EP3: Career Change after Disability: From ER/Family Doctor to The Yoga MD
ฝัง
- เผยแพร่เมื่อ 27 มิ.ย. 2024
- This is not your typical Disability Insurance talk. In this interview, I chat with Dr. Shailla Vaidya, a former Emergency and Family Doctor whose side hustle, The Yoga MD, became her main career after experiencing burnout and a disability that left her unable to practice medicine.
We talk about the LIVED experience of claiming disability insurance, mistakes to avoid, the financial realities, and having to pivot your career. This is the info disability insurance brokers don’t tell you!
𝗧𝗼𝗽𝗶𝗰𝘀 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱:
0:00 - Intro
1:01 - Life before Disability
4:52 - Burning Out in Family Medicine
13:33 - Becoming The Yoga MD
17:00 - A Life Changing Disability
18:14 - 90 Day Elimination Period
18:44 - OMA Disability Insurance
20:07 - Own Occupation
22:34 - Canada Life & RBC Disability Insurance
26:08 - What to watch out for!
28:58 - How easy is it to claim Disability Insurance?
34:16 - Cost of Living Adjustment (COLA), Future Increase Option (FIO)
36:54 - How much Disability Insurance did you get?
37:32 - Critical Illness Insurance
38:22 - Other sources of Income/ODSP/Investments
45:27 - Obstacles of Starting a Small Business
50:27 - Principles from Yoga for Burnout
53:25 - Rapid Fire Questions
𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀:
1) Dalai Lama Art of Happiness at Work: amzn.to/3MAfyIa
2) Disability Insurance Simplified for Students: • Disability Insurance S...
𝗖𝗼𝗻𝗳𝗹𝗶𝗰𝘁𝘀 𝗼𝗳 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲:
This content is for education and entertainment purposes only. Any information, views, and opinions expressed are solely those of the presenters and are not a substitute for financial advice specific to your personal situation. Both Dr. Shailla Vaidya and Stephanie Zhou are not affiliated or receive promotional compensation by the disability insurance providers mentioned in the video.
#disability #disabilityinsurance #careercoach #careerchange
𝗧𝗼𝗽𝗶𝗰𝘀 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱:
0:00 - Intro
1:01 - Life before Disability
4:52 - Burning Out in Family Medicine
13:33 - Becoming The Yoga MD
17:00 - A Life Changing Disability
18:14 - 90 Day Elimination Period
18:44 - OMA Disability Insurance
20:07 - Own Occupation
22:34 - Canada Life & RBC Disability Insurance
26:08 - What to watch out for!
28:58 - How easy is it to claim Disability Insurance?
34:16 - Cost of Living Adjustment (COLA), Future Increase Option (FIO)
36:54 - How much Disability Insurance did you get?
37:32 - Critical Illness Insurance
38:22 - Other sources of Income/ODSP/Investments
45:27 - Obstacles of Starting a Small Business
50:27 - Principles from Yoga for Burnout
53:25 - Rapid Fire Questions
𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀:
1) Dalai Lama Art of Happiness at Work: amzn.to/3MAfyIa
2) Disability Insurance Simplified for Students: th-cam.com/video/hcSuJaBhPho/w-d-xo.html
Thanks for your work!
❤🎉😊🎉❤
Thanks for the insightful interview! One question that I still have is if there is any benefit to having two separate disability insurance policies. Wouldn't that mean twice the work of applying for your payout if you become disabled?
Based on Dr. Vaidya's experience, it does sound like twice the work but the benefit is if one is reluctant to pay out, the other will (as Dr. Vaidya says in the video that Canada Life followed what OMA did in extending payout). The other benefit is you can potentially get claims from both if you qualify for both.
Some residents will apply for both because the OMA plan (step rate) is cheaper in the beginning but get expensive later on, the RBC/Canada Life (level rate) plans are more expensive in the beginning but stay that rate throughout life. Having both might mean you can pay for a small amount of Level rate insurance early, and buy more of the Step rate then as the Step rate gets more expensive, then you buy less /cancel and use more Level rate. You can dial it up and down b/c of the FIO rider which allows you to increase your insurance without needing a physical.
Amazing video! I was wondering if you could elaborate a bit more on the own occupation rider. Does it only become useful if I voluntarily choose to return to work?
For example, if I am primarily clinical/hospitalist family MD and become disabled, I feel it would be quite unlikely that I would be able to return to any other job if I couldn’t return to clinical work. In what circumstances would it be helpful? Thanks!!
Hi Sarah! Good question - what own occupation refers to is that you are unable to fulfill the entirety of your own occupation (i.e. clinical/hospitalist/FM MD). Even if you're back at work and doing modified duties, it means you're not fully doing what you were doing, not making as much as you did before you were disabled and own occupation would allow the policy to pay out. You mentioned that it's unlikely you would do any other job (be unemployed) if you become disabled in which case you're right, it's not as helpful. But it's hard to predict the nature of a disability and how incapacitated you'll be.
@@BreakingBadDebt Thank you! So if I am understanding this correctly - let’s say I have own occupation rider. Imagine I am a FFS hospitalist and then get into an injury that makes me less mobile. I require modified duties and now can only see half my usual amount of patients in a day. Would I get the pay of my FFS work PLUS the full insurance policy?
@@smallasianbigworld Hi Sarah, that's correct. If you're not able to fully go back to doing what you were doing before (i.e working full time), you are considered disabled and will collect the disability pay. I'm linking a good article from the Alberta Medical Association that answers both your questions: www.albertadoctors.org/services/insurance/for-residents/convert-plans/own-occupation-rider