Cost of Living in Hawaii

According to 2024 data from Forbes Advisor, the annual cost of living in Hawaii  is $55,491. Below are some typical costs seen for key expenditures. 

• • • Monthly Mortgage Cost: $5,004
    • Monthly Rent: $2,423
    • Other Monthly Housing Costs: $2,059
    • Annual Food Cost: $5,886
    • Annual Transportation Cost: $7,458
    • Annual Healthcare Cost: $9,592

Average Base Salaries in Hawaii

The average salary in Hawaii is $61,420. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $194,650
    • Anesthesiologists: $240,286
    • Surgeons: $215,002
    • Radiologists: $129,843
    • Psychiatrists: $168,994
    • Oncologists: $365,260
    • Urologists: $220,844
    • Gastroenterologists: $218,766
    • OBGYN Physicians: $171,738
    • Dentists: $225,387
    • Veterinarians: $117,873
    • Nurses: $108,610

Hawaii Physicians Should Look for These Key Features in a Disability Insurance Policy

1. Own-Occupation Coverage: This type of policy ensures that you receive benefits if you are unable to work in your specific occupation as a medical professional, even if you can work in another capacity.

2. Residual or Partial Disability Coverage: This provides benefits if you can work but your disability limits your capacity, resulting in a reduction of income.

3. Non-Cancellable and Guaranteed Renewable: These policies guarantee that your coverage cannot be canceled, nor can the premiums be increased, as long as you pay the premiums.

4. Future Increase Option: This feature allows you to increase your coverage amount as your income grows without needing to undergo additional medical underwriting.

5. Cost of Living Adjustment (COLA): This rider ensures that your benefits keep pace with inflation, maintaining your purchasing power over time.