability seminars, telling the residents why they needed disability insurance, why it was important, and inevitably many would come up after that and ask specifically about their own circumstances.
In my experience as a skilled Disability Insurance Broker, it was interesting to note that most of them that came up had preexisting conditions and medical concerns already and that’s why it was so important to them. It was much less important for those who were healthy and young and just didn’t really think about it yet. So 15 of those residents through my firm at the time were either declined coverage or would have an exclusion for some preexisting condition or have an exclusion and be charged more money to obtain the coverage.
I approached the GME office as well as the UB resident’s committee about a plan that was being put in place and recommended from the AMA as well as the accreditation bureau. These plans would provide guaranteed issue disability coverage so that a resident could go into practice knowing that their future income, was going to be protected with a disability policy and they weren’t going to be turned down.
Now, since putting that plan in place, many young and healthy residents are just getting the best value, paying the lowest discounted premiums. So over a thousand residents that would have been declined over the last 20 plus years or had coverage not provided for preexisting conditions, are being covered with discounted rates.
Just a little cautionary note: There are other plans out there, sometimes with the same company, where if you have just three residents they can call it a disability plan. That is not the same thing as this guaranteed issue. The guaranteed issue program is the one sponsored by the GME office and available exclusively through MJB Financial Services. If you are approached by others, go ahead and look but then come and see us.
If you are a physician or dentist and have questions about UMRS-UDRS exclusive guaranteed issue disability plan, please contact us, or the GME office about the sponsored plan.
This educational blog was brought to you by Disability Insurance Broker Michael J. Bruno, seasoned Chartered Financial Consultant, Chartered Life Underwriter and Registered Health Underwriter. Specializing in financial planning and disability insurance for physicians and dentists for over 30 years.