In life, change is inevitable. You may be preparing to welcome a new family member, get married, or change employment; and with any major change, there are many considerations. What some physicians miss at these times is the chance to make adjustments to their health insurance coverage. At TMA Insurance Trust, we can help you navigate the health insurance options that present themselves during these moments of change in your life. Here’s how we can help.

You have invested heavily in your future; putting forth effort, time, and significant expense to get where you are today. As you near the conclusion of your medical residency, you expect a successful career of personal satisfaction and accomplishment. Still, no one can say with certainty what the future holds. If the unexpected should happen, proper insurance coverage will help you meet the unknown head on. What type on insurance should you carry as a resident or fellow? For those who aren’t sure where to start, we have created a package of the most essential insurance products for physicians who are starting out in their careers.

We’ve become used to it by now – those little messages that pop up on our cell phone or computer. The notices that tell us it’s time for an update.

“That won’t happen to me.” Though no one wants to dwell on the possibility, succumbing to a serious illness or injury is alarmingly common.

For example, during the 2017 calendar year in Texas, 17,571 people sustained serious injuries in vehicle crashes*. (This figures to be 2 people each hour!) As an independent physician, what would happen if you were the injured party and you could not practice medicine for several months? Think about your practice...Who would see your patients? How would you cover salaries for your employees? How would you pay your lease and utilities?

Like most professionals, many physicians think of life insurance as a crucial part of their safety net of personal protection.

And chances are, whether you work at a hospital or medical practice, life insurance is routinely offered as an employee benefit. In fact, basic life insurance is frequently provided at little or no cost to physicians by their employers.

In many cases, however, the life insurance you receive from your employer may leave holes in the very safety net that was meant to provide protection.

Imagine going to a very nice restaurant. You sit down at a table and the waiter asks for your order. After you place your order he points to the kitchen and says “Please pick it up in 10 minutes. And when you’re done, kindly bring your dishes back to where you got them.”

Is this the type of service you expect from a high quality restaurant?

As the owner of a medical practice, we don’t have to tell you that providing group benefits for your employees can be costly. In fact, you could be paying a significant part of your revenue for employee benefits. So it makes sense that you are entitled to ask this question – am I getting the service that I’m paying for?

As a physician, you’ve devoted many years to study and hard work. You’ve paid your dues to get where you are, and continue to devote yourself to the practice of medicine with all its responsibilities. No one would question that you’ve earned the place you have in life. With hard work and dedication, financial success usually follows. Unfortunately, there are some who may view your financial situation in an opportunistic way. If you are involved in an accident and you are held responsible for damages or bodily injury, the other party may want to take advantage of your financial situation.

By definition, an accident is neither expected nor intended; in other words, you don’t see it coming, and when it does ... you wish it hadn’t. Out-of-pocket medical costs are also an unexpected surprise for many when an accident occurs. If you or a family member falls from a ladder, breaks an ankle during a soccer game, or burns an arm while trying out the new electric pressure cooker; expenses that aren’t covered by health insurance may add up quickly.

For TMA members, help is available to pay for the out-of-pocket costs related to an accident. Now that you have health insurance in place for the new year, why not examine your family’s need for accident insurance coverage?