Cost of Living in Montana

According to 2021 data from the Bureau of Economic Analysis, the annual average cost of living in Montana is $47,887.

• • • Housing and Utilities: $7,708
    • Healthcare: $8,289
    • Food and Beverage (non-restaurant): $3,971
    • Gas and Energy: $1,388
    • All Other Personal Expenses: $26,532

Average Base Salaries in Montana

The average salary in Montana is $52,300. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $234,329
    • Dentists: $216,687
    • Veterinarians: $173,780
    • Nurses: $91,610
    • Anesthesiologists: $435,123
    • Surgeons: $215,428
    • Cardiologists: $249,615
    • Radiologists: $135,125
    • Psychiatrists: $383,300
    • Pediatricians: $254,752
    • Oncologists: $261,790
    • Gastroenterologists: $195,791
    • Emergency Medicine Physicians: $170,506
    • Dermatologists: $183,751

Disability Prevalence & Impact in Montana

• • • Overall Rate: Approximately 1 in 6 Montana adults report having a disability.
    • Age Factor: Disability is more common among older adults in Montana, with 1 in 3 adults aged 65 years and older reporting a disability, compared to 1 in 9 (~11%) working-age adults.
    • Employment Rate: The employment rate for people with disabilities in Montana is 45.8%, compared to 79.5% for those without disabilities.
    • Labor Force Participation: Approximately 32,000 Montana workers have a disability, with the most common types being hearing difficulty or cognitive difficulty. Another 17,300 disabled Montanans are unemployed, resulting in an unemployment rate of 3.5% for this group. Additionally, about 35,000 Montanans with a disability are not in the labor force, representing a sizeable untapped labor pool.

Key Aspects of Disability Insurance for Montana Physicians

1. Income Protection: Disability insurance for physicians provides a source of income replacement if they become unable to work due to a disabling injury or illness. 

2. Definition of Disability: Like other disability insurance policies, the definition of disability can vary. It’s essential for physicians to understand how disability is defined in their policy to ensure they meet the criteria for benefits in the event of a disability.

3. Benefit Amount: Doctors should carefully consider the benefit amount they select when purchasing disability insurance. It is important to ensure their coverage is adequate to maintain their standard of living and cover essential expenses.

4. Cost and Premiums:  Premiums can vary based on factors such as age, health status, specialty, and desired coverage amount.

5. Own-Occupation Coverage: Own-occupation coverage is particularly important for physicians. This ensures that benefits are paid if the resident becomes unable to work in their specific medical specialty, even if they can work in another occupation.

6. Future Earnings Potential: Disability insurance for doctors should take into account their future earnings potential. Some policies offer future purchase options that allow residents to increase their coverage as their income rises without undergoing additional medical underwriting.

7. Group Disability Insurance: Some medical programs may offer group disability insurance as part of their benefits package. While this coverage can provide a basic level of protection, it’s essential for physicians to evaluate whether it’s sufficient for their needs and consider supplementing it with an individual disability insurance policy.

8. Professional Assistance: Since disability insurance policies can be complex, doctors should seek guidance from insurance brokers specializing in disability insurance or financial advisors who can help them navigate their options and select the most suitable coverage for their needs and budget.