Office Overhead Expense - Features & Benefits

Get the amount of office overhead expense (OOE) coverage that’s right for you—up to $20,000 a month, in increments of $100. Benefits begin after you have been totally disabled for 30 continuous days and are retroactive to the first day of your disability. Your benefits can continue for as long as 24 months for each period of disability. If you are continuously disabled for more than 24 months but have not yet reached the aggregate amount (equal to your monthly benefit amount multiplied by 24 months), benefits can continue until the aggregate is reached or for 12 months, whichever occurs first. Your coverage ends on the November 1st after your 70th birthday.

For the purposes of OOE insurance, you are considered totally disabled if you can’t perform the material and substantial duties of your occupation due to sickness or injury. You must be under the care of another licensed physician, and you cannot be engaged in any other gainful occupation.

It’s important to remember that the benefits of OOE insurance from TMAIT go beyond covering your practice’s expenses. For example, if you die while receiving OOE insurance benefits, your spouse or dependent children receive a single lump sum benefit equal to three times your monthly benefit disbursement. If less than three months remain in your 24-month benefit period, the payment is prorated.

In addition, the premium payments you make for OOE insurance may be deductible on your federal income-tax return. As a business expense, your payments fall under IRS ruling 55-264, IRB 1955-19, page 8. You should consult your tax advisor regarding this deduction.