Insurance Broker Explains UMRS-UDRS Exclusive Guaranteed Issue Disability Plan
As an experienced Insurance Broker, I often get questions from clients regarding UMRS and UDRS, and their disability plan. UMRS and UDRS has 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 1980s. 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.
It was interesting to note that most of them that come up had pre-existing 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. Fifteen of those, through my firm at the time were either declined coverage or would have an exclusion for some pre-existing condition or have an exclusion and be charged more money to obtain the coverage. I approached the GME office as well as the UB Residence 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 the resident could go into practice knowing that this future income was going to be protected with a disability policy and they weren’t going to be turned down.
Since putting that plan in place, many young and healthy residents are just getting the best value, and paying the lowest discounted premiums. Over 1,000 residents who would have been declined over these last 20+ years or had coverage not provided for pre-existing 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. This 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.
This educational blog was brought to you by 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.
If you have questions about UMRS and UDRS, and their disability plan, contact our professional GME office about the sponsored plan. Let our knowledge work for you.