There have been a lot of changes in the healthcare industry over the past few years, and it’s expected to continue evolving. One of these changes is a move away from group coverage to individual health plans. These are a few common reasons why physicians may need individual health insurance coverage:
You are about to retire from a long career in your practice, your children are self-supporting and you have paid off your house. That leaves no reason to continue carrying a life insurance policy, right?
When you own a successful medical practice there are many people that have helped you grow it. Your amazing team, the ones your practice couldn’t survive without, have had a hand it your success.
According to the National Association of Insurance Commissioners, small businesses are extremely dependent on just a few key people for their success, and 71% say that they are “very dependent” on only one or two key people.
That’s why you should consider purchasing key person life and key person disability insurance for your practice.
Healthcare is one of the most expensive benefits you can offer employees. As a medical practice, employees often assume they will receive healthcare benefits.
However, health care comes at a cost. According to Kaiser Family Foundation survey, the average annual cost of a single premium per enrolled employee for employer-based health insurance in Texas is a total of $5,386, with an employer contribution of $4,251.
That’s a pretty sizable amount of money to be spending towards health insurance alone. So how can you spend less on health insurance, but still have quality coverage? By leveraging the benefits of HSA, HRA and FSA.
It doesn’t matter if you have been in business for 3 years or 30 years, as a successful Texas physician, it’s important to have a health insurance plan for yourself and your family.
However, finding the right health insurance is a balancing act between cost and coverage. How much coverage you get is determined by how much you want to pay in premiums. Figuring out which health insurance plan works best for you requires research. You have to take the time and call different insurance companies, scour the Internet for help and ask friends for advice. All of this research is labor-intensive, and you just don’t have time for it - especially when you have patients to care for.
Have you ever asked yourself, “Can my business survive if I’m not there”? Most physicians would say no since their practice relies on them so much. Whether you are just starting your own practice, or you are growing an existing one, it’s important that it keeps running smoothly even if something should happen to you.
Like most physicians who own a small or midsize practice, you are the key player in keeping your practice profitable, and if you’re not there to see patients, your practice will quickly fail. Well, that’s what Office Overhead Expense Insurance is there for – a way to keep your business functioning even when you can’t be there.
As you know, a disability can happen to anyone. According to the Council for Disability Awareness, 1 in 4 of today’s 20-year olds will become disabled before they retire. In addition, statistics show that 1 in 8 workers will be disabled for five years or more during their working careers. With statistics like these, it’s pretty hard to turn your back on disability insurance.
The truth is, having a disability will inhibit you from living your life the way you want to and from earning a living. As a physician, you have a high standard of living and you want it to stay that way, which is why you’ve decided to buy disability insurance.
The celebration of life – there is nothing more exciting than learning you and your partner are soon expecting a bundle of joy. There will be a whirlwind of tasks to complete before the arrival date, from preparing the new nursery and purchasing a variety of essentials to attending regular doctor visits and planning a shower. In the midst of all of these responsibilities, don’t forget to update your financial plan by bringing your current insurance policies up-to-date.
