Bridging the Disability Coverage Gap: Affordable Solutions for Women Physicians

No one expects to face a sudden injury or illness that puts a pause on their ability to practice and earn an income – even temporarily. The reality? Women are statistically more likely to become disabled than their male colleagues.¹ And without the right coverage, your income, everything you’ve built, and the future you want for yourself and your family could be at risk from the unexpected.

If you’re a woman physician, especially early in your career, disability insurance may not be high on your priority list. But it really should be. Many women physicians are the primary breadwinners in their households. Yet this crucial coverage is often overlooked.

Let’s take a closer look at the unique challenges women physicians face when it comes to securing this vital coverage.

The Gender Gap in Disability Insurance

If you’ve ever received a quote for disability insurance, you likely experienced a bit of sticker shock. Since women are statistically more prone to face a disability, premium rates on individual disability insurance policies are typically 40% to 50% higher compared to rates for men.² In fact, over 22.3% of all disability claims relate to complications resulting from pregnancy.³ Another factor driving higher premiums? According to some actuaries, women are more likely to seek treatment earlier, get diagnosed sooner, and remain on disability for longer.

These high costs for many women can be a significant barrier against obtaining both short and long term disability coverage, with many skipping it altogether – potentially putting them at greater risk in the future.

Why Employer Coverage May Not Be Enough

Many women physicians rely on group disability insurance through their employment. But your coverage may not be as secure as you think – and could fall short when you need it most.

Here are a few ways your employer-based coverage can fall short:

• Only 60%-65% of their salary is typically covered.
• The monthly benefit may be capped by their employer – typically $10,000/month.
• There may be a limit on the length of time they can collect benefits.
• When premiums are paid by their employer, benefits are taxed as income, further reducing their income.
• Is pregnancy covered?
• This coverage is not portable, so you will lose it if or when you leave your employer. It may even be more difficult to secure replacement coverage due to higher costs.

Even if you’re a practice owner and have your own disability policy, with premiums paid as a business expense, you may still find your benefits are taxed as income. For this reason and more, TMA Insurance Trust recommends securing your own disability plans to help keep more of your income protected – no matter what challenges you may face.

Maximizing Protection with Short and Long Term Coverage

TMA Insurance Trust makes it easier and more straightforward with plans that benefit all TMA members, offering gender-neutral member rates and valuable benefits designed specifically for women. With the TMA Member Short Term and Long Term Disability plans, issued by the Prudential Insurance Company of America, you can access quality and equal-cost coverage, regardless of your gender.

In addition, since these are group plans, they are typically more affordable than an individual policy and easier to apply for. Plus, pregnancy coverage is also included in the Member Short Term plan.

The TMA Member Short Term Disability Plan offers up to 13 weeks of benefits that can fill the income gap left by most long-term disability policies’ waiting period.

Features that set this plan apart:

• Pregnancy coverage includes 2 weeks prepartum and 6 weeks postpartum (8 weeks for c-section), to support women physicians during this significant life event. Members must be enrolled in the coverage for at least 12 months before becoming pregnant to take advantage of this benefit.
• Guaranteed Acceptance for members under age 55 for a cash benefit of up to $6,000/month.⁴ Quick and easy online enrollment is available.
• Affordable premium rates were designed to fit within your financial plan.
• Higher coverage is available with underwriting, benefits can extend up to $10,000/month⁴ for members under age 65 to accommodate varying needs.

The TMA Member Long Term Disability Plan comes with an exclusive premium credit – a 25% savings on our regular rates. This could save you thousands of dollars over the course of your career. And having this coverage in place can help pick up where your short-term disability plan leaves off, ensuring better protection without gaps.

Highlighted features of the plan include:

• Streamlined application process.
• Own Occupation coverage for your medical specialty with benefits paid until you reach your Social Security retirement age.
• We do not require members to verify their income when they apply for a benefit of up to $5,000/month. These benefits will be paid regardless of any other coverage they may have.
• Higher amounts of coverage are available with streamlined underwriting when compared to individual plans.
• No additional cost for a Student Loan Reimbursement (SLR) benefit – additional payment of up to 25% of your monthly benefit for members under age 40 – up to a maximum benefit of $250,000 at no additional cost.
• Future Increase Option offers an annual opportunity to increase coverage to age 45.
• An optional Cost of Living Rider provides automatic benefit increases tied to inflation so your benefits remain relevant to the cost of living.

So, which plan do you need? The smart answer is both – and here’s why.

Short term coverage can offer the support and financial stability you need for life transitions, such as if you plan to grow your family. But as your financial responsibilities grow, protecting your income becomes even more necessary. This is where a long term plan can help provide seamless protection that evolves with you. And even if growing your family isn’t in your plans, having both short and long term coverage helps provide that extra level of protection through every stage of your life.

Another reason to combine both plans is cost. The short term plan covers the first 3 months of a disability and is very affordable. This allows you to opt for a 90-day waiting period for the long term plan, significantly driving down the cost of your long term coverage.

And with our gender-neutral pricing, securing both policies may finally be affordable and accessible. By layering protection, you ensure you have a more complete safety net – one that can cover you from the first day of not being able to practice until you reach your Social Security retirement age if necessary, and helps provide continuity of protection even in the most unexpected moments.

Let’s Get You More Fully Covered

Don’t settle for less – your financial security matters, and you deserve more than limited or overpriced coverage.

We’re here to help you every step of the way as you explore options tailored to meet and support your career, goals, and lifestyle – that could support you and your loved ones if you had to take a step back from practicing.

Ready to take the next step? Apply quickly and easily online by clicking the button below, or give us a call at 800-880-8181 (Mon–Fri, 8:00 AM–5:00 PM, CST) to speak with an experienced advisor for personalized support. Let’s make sure your future is better protected – with coverage designed for women physicians.

For over 70 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of quality insurance plans.