For most physicians, disability insurance is a given. Indeed, it’s considered an essential form of income protection.
But assuming you have a disability insurance plan, it may surprise you to learn just how much of your future income is not protected.
In life we protect the things that are important to us. That can include our family, our health, our home – and for a practicing physician, that should include your income.
That’s why there’s disability insurance – to help provide income if we get ill or injured and can’t work for a long stretch of time.
Most of us don’t choose to take unnecessary risks, but accidents still happen. Accidents and injuries can happen anytime and anywhere: driving to the grocery store, while taking on a small home improvement project, or tripping on an uneven sidewalk.
Most of us don’t choose to take unnecessary risks, but accidents still happen. Injuries can occur in completely innocuous situations: a drive to the grocery store, during a small home improvement project, at a soccer game.
When you or a family member gets hurt, your health insurance will take care of a good portion of your medical bills. Still, there are additional medical and non-medical expenses that can accumulate quickly. Accident insurance can lend a helping hand financially.
As a Texas physician who currently has or will soon be eligible for Original Medicare, it is important to understand the limitations of Original Medicare. Health-related costs are one of the largest expenses during retirement. However, with proper insurance planning, many of these expenses can be covered by the insurance company, not by your retirement nest egg.
As a physician, what is your most valuable asset? Some would say it’s your ability to earn income. This can be particularly true if you are a surgeon or specialist.
Think about it. You’ve spent years in medical school, residency, and then more time acquiring the skills demanded of your specialty. We don’t have to tell you – this is an enormous investment of time, money, and very hard work.
Accordingly, it’s likely that by now you are earning an income which reflects this investment and commitment. So shouldn’t you take extra care to help protect that income?
You may be a practice owner looking for group health insurance for yourself and your staff. Or maybe you’re searching for an individual health insurance plan for yourself and your family. Or it could be that you’re exploring the numerous Medicare options that are available to you.
Choosing a health insurance plan, or making changes to current coverage, can involve some very important decisions. So we suggest you consider getting a second opinion from a specialist – your TMA Insurance Trust advisor.
People tend to grow out of things. When we’re very young, our parents lament at how quickly we grow out of our shoes and jeans. As we get older, we may grow out of our apartment, our vehicle. As you’ve advanced through your career, you likely grew out of your first job; you wanted something that fit your training and needs better. Of course, as we get older, we grow in experience. Our wisdom deepens. Our income grows as well.
