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This article is sponsored by Pattern.
Pattern advisor Shelby Heiser discusses how disability insurance is more than a box that doctors need to check—it’s a tool for financial security and peace of mind.
Each physician is unique.
They come from different backgrounds, work in different specialties, and serve an immeasurable amount of patients, each with their own needs.
But every physician has one thing in common: A need to: protect their income.
A mission to empower physicians
Physicians spend years of their lives mastering their specialty, caring for patients, and building a life outside of their work. As fulfilling as all of this can be, it doesn’t leave much time for them to think about our finances.
A recent survey found that 70 percent of physicians – including residents, fellows, and attending – lack the tools for financial success. Doctors face unique financial challenges, including jarring amounts of education debt and delayed earning potential due to our long training periods. These factors can understandably compound feelings of financial insecurity and impede a doctor’s pursuit of financial independence.
This underscores the need for doctors to have a guide when making decisions about their financial future.
Since our founding in 2013, Pattern has helped more than 20,000 doctors shop for disability insurance. Along the way, we’ve developed a keen understanding of the time demands that physicians—especially medical residents—experience.
“We definitely do a more personalized approach here at Pattern,” Shelby explained, highlighting the tailored support offered to physicians.
Before Pattern, doctors would have to spend days or weeks gathering quotes from different carriers and then comparing policies on their own. What sets us apart in the industry today is our commitment to educating doctors first so they can buy their policies with confidence.
With Pattern, you can complete a free quote request in about five minutes. Then, an advisor will compare quotes from five major carriers so you can make an informed decision about your coverage.
Choosing the right coverage
Choosing the right disability insurance can feel overwhelming. Shelby’s role involves demystifying this process for physicians, offering personalized advice that caters to the unique needs of each doctor.
Pattern specializes in a special type of disability insurance – it’s called own-occupation disability insurance.
Think about it like this: If you are a surgeon and develop a hand tremor and can no longer perform surgeries, but you can pursue a career in teaching, you would receive benefits.
“We are physician-focused… This type of disability insurance is where we’re experts,” Shelby said, reflecting on Pattern’s deep understanding of the medical profession and the specific challenges physicians face.
Any-occupation disability insurance is often provided by employers or professional associations but usually offers less tailored coverage and benefits. This type of insurance typically requires that you cannot work in any occupation to receive benefits, a definition that can significantly limit access to your benefits.
“I have reviewed many employer policies and private policies that don’t have that [own-occupation] language. And a lot of times, they’re actually not much cheaper,” Shelby said. “One thing about Pattern that I really like is not only do we take that personalized approach—being a broker, having these meetings, asking the important questions up front—but we are physician-focused.”
Timing is everything
Health risks loom everywhere for physicians, even those early in their careers, so the timing for securing disability insurance couldn’t be more critical.
“The best time to buy disability insurance is as early as possible in your career,” Shelby emphasized.
Specifically, after Match Day during your fourth year of medical school is the ideal time to secure your policy.
The rationale is straightforward — securing lower rates with training discounts and ensuring coverage before any potential health issues arise, safeguarding your financial future.
In fact, doctors who purchased their policy as an attending pay 18 percent more in annual premium-to-benefit amount compared to doctors who purchased as residents.
A culture of caring
Throughout the conversation, Shelby reiterated the vital role of disability insurance in a physician’s life, providing not just financial security but also peace of mind.
As she aptly put it, “It’s really rewarding to know that I’ve helped them secure some financial well-being.”
This reflects the refreshing level of transparency Pattern’s team offers to doctors. When speaking with an advisor, we’ll help you look for any red flags you may have received from other brokers, walk you through how policy costs are calculated, and even tell you if it’s not the right time to buy a policy.
Watch or listen to the full podcast for a wide-ranging conversation that includes topics like:
- How many doctors have to use long-term disability insurance
- The right time to buy disability insurance
- The pitfalls of working with an instant quote website
- Group policies vs. private policies
- True own-occupation vs. any occupation policies
- Common mistakes doctors make when shopping for disability insurance
- Pattern’s process
- How physicians can prepare for a meeting with an advisor
Closing thoughts
The call to action for physicians is clear: Do not delay in securing your disability insurance. While seemingly complex, the process is considerably simpler with the right guidance.
Shelby’s parting advice rings true. “Don’t wait until it’s too late,” she said.
As physicians of all stripes navigate their careers, dedicating ourselves to the care of others, it’s imperative that we also take steps to protect our own financial well-being.
We invite you to consider your own situation. Have you secured the disability insurance coverage that you need? Are you prepared for the unexpected? If not, we encourage you to take the first step today. Reach out to the Pattern team today, and we will guide you through this crucial process, ensuring that you, too, can secure your peace of mind and financial security.
Shelby Heiser is an insurance sales advisor at Pattern.
Pattern simplifies disability and life insurance for busy doctors so they feel confident they have the right policy and that their income is protected. Request your quotes today.
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Transcript
Kevin Pho: Hi, and welcome to the show, where we share the stories of the many who intersect with our health care system but are rarely heard from. Subscribe at KevinMD.com/podcast. Today we have a special sponsored episode from Pattern. Our guest is Shelby Heiser, an adviser with Pattern, whose mission is to take care of doctors so they can have peace of mind and financial security to take care of others. What sets Shelby and her Pattern colleagues apart is that they are more than just agents; they are guides and advocates for doctors. Shelby has helped thousands of doctors secure disability insurance, and she’s joining us on today’s episode to give you an inside look at how you can connect with the right coverage. Find out more at KevinMD.com/pattern. That’s KevinMD.com/pattern, and the link is also in the show notes. Today we’re going to be talking about disability insurance for doctors: navigating long-term needs. Shelby, welcome to the show.
Shelby Heiser: Thank you, Kevin. Thanks for having me.
Kevin Pho: So let’s start by briefly sharing your story and journey.
Shelby Heiser: Yeah. So my name is Shelby. I’m one of the advisers here at Pattern, so I help doctors navigate the complex topic of disability insurance. I’ve been doing that for about three years. I actually kind of started on the back end of that process, kind of what happens after you get a policy, because you get the policy, but then life happens, life changes. And so I have had a lot of those conversations, and now I get to kind of help with the front end, where I’m talking to doctors day in and day out about their options and what’s best for them, and also continuing those conversations over time as life changes.
My story: I actually started out planning to go into veterinary medicine, so it’s a pretty big switch-up. Once I realized that wasn’t for me, I found Pattern, and I got to start doing this. It sounds cliche, but I really just enjoy helping people, and doctors help people every day, so I want to help them with this topic and make that a lot more simple and hopefully seamless throughout the process.
Kevin Pho: All right. So tell us about your exact role, and explain it to our viewers. And when you talk to doctors, what’s the best part about talking to doctors?
Shelby Heiser: Yeah. So when it comes to my role, and kind of what that looks like, we definitely do a more personalized approach here at Pattern, and we are very geared toward physicians. That’s who we’re talking to. And so that looks like daily conversations, again, kind of reiterating with people on the front end: “Hey, what am I looking for? What are the ins and outs? How should I get this? How soon should I get this?” And different people’s health concerns, so that we can really make sure it’s personalized. And then, not only helping them get that policy, I’m having those continued conversations. I mean, every day I might talk to somebody that I talked to a year ago, or I might be talking to somebody new, as family situations change, finances change, careers change, going from residency to fellowship to attending. And so that’s kind of what the day-to-day looks like.
My favorite part about this role is truly just getting to talk to so many different doctors. We’re based out of Nebraska, and so I get to talk to doctors in all the different states. So very different situations, different specialties, of course, different reasons for getting this policy, and I think that’s kind of exciting, too. Everybody has a different story and a different reason why this matters. And of course, it’s income protection at the end of the day, but everybody has a different reason why that’s important to them, and I really enjoy hearing about that and getting to know people. But also, it’s really rewarding to know that I’ve helped them secure some financial well-being.
Kevin Pho: So I know a lot of physicians don’t have a lot of knowledge when it comes to disability insurance. We often just check the box that comes up whenever we get our first job. Now, how many doctors actually have to use a long-term disability insurance policy?
Shelby Heiser: Yeah. So when it comes to the number of doctors using their policies, or even, furthermore, getting disabled, it’s about one in six doctors right now. So I tell people, think about the residency program that you’re in, or your fellowship: One in every six of you, just in that program, could have to use this policy.
Now, one thing is getting disabled; another is actually being able to use the coverage. So when it comes to getting a policy as a physician, there are different types of language. We at Pattern focus on a policy that’s more geared toward your specialty. It’s called a true own-occupation policy, and that way you’re actually getting a policy that covers your job and what you are doing, and it also allows you to work outside of your job and still be paid your policy benefits. Most physicians that I talk to, if they’re not detrimentally disabled, would still prefer to work, and so this type of policy is going to allow that. So when it comes to not only how many doctors have to use the policy, but being able to use it, that is where the language really matters.
Kevin Pho: All right. When is the right time for physicians to buy disability insurance?
Shelby Heiser: Yeah. So the best time, and we always weigh in on this, is right away. I know that sounds like, “Oh, of course an adviser is going to say get it now,” but truly, there are things that can change. One thing that’s really important is when you’re in a training program, and a really key time to get disability is early in residency, just for the technical reasons. I mean, price-wise, it’s going to be a lot cheaper the younger you are, and if you have those training discounts, those can be up to 30 percent off your policy, and they don’t go away. So even when your income significantly goes up and you need more coverage, that discount still carries over with you.
But the flip side of that is health. Health has a huge impact on the policy. We talk about it every day, with everyone having different situations and different stories. And I find that a lot of people assume that it has to mean, when you think of being unhealthy, something that is impacting my day-to-day life or my ability to do my job. But in the insurance company’s eyes, as far as getting a policy, it can be something that to you is pretty treatable and livable, but to them is pretty high-risk. And so that can impact either how much you’re going to pay for a policy, or even your ability to get a policy altogether. So the right time to buy is as early as possible, but we still want to be reasonable: Somebody in their first year of med school probably doesn’t quite need disability insurance yet.
Kevin Pho: All right. So sometimes when I go on social media and I go on Google, you have a lot of these instant quotes, right? So talk more about these instant quotes, and why are they fooling doctors?
Shelby Heiser: Yeah. So when it comes to instant quotes, as far as what they are, just think of any type of insurance. I mean, you could do auto insurance or home insurance, and you can go online and do a couple of clicks, and there are quotes right there on the screen. Who doesn’t want something quick and easy? I mean, I know that I look for that in those processes, too.
But the problem, when it comes to disability insurance, or even life insurance, where they’re looking at a lot of aspects, including your medical history, the problem with instant quotes is they might ask you some of those three questions, your age, your gender, and then you’ve got some quotes. And you might just pick the one that maybe looks the best or looks the cheapest. And the problem is, then you go through that process, which can take a few months, and you might get a completely different offer by the time they’ve actually taken into consideration maybe what state you’re living in, or your medical history, or maybe they missed some discounts at the program you’re at. That can just be completely different.
And so while we still want to make it quick and easy, what we believe in at Pattern is just asking a few additional questions, a couple of them including some basic medical questions, just so we can vet that out in that first conversation. If that saves time and prevents a little bit of the sticker shock, that’s what we want to do. I mean, a quote is a quote at the end of the day, but we’ve seen these cases, and we’ve talked to the underwriters at the insurance companies that are going to be looking at your medical history, so we can at least tell you which company’s going to be the best for your specific situation, but also keep that price in mind, because that is a big factor, making sure we get the best one.
Kevin Pho: So speaking of those medical questions, how does a physician’s health factor into obtaining a policy?
Shelby Heiser: Yeah. So when it comes to health and how that impacts policies, I mean, first and foremost, they really kind of focus on the last five to maybe 10 years, just depending on whether something that happened 10 years ago came up in the last five. So that’s their main focus. They do kind of access everything, so we want to be really transparent that they’re pulling anything from medical records to prescription history.
And so when it comes to how it impacts, it’s kind of what I said earlier, where it doesn’t have to be something super disabling or very high-risk in a medical sense. Now, while these insurance companies do have medical staff to look at it in that regard, they also are insurance companies, and they are assessing risk. And so what I always tell people is, because there’s a slew of things that are treated differently, at minimum, something that’s pre-existing can be excluded. It already happened, so it’s just not going to be covered on the policy. Whereas some things that are maybe more chronic, or seen as more high-risk, or even something more recent, because they do look at consistency, and how long it’s been since that diagnosis, and how treatment’s gone, some of those things can actually impact your rates to the point where it’s a lot more expensive. You also have exclusions; they may kind of strip some of the policy features. Or, worst case, somebody could get declined coverage altogether.
So again, that’s the conversation we’re trying to have up front. It’s going to save a lot of time. We do 30-minute meetings, we can schedule additional meetings, and so it saves the month- to two-month process of hopefully picking the best one up front. I mean, as an example, a really common thing we talk about is mental health. You wouldn’t think that, it being so common, it could affect a policy, but it can range from an exclusion to the decline of coverage, depending on what the mental health diagnosis or treatments are. So getting a policy before any of those things happen, like mental health history coming up in residency, can make sure that not all the features of your policy are stripped away, but also that you have coverage for those things, like mental health.
Kevin Pho: Now, can medical students, residents, and fellows all get a policy?
Shelby Heiser: Yeah, so yes and no, and I’ll speak to how that works. So when it comes to who can get a policy at what stage, residents and fellows, absolutely. And as I had mentioned, for residents, it’s a really great time to get it, especially early on in residency. You’re younger, you’re healthier, you’ve got discounts, and you can start the policy kind of where you need it in residency and increase it later. Fellows, same thing: You can get it now.
For med students, we want to be, again, realistic. We’re going to be very transparent about the right time to buy; that’s something we talk about a lot. And for med students specifically, number one, it’s hard, because typically there’s little to no income coming in at that time. But it’s actually sometimes beneficial to be matched to a program, into a specialty, first. So we wouldn’t recommend getting it until at least your fourth year in med school, but if you get it in that fourth year before you’re matched, they actually do kind of a generic occupation rating, where it actually could be more expensive than some specialties, and we may not have full access to all of your discounts. So Match Day just happened, and I’ve talked to a lot of med students lately who now know where they’re going. We can also compare the state that they’re in versus where they’re going, and see if we can get the best of both: if it’s going to be cheaper somewhere but more expensive here, but we’ve got a discount here. Those are the types of things we’re going to talk about.
Kevin Pho: Now, I mentioned earlier that a lot of physicians simply check a disability insurance box whenever they get offered that option at work. Now, what if they already have that group policy through their employer or training program? Do they still need something from Pattern?
Shelby Heiser: Yeah. So that’s a great question. That is something we talk about in all of our calls, just because it is so common. In a training program especially, typically there is some level of employer-offered coverage. And for anyone that’s wondering, maybe who doesn’t have it yet, what that means: It’s whatever benefits your employer has, and one of those might be long-term disability.
And there are kind of two different types. When it comes to it, there’s voluntary and there’s non-voluntary. With non-voluntary, you’re kind of just enrolled in it automatically because you’re employed there, and that’s OK. You can have that, and you can have your own-occupation policy along with it. But if you ever have the option to voluntarily enroll, pay your own premiums, and opt into their coverage, we recommend not taking that and just using your own-occupation policy as the source of disability coverage.
Now, the reason for that is that employer coverage has a couple of differences. It’s not own occupation, so you do have to be pretty severely disabled in order to get coverage. They also only pay up to a very minimal amount, so for most attendings at that point, maybe for residency it’s enough, but for most attendings it’s not enough to cover your full income. And then also, it’s not portable. A lot of times when I talk to attendings, it’s because they had it and thought that was all they needed, and then they moved to a job that doesn’t have it, and now all of a sudden they’re scrambling to get a private policy. So the biggest takeaway there is it’s OK to have both. If you’re automatically enrolled in it, you can still use both. But if you have the option, don’t enroll, and don’t ever rely solely on employer coverage alone.
Kevin Pho: Now, you mentioned the term “own occupation” several times. For those who don’t know what that is, just give a brief explanation.
Shelby Heiser: Yeah. So for own occupation, I’ll kind of give the definition, but maybe also a scenario, because that resonates a lot better. It really covers the material and substantial duties of your own job, and then it says “even if you’re gainfully employed in another job.” So what does that look like for a physician? Well, of course we have the physicians doing procedures and clinical work, we have those who are all clinical-based, and we have research. So what it looks like is, if you get disabled and have to use your policy, they do look at the last 60 days leading up to that disability to determine what your occupation is. And I bring that up because we talk to residents and fellows a lot who maybe are changing or subspecializing, and they’re wondering, “Will this only cover me for what I’m applying for now?” No, it will always cover what you’re doing.
But in the event that something happens, let’s say for the person doing clinical and surgical work, if they can’t do surgical but could still do the clinical side of things, they’re going to get some of their coverage while still doing clinical. For somebody practicing who can maybe no longer practice, but could go into teaching or research, or do something else for an income, own occupation is still going to consider that a disability, and in fact a total disability, and pay out your full coverage, supplementing your income, even though you might still be earning another income. And they don’t care how much you’re earning from that other job. It could be the same, it could be less, it could be more; you’re still getting your full coverage from your policy.
Kevin Pho: Now, what are some common mishaps doctors make when it comes to signing up for disability insurance?
Shelby Heiser: Yeah. So one of the big ones, which we had kind of just touched on, is that employer policy. A lot of people either are going into a job that they see has it and think, “Oh, I don’t need it, then,” or get into a job that has it and decide to drop the private coverage that they had, that they had discounts locked in on and that was cheaper. And unfortunately, some of these other policies sometimes are worded as, “Well, yeah, it’s the same as what you have.” I run into that a lot, where people are so confused because they’re being told the language is the same, and when we actually compare, it’s very different. So the group coverage thing is a big one: making sure you never rely solely on employer coverage. And we are always more than happy to compare any other type of policy, any other private policy or employer coverage. We will always be happy to go over that.
Now, waiting until your training discounts are gone is another mishap. I have a lot of new attendings come to me maybe six to 12 months out of training, looking for discounts, and they just don’t have them anymore, because residency and fellowship are definitely a very busy time. Totally understandable, but that’s a common mishap, and it’s kind of a “Man, I wish I would have done this a little bit sooner.”
One of the huge ones is waiting until something happens. Unfortunately, with this type of insurance, what would trigger you to have a sense of urgency is something changing in your health, or something disabling, or seeing a friend have something happen. And so sometimes, waiting until something happens is when people come to look into this, and hopefully for some of those people we can still get a policy, but it may not be as much coverage as we would have gotten before.
And then lastly, I would say, when looking around at coverage, going with somebody who either isn’t own occupation, or, and this kind of ties into that, going with somebody who isn’t unbiased. So at Pattern, we’re an unbiased broker, which means we can really shop all of the companies for you, but we’re going to focus heavily on own occupation. Going with maybe one agent that sells one company, and you think that’s your only option, or going with something at your program that maybe isn’t own occupation, that’s a common mishap, too. And unfortunately, it’s because of maybe the way it was explained, versus exploring what your best options are.
Kevin Pho: What factors contribute to price differences when it comes to a disability policy?
Shelby Heiser: Yeah. So when it comes to price, demographically speaking, there are a few big things that change that. So specialty alone, which is why, for those fourth-year med students, we recommend being matched, because of course somebody in emergency medicine, being seen as a little bit higher-risk, is typically going to pay more than somebody in family medicine or internal medicine. And so specialty alone can make a big impact, and that’s where I get asked a lot, “My wife has this,” or, “My friend, can you compare?” Sometimes that alone is a big one.
Age can definitely impact it. Each year that you get older, it gets more expensive. Now, even though it’s getting more expensive every year, it definitely jumps more when somebody goes from their 20s to their 30s to their 40s; it’s now going up more each year. So age is a big factor. Now, I will say, once you have a policy, your premiums don’t adjust with age. Those are going to stay the same unless you increase your coverage, so that’s kind of locking in age.
Of course, the discounts. For an attending, it’s a lot harder to find discounts on a policy. There are some professional discounts out there; some people have teaching duties at a university, so we really try to look for those. But it’s guaranteed at a training program that you’re going to have discounts.
Gender: They are gender-specific. There used to be unisex policies on the market in a couple of states; they are not, as of, I think, March of 2023. So they are all gender-specific. Females pay a little bit more for disability; males pay a little bit more for life insurance, just based on the usage. And then really, the health side of it. Everybody has a different situation there. Hopefully, whatever the comorbidity is doesn’t impact price, but that is sometimes what can impact the price.
Kevin Pho: You’re listening to a special sponsored episode from Pattern. Our guest is Shelby Heiser. She’s an adviser with Pattern, whose mission is to care for doctors so they can have peace of mind and financial security to care for others. Find out more at KevinMD.com/pattern. That’s KevinMD.com/pattern. The link will be in the show notes. Today we’re talking about disability insurance for doctors: navigating long-term needs.
Now, Shelby, as you know, there are a lot of disability insurers geared toward physicians. Why should doctors choose Pattern over the competition?
Shelby Heiser: Yeah. So when it comes to Pattern, again, going with a broker is number one. Any broker or agent you work with should be unbiased. That way you can see all of your options, and you’re going to get a very transparent breakdown of why this might be best for your specialty, why this might be best for the state you’re moving to, or for your health. So somebody unbiased is truly going to be able to shop all of your options. Now, part of that is getting that unbiased opinion, but also, it takes a lot of wasted time to go look for a bunch of independent agents and gather all of your options. Doctors are already busy enough; that’s a lot of time spent doing that. And so you should have somebody who can kind of lay that out for you right then and there.
Another is just that a broker you’re going with that is unbiased should also be looking at those own-occupation companies as well, because you don’t want to waste your time with companies that are not own occupation, because then you’re paying for a policy that may not ever actually kick in. And oddly enough, because I’ve reviewed a lot of employer policies, I’ve reviewed a lot of other private policies that don’t have that language, and a lot of times they’re actually not much cheaper.
One thing about Pattern that I really like is that not only do we take that personalized approach, being a broker, having these meetings, asking the important questions up front, but we are physician-focused. I mean, this type of disability insurance is where we’re experts. And as I kind of mentioned earlier, what I like is that I get to help people on the front end, but I also get to kind of see them through the process and talk to them again. So at Pattern, I do have a lot of people reach out saying, “I can’t get a hold of my agent. I need to change agents. I can’t do anything with this policy.” We’re going to still be your go-to and that liaison between yourself and the insurance company, because these are big companies, and sometimes it’s hard to get in contact.
And lastly, kind of along with the unbiased piece, honesty. All of our agents here, I’m confident in saying, are going to be very honest about whether it’s not the right time to buy, or if you should wait because of medical history, or if there is a better policy for you through a program, or something based on maybe even when you’re choosing to get the policy. Maybe it doesn’t make sense financially for you anymore; we’re going to be honest about that. And then you can really leave feeling like, even if we didn’t get you a policy, you’ve got the clarification you needed.
Kevin Pho: Now, tell us a little bit about what that process looks like. How can physicians prepare for a meeting with Pattern?
Shelby Heiser: Yeah. So ultimately, to start the process, on patternlife.com you can fill out that form. Even though we don’t do instant quotes, it is still a pretty short form, five minutes or less, depending on your answers to the questions. And then it prompts you to schedule a meeting with one of the advisers like myself, and we’ll send you those quotes once they’re ready. You’ll have kind of an email link presentation with all of your options, and we’ve got definitions on there. And then one of our advisers will give you a call and kind of talk through those options. We can start from the basics. Some people have looked into this and listened to podcasts like this, and they know kind of what they’re looking for, and then we can just dive right into questions.
And we’re also going to help you start that process. We try to make it as seamless as possible, where we’ll help you apply, but also be that liaison during the process, while the insurance companies review records. And part of that is going to bat for our clients: If, because of offers we’ve seen from other cases, we think we could get a better offer, if we think we could push back or go with another company, we’re going to do that.
And I think another thing that I’ve been told by physicians can be helpful is talking about this with friends or colleagues, or listening to podcasts, or reading physician blogs, because it just gives them a base understanding of even just own occupation, or why disability insurance is important. And we’ll go over all the basics if needed. I’ve just been told that that tends to be really helpful, which is why we try to do things like this. Some programs have someone come in and talk about it; some haven’t heard about it at all. So we really want to try to get the word out there.
Kevin Pho: Now, whenever you speak to a more seasoned doctor, what insights do you gain from them that might be useful for a doctor coming out of training?
Shelby Heiser: Yeah, sure. So when I speak to the more seasoned doctors, or the attendings that have been in practice for a while, probably one of the biggest things is that they wish they would have done it sooner. I mean, if they’re coming here to buy a policy at that point, they either decided not to get one, or they had employer coverage that they thought was sufficient. We also have people who maybe got their own-occupation policy but dropped it or let it lapse. There are lots of different scenarios. And truly, as cliche as it sounds, they say, “I wish I would have done this sooner.” It’s more expensive now. Maybe we’re having a lot more involved medical history conversation, because of everything I’ve mentioned so far as far as price: Now they’re a little bit older, they may not have any discounts, and unfortunately, the time in between has opened up the opportunity for more health concerns to come up.
Now, seasoned doctors also a lot of times have more stories, which is actually beneficial to hear: how they’ve seen their colleagues use the policy, or, “My dad was a surgeon who had disability, and he’s like, ‘You’ve got to get this, because I had to use it.'” I hear a lot of stories from the more seasoned attendings who have, even in their practice, seen what can happen to people, and that creates a sense of urgency, like, “Hey, I just realized I should probably get this.”
Kevin Pho: Are there any workarounds when it comes to getting a policy?
Shelby Heiser: So workarounds, in the way people probably think, no. But there are little things that we can look for, and I kind of mentioned having a broker that is an expert in this area. I had kind of mentioned that some states are more expensive than others. While we don’t recommend waiting, most of the time, for most reasons, there are some scenarios where it makes sense. If somebody is in California and going to Nebraska, they’re going to pay a lot cheaper rate in Nebraska. And if that’s happening pretty soon, and we’re going to hope that in the three months nothing changes in their health, we’re going to do that type of workaround, where maybe, as soon as they have an address in Nebraska, we can get the cheaper rates there.
There are also different discounts at different employers. I mentioned attendings: We have a lot of attendings who are maybe going from W-2 employment to 1099, or to private practice, and we’re looking. If they don’t have a policy yet, they might still be able to snag some sort of discount from their big employer and keep that when they go into private practice. So true workarounds, not necessarily, but kind of, in a way, in that we’re going to look at everything.
Kevin Pho: And my last question, Shelby: Just share some take-home messages with the KevinMD audience.
Shelby Heiser: Yeah. So for take-home, I would say number one: Fill out a quote request, have a meeting, just see your options. Even if you’re not sure if it’s the right time for you, if you’re not sure you’re ready to purchase a policy yet, it never hurts to go over your options and talk with somebody about whether or not right now is the right time. It’s a good conversation to have regardless.
Look at all of your options. That’s another big one that I’ve touched on. Make sure you’re looking at all of your options. Talk to your friends, talk to your colleagues. I have a lot of people say, “Well, I want to talk to a few people first. I want to talk to my spouse.” Absolutely, talk to people who have experienced this, who have used it, who have a policy. That way you know that you’ve looked at everything. And part of that is going with somebody who’s going to show you all those options. Don’t just pick the option that is right in front of you; it may not be the best one.
Another thing, too, for anyone who goes through the process: Tell your colleagues about it. Like I mentioned, some programs don’t have a lot of conversation regarding this topic, whereas others do. And so some people may be getting it too late, but they just truly didn’t know much about it. So tell your colleagues, tell your friends. At Pattern, we actually do appreciate that, because now your knowledge has been given to them, and they have an idea of this. So we actually send referral gift cards here, because it’s a way for you to kind of spread the word about Pattern.
So I would say those are my three biggest takeaways: Just look at all your options, and get started even if you’re not sure. That way you have a good foundation and understanding.
Kevin Pho: You’ve been listening to a special sponsored episode from Pattern. Pattern helps physicians protect their investment in themselves and make informed decisions about disability insurance. Find out more at KevinMD.com/pattern. That’s KevinMD.com/pattern. The link will be in the show notes. Shelby, thank you so much for coming on the show and sharing your time and expertise.
Shelby Heiser: Yeah. Kevin, I just want to thank you for having us, letting us talk about this topic, and really for having a platform for physicians to tell their stories and learn about these things.
Kevin Pho: All right. Thanks again, Shelby.
Shelby Heiser: Thank you.
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