Insurance is a fundamental tool for protecting what matters most in our daily lives and careers. Disability insurance, in particular, is essential to help safeguard your income in case of illness or injury that prevents you from practicing. However, this indispensable tool may come at a higher cost for women physicians due to gender-based pricing differences.
Statistics reveal that over 22.3% of all disabilities are linked to pregnancy,1 shedding light on a significant factor contributing to the gender-based pricing differences in disability insurance. Given these statistics, premium rates on individual long term disability insurance policies are often 40% to 50% higher for women than men.2 Our experience suggests that many women physicians may lack the crucial income protection disability insurance provides due to the higher costs involved.
Exclusive TMA Member Disability Plans
As a TMA member, you enjoy exclusive options that are not accessible to other women physicians in Texas. The TMA Member Short Term and Long Term Disability plans, issued by The Prudential Insurance Company of America, utilize gender-neutral rates to ensure equal access to quality disability insurance for all TMA members. Additionally, since they are group plans, they are not only more affordable but also more accessible to apply for compared to individual policies.
The TMA Member Short Term Disability Plan
- Guaranteed acceptance for members under age 55 for a cash benefit of up to $6,000/month,3 with online enrollment available for quick and easy access.
- Up to 13 weeks of benefits that can fill the income gap left by most long term disability policies' waiting periods.
- Affordable, budget-friendly premium rates to fit within your financial plan.
- Higher coverage is available with underwriting. Benefits can extend up to $10,000/month3 for members under age 65 to accommodate varying needs.
- Pregnancy is covered. Coverage includes 2 weeks prepartum and 6 weeks postpartum (8 weeks for C-section) providing essential support to women physicians during this significant life event. Members must be enrolled in coverage for at least 12 months before becoming pregnant to take advantage of this benefit.
The TMA Member Long Term Disability Plan
- An exclusive premium credit – a 25% savings on our regular rates,4 possibly saving you thousands of dollars throughout your career.
- Streamlined application process.
- Own occupation coverage with benefits paid until you reach your Social Security retirement age.
- We do not require members to verify their income when you apply for a benefit of up to $5,000/month. This benefit is paid regardless of any other coverage you may have.
- Higher coverage amounts are available with simplified underwriting (compared to individual plans).
- No additional cost for a Student Loan Reimbursement (SLR) benefit – additional payment of up to 25% of your monthly benefit for members under age 40 – up to a maximum benefit of $250,000 at no extra cost.
- Future increase option offers an annual opportunity to increase your coverage to age 45.
Insights about Employer-Provided Disability Plans
For women physicians, relying solely on employer-provided disability insurance may seem like a secure safety net. Yet, to truly protect your financial well-being, it's crucial to peel back the layers and understand employer-provided coverage limitations.
- Coverage often falls short, typically covering only 60%-65% of your salary.5
- Employers may cap monthly benefits - typically $10,000/month.6
- There may be a limit to how long benefits will be paid.
- When your employer or practice covers premiums, your benefits are taxed as income, which could leave you with reduced financial support during challenging times.
- Pregnancy may not be covered.
- Coverage is not portable, which could leave your income vulnerable if you change jobs. Moreover, securing replacement coverage can become more challenging and costly as you age and become less healthy.
These limitations, along with gender-based pricing, highlight the critical need for accessible and affordable disability insurance options that cater to the unique needs of women physicians.
Personalized Insurance Protection for Women Physicians
The exclusive TMA member short term and long term disability plans provide flexibility and insurance protection for women physicians at every career stage, allowing you to focus on what matters most—your health and your patients. Explore our informative video highlighting women physicians and how, as a TMA member, you can save on disability insurance.
Contact an experienced TMA Insurance Trust disability insurance advisor for one-on-one assistance at 800-880-8181, Monday through Friday, 8:00 AM to 5:00 PM CST. Filling out your online application is easy, simply click below to get started.
For over 65 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.
