Serious illness can strike at anytime, to anyone. As you are keenly aware, with recent medical advances, certain diseases that once were thought to be incurable are now survivable. Yet, surviving physically may leave you with another serious issue: How will you survive financially?
If you’re like many physicians, employed by a medical group, hospital or medical center, you may be unaware of how much your long-term disability policy actually covers. Most policies paid for by an employer are limited to 50 to 60 percent of a physician’s base salary, excluding bonuses — leaving a gap in coverage that falls short of what’s required to meet ordinary living expenses. To illustrate this point, we'd like to give you a hypothetical example of how you could be caught off guard by inadequate disability coverage:
Everyone knows the principle behind a backup generator. When the electricity goes down, the generator powers on. In the event of an outage, your equipment stays up and running. Nothing skips a beat. Business goes on uninterrupted.
As an independent physician and business owner, you have big responsibilities. You are first and foremost responsible for the care of your patients. Then there is the time, energy, and significant expense involved in running your office.
You have spent years investing in your education, working long hours in a high-stress environment, managing your funds wisely. In time you have been able to enjoy the benefits of all your hard work, including a luxury home and elegant automobile. Sadly, many physicians have not obtained proper coverage for their finer vehicles and homes, and have left themselves open to substantial financial loss.
Many residents and medical students are looking for a new home to rent in the months of June and July – and they’re not alone. The summer months are busy ones for apartment hunting in Texas. If you are a physician or medical student looking for a rental to call home, TMA Insurance Trust wants to remind you to be sure to add renters insurance to your checklist.
As an independent or partner in a practice, you’ve invested time, energy and money in building and maintaining a successful practice. In the event that you become seriously ill or injured and cannot work, you would need to cover your share of the business expenses to avoid a financial setback.
Resolute, industrious, tenacious: physicians who operate a solo or small independent practice can well be described in this way. As the health insurance landscape becomes increasingly uncertain, and regulatory demands and the complexity of administrative tasks increases, small and solo practices face many challenges. Still, these practice owners see tremendous value in maintaining their autonomy and nurturing patient connections. At TMA Insurance Trust, we believe that they deserve special respect and support, and offer it in the form of tailored, comprehensive coverage.
As a specialist, you possess the ability to earn a sizable income after years of education and training. Yet if an unexpected illness or injury prevented you from practicing your specialty, you would need a disability benefit commensurate with your expenses to avoid depleting your savings and investments, and putting your family’s future at risk.
