Cost of Living in Louisiana

According to 2024 data from Forbes Advisor, the annual cost of living in Louisiana is $35,576. Below are some typical costs seen for key expenditures. 

• • • Monthly Mortgage Cost: $2,895
    • Monthly Rent: $1,044
    • Other Monthly Housing Costs: $1,014
    • Annual Food Cost: $3,734
    • Annual Transportation Cost: $5,324
    • Annual Healthcare Cost: $9,796

Average Base Salaries in Louisiana

The average salary in Louisiana is $50,940. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $256,413
    • Anesthesiologists: $333,837
    • Surgeons: $174,851
    • Cardiologists: $362,589
    • Radiologists: $141,755
    • Psychiatrists: $421,183
    • Pediatricians: $346,333
    • Oncologists: $445,255
    • Gastroenterologists: $198,588
    • Emergency Medicine Physicians: $186,060
    • Dermatologists: $341,026
    • Dentists: $230,405
    • Veterinarians: $119,179
    • Nurses: $70,771

Disability Prevalence & Impact in Louisiana

• • Prevalence of Disability: Approximately 15.5% of Louisiana’s population reported having a disability.
  • Employment Impact: Among working-age individuals with disabilities (ages 18-64) in Louisiana, 55.6% did not work. The non-employment rates varied by disability type:
    • • Cognitive: 61%
      • Hearing: 42.9%
      • Ambulatory: 72.5%
      • Visual: 49.2%
  • Financial Hardship: In 2019, 60% of Louisiana residents with disabilities lived below the ALICE (Asset Limited, Income Constrained, Employed) threshold, indicating that their income did not meet the basic costs of living.

Louisiana 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.