AANA Disability Insurance

This article aims to explore AANA Disability Insurance, including its offered services and extensive coverage options from financially stable insurance providers.

The aim is to enable individuals to work to their fullest potential within their licensure and scope of practice.

Additionally, the article will examine the advantages of AANA’s insurance policies and compare them with CRNA disability insurance.

AANA Disability Insurance

AANA disability insurance

AANA Disability Insurance refers to a type of insurance policy specifically designed for Certified Registered Nurse Anesthetists (CRNAs) who are members of the American Association of Nurse Anesthetists (AANA).

This insurance policy provides financial protection to CRNAs in the event that they become disabled and are unable to work.

The coverage includes disabilities from injury and illness. There are some exclusions and limitations.

Eligibility for AANA disability insurance

It’s important to carefully review the policy details and speak with an insurance representative to fully understand the eligibility requirements and coverage options available to you.

  1. You must be an AANA member in good standing.
  2. You must be actively working as a nurse anesthetist or enrolled in an accredited nurse anesthesia educational program.
  3. You must be under the age of 60 (or under 55 for some policies).
  4. You must be working a minimum number of hours per week (usually around 20 hours).

Benefits for AANA members and their families

How long do benefits continue

The maximum benefit period is two years. Your benefits may end for several reasons.

These include the end of your total disability, failure to provide disability proof, failure to undergo a required exam by New York Life, or your death.

How monthly benefits are paid

In case of total disabilities covered by the policy, you will receive the funds directly and have the freedom to utilize them as per your discretion.

However, the payable benefit amount will be capped at the lower of either the current monthly benefit or 70% of your pre-disability earnings.

Cancelling enrollment for AANA

Upon receiving your Certificate of Insurance, you have a period of 30 days to assess your coverage and determine your satisfaction.

Should the coverage fail to meet your requirements, you are entitled to return the certificate within the 30-day window, without making a claim, incurring any further obligations, or facing any inquiries.

CRNA disability insurance

When choosing an individual disability insurance policy, CRNAs should give careful consideration to the policy provisions.

  1. Definition of disability; Ensure that the policy defines disability as the inability to perform the material and substantial duties of your specific occupation, rather than any occupation.
  2. Own occupation coverage; Prioritize this coverage because it guarantees benefits even when one cannot carry out the duties of their specific profession, as opposed to any other occupation.
  3. Non-cancelable; Choose a non-cancelable and guaranteed renewable policy to ensure the insurance company cannot cancel or increase premiums, as long as you pay your premiums on time.
  4. Benefit period; Consider policies that provide benefits until age 65 to have coverage until retirement age, and those with a shorter elimination period (e.g. 90 days) to start receiving benefits sooner.
  5. Cost of living adjustment; Look for policies that include cost of living adjustments to keep up with inflation and future increase options without additional medical information.

AANA disability insurance vs. individual CRNA disability insurance

It is best to secure an individual policy while still young and healthy to avoid premium hikes.

Younger CRNAs often opt for the association policy due to its affordability compared to an individual policy. However, at age 40, CRNAs who have opted for the association policy face a drastic increase in rates due to age banding.

For a 40-year-old CRNA seeking an individual policy with a $6000/month benefit, the premium ranges between $2976 annually (discounted, unisex rates) and $4400 annually for females, while males pay between $2500 annually and $3500 annually.

Purchasing an individual disability policy can pose challenges, as medical underwriting, which includes a phone interview and a blood and urine test, is required.

If you have health issues, you may be denied insurance, receive an exclusion, or rating.

 

Summary

The article discusses AANA disability insurance, which is designed for Certified Registered Nurse Anesthetists (CRNAs) who are members of the American Association of Nurse Anesthetists.

The policy provides financial protection for CRNAs in case they become disabled and unable to work due to injury or illness.

The article also provides information on eligibility requirements, coverage options, and benefits for AANA members and their families.

It further highlights important considerations for CRNAs when choosing an individual disability insurance policy, such as the definition of disability, own occupation coverage, non-cancelable policy, benefit period, cost of living adjustment, and premium rates.

Finally, it compares AANA disability insurance with individual CRNA disability insurance and advises younger CRNAs to opt for an individual policy while still young and healthy to avoid premium hikes in the future.

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