Cost of Living in Maine

According to 2021 data from the Bureau of Economic Analysis, the annual average cost of living in Maine is $50,559.

• • • Housing and Utilities: $8,760
    • Healthcare: $8,670
    • Food and Beverage (non-restaurant): $4,499
    • Gas and Energy: $1,580
    • All Other Personal Expenses: $27,050

Average Base Salaries in Maine

The average salary in Maine is $55,960. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $166,176
    • Dentists: $216,482
    • Veterinarians: $135,801
    • Nurses: $94,540
    • Surgeons: $421,414
    • Cardiologists: $196,546
    • Radiologists: $144,965
    • Psychiatrists: $314,893
    • Pediatricians: $199,016
    • Oncologists: $478,143
    • OB/GYN Physicians: $263,352
    • Dermatologists: $211,936

Disability Prevalence & Impact in Maine

• • Prevalence of Disability: Approximately 16% of Maine’s population has one or more disabilities, which is higher than the national average of 13%.
  • Employment Impact: Among working-age individuals with disabilities (ages 18-64) in Maine, 51.4% did not work. Non-employment rates varied by disability type: 

Cognitive: 54.4%
Hearing: 36.2%
Ambulatory: 69.8%
Visual: 48%

Critical Riders for Maine Physicians to Consider

When choosing a disability insurance policy, it’s essential to consider riders that can enhance your coverage and provide additional financial protection tailored to your needs as a doctor. Riders are optional features that you can add to your base policy, often for an additional cost. Here are some critical riders for physicians to consider:

1. Future Increase Option Rider: This rider allows you to increase your coverage amount in the future without undergoing additional medical underwriting. As your income grows throughout your career, this rider ensures that your policy keeps pace with your financial needs, offering flexibility and peace of mind.

2. Residual or Partial Disability Rider: A residual or partial disability rider provides benefits if you experience a reduction in income due to a disability that prevents you from working full-time or at full capacity. This rider is crucial for maintaining financial stability if you can only work part-time or in a limited capacity due to a disability.

3. Cost of Living Adjustment (COLA) Rider: The cost of living adjustment rider increases your benefits annually to keep pace with inflation. This is especially important for long-term disabilities, as it ensures that your benefits maintain their purchasing power over time, providing ongoing financial security.

4. Student Loan Rider: Many physicians have significant student loan debt. A student loan protection rider provides additional benefits specifically to cover your student loan payments if you become disabled. This ensures that your education debt does not become an unmanageable burden during a period of disability.

5. Catastrophic Disability Rider: A catastrophic disability rider provides additional benefits if you suffer a severe disability that results in significant loss of independence, such as the need for assistance with daily living activities. This rider helps cover the higher costs associated with severe disabilities, providing extra financial support when it is most needed.