Many young physicians buy individual disability insurance based on price alone, thinking that all own-occupation coverage is the same. However, there are other factors to consider. Your choices can have financial consequences for your family, should you become sick or hurt and unable to work.
Higher medical costs, changing demographics and healthcare reform are challenging medical groups to find more cost effective ways to recruit and retain qualified professional staff. Consider how much it costs to hire a new physician: recruiting costs, a signing bonus, relocation expenses and other start-up costs can cut into your bottom line. In order to reduce attrition among younger physicians and advanced clinicians, as well as incentivize senior members to reconsider early retirement, practice owners are offering more attractive benefits packages.
TMA members who rent their home can take advantage of special savings on their renters and auto insurance. When you purchase both your auto and renters insurance with TMA Insurance Trust through Travelers, the auto insurance savings could exceed the cost of the renters policy.* But is renters insurance really necessary for you?
The cost of running a practice seems to rise each year. Depending on the type of medical practice, overhead expenses may be a significant percentage of your practice’s total revenue, estimated to be as much as 60 percent.*
It takes a lot of planning, dedication, time and money to make a medical practice work efficiently and profitably. But if a disability should strike, you might be unable to work for an extended period of time. Without the right disability insurance, everything you have worked so hard to achieve could be lost.
In these last few days of December, many of us are especially busy - with additional tasks like shopping for gifts, finalizing travel plans, or finishing preparations for receiving friends and family at home. Are these days busier than ever for you? If so, it’s likely that auto insurance is the last thing on your mind. But a few minutes on the phone could be a wise investment of your time, bringing you big savings (an average of $550!*) on your auto insurance.
If you are a practice owner, you know your staff wants quality health insurance coverage. However, you may feel that offering such benefits would not be financially viable. If this is the case, we want you to be aware of some little-known waivers that may make offering quality health insurance coverage an option for your practice.
For many physicians, November and December may be the busiest time of year. As the weather cools, people spend more time indoors and the cold and flu season comes into full swing. That is not the only reason some physicians’ offices are so busy - many Texans have suddenly become aware that their insurance benefits and/or flexible spending accounts will expire at year’s end, so they pick up the phone and schedule all of the necessary appointments. Your schedule may be getting tighter than ever - and now you realize that Health Insurance Open Enrollment has begun and you need to secure coverage for your family and practice! The timing could not be worse.
