The Responsible Resident
The Responsible Resident Podcast is a short-form educational series designed for medical students, residents, and fellows who want clarity around financial decisions during training, without pressure, sales, or noise.
Hosted by Amber Stitt, co-owner of MD Disability Quotes and a 15-year specialist in physician income protection, this podcast focuses on what truly matters during medical training: timing, underwriting, and protecting future earning power.
Most residents believe financial decisions can simply be handled later. What this series explains, calmly and clearly, is that some decisions are influenced by health history and timing. Flexibility exists during training, but it does not last forever.
You don’t need to take action immediately. The goal is competence first, so when decisions matter, you’re prepared.
If you’re in training and want to understand your options before they narrow, this podcast is for you.
The Responsible Resident
When to Buy Disability Insurance - RR Ep 4
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When should physicians buy disability insurance, and what factors impact cost and eligibility?
Disability insurance for doctors, timing, underwriting, and income protection explained simply.
In this episode of The Responsible Resident, Amber Stitt breaks down when to buy disability insurance, including how age, health, medical specialty, gender, and state of residence affect pricing and policy design.
Learn why buying disability insurance early helps physicians lock in rates, secure true own-occupation coverage, and protect future income with greater flexibility.
📻 Thank you for tuning in to The Responsible Resident!
To Download the FREE Medical Professionals Blueprint:
If you would like a free quote, please contact us at:
mddisabilityquotes.com/responsible-resident
Amber Stitt is a disability insurance specialist with over 15 years of experience helping physicians protect their income and make informed financial decisions.
As the host of The Responsible Resident, she brings a structured, education-first approach to topics like disability insurance, underwriting, and income protection, areas often overlooked during medical training.
🔗 Connect with host, Amber Stitt, on Social Media:
📲 Be sure to visit the Stitt Strategies website:
🎬 And remember, let's take action today!!!
Amber Stitt [00:00:00]:
Welcome to The Responsible Resident. I'm Amber Stitt. This podcast takes a common sense approach to financial decisions for physicians, breaking down complex topics into something clear, practical, and usable. Because you shouldn't have to have a finance degree to build financial freedom. So far we've covered what disability insurance is and how these contracts work. Now the question becomes, "When should you actually buy it?" At a recent White Coat Investor conference, I had the opportunity to meet a financial advisor who shared her husband's story with us. One morning her husband was in the kitchen with their children getting ready for the day. Suddenly, she noticed him moving strangely, twirling with his hands in the air.
Amber Stitt [00:00:43]:
On a normal day, that might have looked like he was playing with the kids, but something felt off. The movements were awkward and she immediately knew something wasn't right. He then fell face forward to the ground. She called 911 and began performing operator assisted CPR. He was unresponsive as he was transported to the hospital. Miraculously, he was revived. What followed was a long and complex medical journey. He was diagnosed with epileptic seizures, had suffered a serious back injury from the fall, and faced significant ongoing pain.
Amber Stitt [00:01:20]:
There have been years of treatment and progress, but he is not the same today. In their situation, both his group disability plan and his individual policy paid benefits. He has since continued his education and pursued other academic paths, but he is no longer practicing. What stood out to me most was the flexibility his coverage provided. His wife was able to be present with their children, support his recovery, and continue building her financial planning practice. That income protection gave them options at a time when everything else felt uncertain. And that's the part that matters. He had his plans in place early.
Amber Stitt [00:01:58]:
So back to the question, "When should you actually buy it?" Most physicians assume the answer is later, once income increases, or once you feel more established, or once you have more time after training so hard. But the reality is your options, your eligibility, and your pricing are based on today, not later. And that's what makes timing so important. Let's break that down: First, your health when you're in training, your health history is often simpler. Often, but not always, you may not yet have developed conditions that could affect how an insurance company evaluates your risk.
Amber Stitt [00:02:36]:
Even small changes like a new diagnosis, ongoing treatment, or changes in medication can impact your eligibility, your pricing, or how your policy is structured. But beyond health, there are several other factors that influence your cost and your options. Your specialty is one of them. The higher risk your specialty classification, the more expensive your coverage can be. Purchasing your coverage at a lower priced specialty like internal medicine can keep the costs lower for the lifetime of your contract. Some specialties, like anesthesiology will just have their occupation classification established from the beginning, so as you move into your final specialty, or subspecialty, those new material duties become part of your contract without having to change pricing for the higher occupation due to specialized training. Also, please note that true specialty language will work if you cannot perform the material and substantial duties of the specific occupation you were engaged in at the time of claim. It is definitely a perk to secure a plan earlier while healthy since the coverage follows you.
Amber Stitt [00:03:43]:
This section is to let you see the impact of costs over time and starting earlier gives you more money in your pocket longer term. I'd like to take a second to tell you about a Free Medical Professionals Blueprint that I created with you in mind. At some point in your career, you realize it's not just about making more money, it's about making decisions that actually support your life. That's exactly why I created The Pathways Perspective for Physicians. It's a simple, non technical framework to help you think through your career, your money, your risk, and how everything connects as your life evolves. You shouldn't have to have a finance degree to build financial freedom. You don't need to have everything figured out, you just need a place to start. You can download the Free Medical Professionals Blueprint at: StittStrategies.com/Blueprint.
Amber Stitt [00:04:38]:
Your age is another factor. The younger you are when you purchase a policy, the lower your rates and those rates are locked in for the life of the contract. Your initial contract will most likely be set up around $5,000 per monthly coverage. For example, if you lock that in at age 28, that will never change in price. There is about a 3% to 5% for each year you are older. When you purchase additional coverage as an attending, your additional units of coverage purchased during your increase will be at the attained age of purchase. This additional amount is layered onto the original that had the rate lock back at age 28. In this example, it is always better to buy as much as you can at the youngest age. Your state of residence also plays a role.
Amber Stitt [00:05:27]:
Some states are simply more expensive than others. For example, California is currently one of the highest cost states, while many Midwest states tend to be more favorable from a pricing standpoint. There is a way to be forward thinking on future costs, too. Depending on the purchase option selected, some contracts will blend up, or down, if you move and purchase more in a different state. This is a big part of the contract design that I do with my clients. We want to activate coverage early while healthy, but also consider future variables, too. Some contracts will go with current resident address when purchasing the additional coverage. As an example, this is very important for those heading west as an attending. Your gender is also factored into pricing.
Amber Stitt [00:06:14]:
Women statistically experience longer disability durations which can result in higher premiums. My female clients will spend more than their male colleagues, so any savings that we can factor-in early will be beneficial to financial freedom later. And then there are discounts which are often most accessible during training or early in your career. Outside of training, you still have options to accept discounts, although they may be lower than the resident discount. There could be an affiliation discount through your employer and associations, even for your private disability policy. So when you step back and look at this, timing isn't just about your health, it's about locking in a combination of factors. Your age, your pricing class, available discounts, and even your state specific rates.
Amber Stitt [00:07:05]:
Buying earlier allows you to lock in your health profile, it allows you to lock in your rates based on your current age. And just as importantly, it it gives you access to future increase options so you can grow your coverage later without going through medical underwriting again. That flexibility is one of the biggest advantages you have during training. This doesn't mean you need to rush into a decision, but it does mean you should understand your options before they change. Because waiting is not a neutral decision, it's a decision that can reduce your options and increase your costs over time. A better way to think about this is, instead of asking, "When should I buy?" Ask, "What can I lock in today that protects my future options?" In the next episode, we'll take this one step further and walk through the medical underwriting process, what's actually reviewed at the time of application, and how you can be proactive before you ever submit anything. If this episode helped you think a little more clearly about your next step. That's the goal.
Amber Stitt [00:08:11]:
You don't need to have everything figured out, but you do need to take ownership and take a meaningful step forward today. Thanks for listening to The Responsible Resident. As a reminder, this podcast is for general educational purposes only. It is not legal, tax or individualized financial advice, and coverage options will vary based on your personal situation.