A Guide To Protecting Your Future
Why Do You Need Insurance?
What Do You Have To Protect? Protection for today- Health Insurance Protect you and your family day-to-day Disability Insurance Protect your ability to continue school or work (FACT! - It s cheaper when you re young..)
The GOOD News Out of the 96.4% of 2010 grads seeking employment or advanced education: 84.6% of grads received at least one job offer by the time of publication (September 1, 2010) ( 6%) *Source: calculated from JAVMA, Vol 237, No. 7, October 1, 2010 p795
The GOOD News Mean value of full-time starting salaries (not including advanced study) was: $67,359 For 47.8% of the respondents above, this included additional compensation (i.e. signing bonus, moving allowance, production bonus, etc) *Source: calculated from JAVMA, Vol 235, No. 7, October 1, 2009 p830
The BAD news With the climbing costs of employee benefits, many employers are opting not to provide them to new employees: 23.35% do not provide medical insurance* 71% do not provide disability insurance* 79.4% do not provide life insurance* 39.5% do not provide liability insurance* 28.9% provide tax-deferred retirement savings (401k, Keogh IRA, etc)* *Source: calculated from JAVMA, Vol 235, No. 7, October 1, 2009 Table 3
What do you have to protect? Protection for today- Protection for tomorrow o Health Insurance o Disability Insurance o Life Insurance (FACT! - It s cheaper when you re young..)
Ask yourself Who s looking out for YOUR financial future? Your income Your body/self Your ability to work
Why Do You Need Health Insurance? A catastrophic illness can devastate you financially! A hospital stay of only a few days can cost upwards of $30,000 due to your short-term medical condition? Can you afford loss of income, loss of significant savings, or possible significant long-term debt?
Why Do You Need Disability Insurance?
You have an enormous amount of financial responsibility According to the AVMA: Approximately 89.9% of 2010 grads stated they have debt Mean value for those claiming to have debt have $133,873 36.7% of those with debt, had $150,000 or more to pay back *Source: JAVMA, Vol 237, No. 7, October 1, 2010 p798
You have an enormous amount of financial responsibility Losing your earning power can: create more debt deplete savings entirely force you/your family to change lifestyles
Why Buy Life Insurance?
How can AVMA GHLIT help? Your membership benefit of the AVMA Products tailor-made for you by a board of trustees of experienced veterinarians Provides group purchasing power of thousands of veterinarians across the nation Over 32,000 veterinarians and students are currently insured with the Trust
Why AVMA GHLIT Insurance Products? Group Association Plan (Group buying power to save money) Guarantee to Issue (Cannot be denied or cancelled) Completely Portable (Take everywhere you go) Designed by Veterinarians Available to all SAVMA Members
AVMA GHLIT Student Plans Student PPO Medical plan o $5 million lifetime cap (LIMIT REMOVED) o $20 co-pay for office visits in network covers all major medical services o $2000 of prescription drugs coverage annually (LIMIT REMOVED) $10 co-pay for generic drugs with tiered co-pay plan o $250 deductible o Annual gynecological exams subject only to co-pay/co-insurance o Optional maternity benefits (NOT OPTIONAL/MANDATORY) o $35 rabies titer after exposure
AVMA GHLIT Student Plans Dental plans now available at most schools! Student Life & Disability Package o $500/month in disability benefits o +$100,000 of Group Term Life insurance Family Group Term Life Insurance o student plans from $100,000 to $1 million o Up to $500,000 for spouse coverage o $5,000 or $10,000 for children
AVMA GHLIT Student Plans Hospital Indemnity Insurance Plan o Supplement other medical policies o $100- $400/day during hospitalization o Low cost starting at $8/month o Provides daily cash when you need it most!
AVMA GHLIT Graduate Guarantees Available to all SAVMA members in good standing with their local chapter
What is the Graduate Guarantee? Start by laying the foundation for your future. As a senior, you are automatically assured that you and your dependants will be accepted for the following coverage at our lowest rates available: Major Medical Insurance Long & Short Term Disability Term Life Insurance Accidental Death & Dismemberment Basic Protection Package Professional Overhead Expense Hospital Indemnity Benefits Regardless of any pre-existing medical problems you may have
AVMA Promissory Note Interest Free loan created by the AVMA to help new graduates pay their insurance premiums ONLY AVAILABLE AT GRADUATION! AVMA will loan you the money to pay your up to first 6 months premium (May 1 Oct. 31). You may repay the loan without any interest charged on or before Oct. 31, 2011. If you choose, you may delay payment an additional 12 months until November 1, 2012. By waiting, you will incur an interest expense, but at a low 4% per year. The Promissory Note program enables you to take advantage of the Graduate Guarantee offer even though your current financial situation might have otherwise kept you from doing so.
Newsletter https://secure.healthplan.com/user-docs/006846_7068_avma_perspectivesnewsletter_fin.pdf
You Have A Lot to Protect! Let AVMA GHLIT help you walk through the possibilities. AVMA Group Health and Life Insurance Trust Who To Contact: www.avmaghlit.org/student
Visit these websites for more info: www.avmaghlit.org www.avmaplit.org www.avma.org