Disability Insurance for Massachusetts Physicians

Think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury.

Cost of Living in Massachusetts

According to 2024 data from Forbes Advisor, the annual cost of living in Massachusetts is $53,860. Below are some typical costs seen for key expenditures. 

 

      • Monthly Mortgage Cost: $3,513
      • Monthly Rent: $1,806
      • Other Monthly Housing Costs: $1,960
      • Annual Food Cost: $4,787
      • Annual Transportation Cost: $5,699
      • Annual Healthcare Cost: $12,754

Average Base Salaries in Massachusetts

The average salary in Massachusetts is $76,600. Below are average salaries for medical professionals based on data from Indeed in 2024.

 

Disability Prevalence & Impact in Massachusetts

    • Prevalence of Disability: In 2019, approximately 11.5% of Massachusetts residents reported having a disability, totaling 787,330 individuals.
    • Employment Impact: Among working-age individuals with disabilities (ages 18-64) in Massachusetts, 50.6% did not work. Non-employment rates varied by disability type:
        • Cognitive: 56.1%
        • Hearing: 33.5%
        • Ambulatory: 69.9%
        • Visual: 43%
    • Housing Cost Burden: In 2022, 40% of people with disabilities in Massachusetts spent 30% or more of their income on housing, compared to 20% of those without disabilities. This indicates a significant financial strain on individuals with disabilities.

The Best Disability Insurance Companies for Massachusetts Physicians

 

When it comes to disability insurance, not all policies are created equal. One critical feature often overlooked is own-occupation coverage. This ensures that if you become unable to perform your specific medical specialty, you will still receive benefits, even if you can work in another capacity.

As a highly trained medical professional, your earning potential is closely tied to your specific skills. Without own-occupation coverage, you might find yourself in a situation where you’re unable to practice your specialty but are not eligible for benefits because you can still work in another field. That is why we partner with the below insurance companies who offer the best own-occupation coverage.

Ready to secure your future?

Request a free quote for disability insurance today and take the first step towards safeguarding your career and peace of mind. Your future self will thank you.