It is often strongly recommended by experienced physicians that newly practicing physicians obtain a disability insurance policy as soon as possible. Establishing this coverage early in one's career is essential for safeguarding their income.
As years pass and your salary and income grow, your disability insurance coverage needs to keep pace or you could face risks to your financial stability. The policy you started your career with may not sufficiently protect your current income.
No physician likes to think that a serious illness or tragedy could happen to them at any moment. But if it does, a greater tragedy would be not being prepared. Your livelihood may be affected if you are too sick or injured to practice and your income stops.
“An ounce of prevention is worth a pound of cure.” Benjamin Franklin’s wise proverb is one you likely reiterate to your patients in some form. As a physician, you understand that taking preventive measures to protect against illness or disease is far better than spending time and resources addressing a medical issue after it has already occurred.
An individual's vitality and health are often determined by how well the inner workings of their body function. The same is true of your practice.
While you are the face of your practice, internally, two things need to be in place and function well to keep your practice healthy and optimal: the right health insurance for your needs, and effective cost management. TMA Insurance Trust understands the challenge for practice owners and independent physicians to access comprehensive group PPO health coverage while controlling costs. We want you to know about special options that may help you do both, whether you have employees or not.
Many physicians employed by a medical center, research facility, or large practice may receive benefits from their employer. That can bring a sense of security, knowing that your basic insurance needs are covered. This is especially true when you believe your income is protected with employer provided disability insurance benefits. However, this article will point out that there may be hidden risks, so your sense of security may not be well founded.
As a physician, you have invested much time, effort, and expense in growing your independent practice. At a moment's notice, an injury or unexpected illness can have devastating effects on what you have painstakingly built up. Now is the time to help protect your practice from financial injury. Business Overhead Expense Insurance (BOE) is disability insurance designed to cover the expenses of your practice when you are unable to work due to a covered illness or injury.
Protecting the ones you love is instinctive. It is so inherent, planning for potential situations that could harm your family is synonymous with common sense. Keeping a first aid kit in your home or car, having fire drills with your kids, learning CPR – nearly everyone protects their family every day in some way.
Life insurance can help protect all the days your family has ahead of them if you are suddenly unable to.
If you‘ve been practicing medicine for some time – especially if you own a practice – you can appreciate the truth in the statement “There’s no substitute for experience.”
Experience gained over time can certainly enrich the care you provide to your patients and the skill with which you manage your practice.
Likewise, at TMA Insurance Trust, with our depth of industry knowledge and experience, we are uniquely positioned to help practice owners and their managers get the best group insurance to meet their needs.
