Cost of Living in Missouri

According to 2024 data from Forbes Advisor, the annual cost of living in Missouri is $49,511. Below are some typical costs seen for key expenditures. 

• • • Monthly Mortgage Cost: $1,422
    • Monthly Rent: $1,043
    • Other Monthly Housing Costs: $1,067
    • Annual Food Cost: $3,801
    • Annual Transportation Cost: $4,743
    • Annual Healthcare Cost: $9,461

Average Base Salaries in Missouri

The average salary in Missouri is $54,520. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $191,976
    • Anesthesiologists: $179,325
    • Surgeons: $296,730
    • Cardiologists: $271,535
    • Radiologists: $131,227
    • Psychiatrists: $233,419
    • Pediatricians: $160,832
    • Oncologists: $194,095
    • Urologists: $159,579
    • OB/GYN Physicians: $149,653
    • Emergency Medicine Physicians: $177,215
    • Dermatologists: $242,689
    • Dentists: $232,397
    • Veterinarians: $108,211
    • Nurses: $89,503

Disability Prevalence & Impact in Missouri

• • • Overall Rate: Approximately 15% of Missouri residents have a disability.
    • Employment Rate: In 2017, 50.2% of working-age individuals (18-64) with disabilities in Missouri were not employed. The non-employment rates varied by disability type:
      • Cognitive: 54.7%
      • Hearing: 39.2%
      • Ambulatory: 68.8%
      • Visual: 47.3%
    • Poverty Rate: Missourians with disabilities experience a higher poverty rate compared to the national average. On average, they earn $7,529 less annually than their counterparts without disabilities.

Missouri 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.