According to the Agency for Healthcare Research and Quality, a hospital stay costs around $7,400 for 18 to 44 year olds and $12,500 for 45-64 year olds. Even for those with health plans that include hospitalization coverage, a night spent in the hospital can leave you with many expensive medical bills. That’s where a Supplemental Hospital Indemnity policy can help.

Supplemental Hospital Indemnity Insurance is designed to address gaps in primary coverage by helping pay out-of-pocket expenses. In this article, we will answer eight common questions about Supplemental Hospital Indemnity Insurance and discuss why you may want to consider a supplemental policy to complement your health plan. 

With the new Affordable Care Act Employer Mandate, companies with 50 or more employees are obligated to offer group health benefits. However, many smaller medical practices are also opting to offer healthcare benefits for their staff. This could be due to recent compelling statistics that show a direct correlation between quality benefits and employee retention.

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:

1. Their medical practice does not offer health insurance
2. They have started their own practice and do not need to offer group coverage yet
3. Group coverage does not fully meet their needs

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.