All Platinum Advantage for GME policies will feature the Benefit Increase Rider.
The following options allow policyowners to increase maximum benefit amounts earlier than the BIR traditionally allows.
Special Accelerated Option BIR Rules for Platinum Advantage for GME Policies
Medical residents and fellows can apply for an accelerated benefit increase during the 12 months after they complete their training. They can apply for an increase up to $15,000 with proof of income.
They can also apply before they complete their training if they have a signed employment contract in place. In this case, the application date must be within six months of starting employment.
Please note, using this option will count as the one accelerated option allowed every three years.
One-Step Option
Physicians who purchase a policy in their final year of training and submit an executed employment contract with the initial application are eligible for a policy with a basic monthly benefit amount up to $15,000, subject to issue and participation limits.
- This eliminates needing both a base and an increase application.
- An executed employment contract signed by both the employer and employee is required (identical to The Standard’s rules for fully underwritten coverage).
- The monthly benefit may be offset by existing LTD or IDI coverage. Please submit the LTD booklet from the employer in the executed contract.
- The One-Step Option is only available at initial policy issuance and for initial policy effective date.
Please note that New-in-Practice Limits are not used in GME programs.
