Our Thinking

Insights to help you protect your career and family.

Starting residency, is my employee insurance enough?

Female Resident Smiling in front of Building

Understanding your employer-provided insurance benefits

Like any new employee, when you start your residency you will likely be given a new employee orientation. And while there may be a lot to learn about all the ins and outs of your new hospital setting and your team, there’s one aspect of new employee orientation that you are going to want to pay particular attention to – insurance benefits. Understanding the insurance benefits you are going to receive as a medical resident and how they measure up to your own personal financial situation is critical to your current and future financial health.

One size does not fit all

Most employer sponsored insurance plans offer benefits that meet the broad needs of their employees. These benefits will not likely meet the unique needs you have as a resident physician. So, think of these as a starting point from which to build an insurance protection plan that meets your personal circumstances and financial goals.

Know what’s at stake

The sole purpose of insurance is to protect you and your family from financial loss. What that loss looks like is unique to you. Your family circumstance, student debt, financial obligations and future goals all play a part in how you build an insurance portfolio to protect yourself and your family.

Mix and Match

Your employer-provided insurance isn’t likely to be enough on its own. Your personal financial protection plan needs to have layers, different types of insurance coverage that address your specific needs for insurance protection. Supplement your employer-provided disability insurance with disability coverage that recognizes you as a resident and your medical specialty. Find life insurance that provides for your young family. It’s your financial protection plan, build it so it works for you and your family.

Find a trusted source

It’s not enough to find someone who sells insurance; your personal, professional, and financial circumstance won’t benefit from off the shelf, one size fits all, products. It’s important for you to find insurance specialists who understand the medical profession and can offer you best-in-class products and services that meet your insurance needs as a physician.