On this episode of the Cover Your Assets podcast, Billy Gwaltney dives into a crucial topic for medical professionals: the eligibility rules for Ameritas GSI, or Guaranteed Standard Issue, disability insurance for residents and fellows. If you’re a physician in training, knowing the nuances of this insurance can provide the financial security you need. In this episode, Billy uses his expertise in disability insurance to break down the key eligibility requirements and tips to avoid common pitfalls.

Key Takeaways:

  • Ameritas GSI may provide eligible residents and fellows with private specialty disability coverage without medical screening.
  • The policy can include strong features such as true specialty own-occupation coverage, enhanced residual benefits, full recovery benefits, and future increase options.
  • Eligible physicians may be able to increase coverage up to $15,000 per month.
  • Residents and fellows generally need to be currently training at a facility where Ameritas GSI is available.
  • Applying for disability insurance elsewhere through medical screening can remove eligibility for Ameritas GSI.
  • Trainee discounts may apply to coverage purchased through the GSI opportunity.
  • Because there may be no exceptions after applying elsewhere, residents and fellows should understand the rules before starting the application process.

Transcript:

(00:01.848)

Welcome to the Cover Your Assets podcast, a show for the physician who understands the importance of protecting everything you’ve worked so hard to achieve. If you’re ready to find the peace of mind that only financial security can bring, let’s get started. Here’s your host, Billy Gwaltney.

Hi, welcome to today’s episode of the Cover Your Assets podcast. I’m your host, Billy Gwaltney, and it’s really good to be with you as it always is. Today we’re covering the topic, we’re answering the question, what are the eligibility rules for the Ameritas GSI, or guaranteed standard issue, disability insurance for residents and fellows? I’m an independent disability broker, work with physicians nationwide.

And I’m one of the endorsed brokers for the Ameritas GSI at a particular facility and can get access to numerous facilities across the country to the GSI. This is their best coverage, the true specialty on occupation definition of disability, the enhanced residual or partial benefit, the full recovery benefit. You can increase coverage up to a total of $15,000 per month.

The benefit period is to age 65 or 67. It’s fully portable, non-cancellable, guaranteed renewable, which means you can cancel at any time, but the insurance carrier cannot. They can’t change the rate or change the definitions. You get the trainee discounts on the coverage on everything you buy up to the $15,000. And there is no medical screening required. They completely waive the medical screening.

There are a couple of gatekeeper questions where you need to be actively at work performing your duties. You also need to be currently employed at the facility where you’re a resident or fellow. The biggest eligibility deal killer is if you have applied for disability insurance with any company via medical screening. If you do, then you cannot get the guaranteed standard issued.

(02:11.468)

is just not available. So the only eligibility requirements are currently in training at a facility where it’s available to you, where you’re eligible for it as a resident or fellow there, and you cannot apply for disability insurance anywhere else. You would be surprised how many people don’t know that that’s a rule. And so they just apply and it doesn’t go the way they expect. And so they start looking for the GSI and they can’t get it.

Make sure you do your due diligence. Ignorance is not, unfortunately, a valid reason or excuse. And that is something that you can’t recover from. There are no exceptions to it. So message me here if you’d like to discuss your situation. If you want access to the guaranteed standard issue, I can certainly help you do that and at least point you in the right direction as well. 704-270-2376. You can text me and then we can schedule a time to talk.

Again, 704-270-2376. Thank you for your time. I’m grateful for that. Take care. Thanks for listening to the Cover Your Assets podcast, an odd conduit media production. New episodes drop every two weeks. If you’ve enjoyed the conversation, subscribe, rate, and review this podcast. For more tips and advice, visit the website and YouTube channel. Check the show notes for links. Join us next time for another episode dedicated to helping physicians like you

Get your disability insurance right and protect your way of life.