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Employed Physicians: What You Need to Know About Disability Insurance

Feb 17, 2018 7:00:00 AM

Many employed physicians receive disability insurance from their employers as part of a comprehensive benefits package. Typically, employer-provided long-term disability insurance provides a benefit for up to 60% of a physician’s salary. For this employer-provided coverage, you will most likely have to pay taxes on any benefits you receive.* The amount you owe in taxes could be considerable, which would leave you with even less income than the 60% of protection you thought you had - right when you need it the most.


On the other hand, there are some employed physicians who are not eligible for benefits from the hospital or medical practice and must purchase their own long-term disability insurance. If this is your situation, are you certain that the disability policy you purchased years ago will adequately protect your income if you become seriously sick or injured?


Whatever your situation - if you need to secure your own insurance, or if you want the maximum amount of income protection, TMA Insurance Trust is pleased to offer you solutions. We can offer comprehensive policies designed for physicians’ needs; as well as a custom supplemental policy which fills the coverage gap that employer-provided benefits may leave. Read on to discover the advantages of a disability insurance policy from Guardian through TMA Insurance Trust.


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Advantages that set Guardian Provider Choice Apart


Available through TMA Insurance Trust, Guardian Provider Choice gives you the option of protecting your medical specialty with a comprehensive definition of true own-occupation disability coverage. If you should suffer a disabling illness or injury, this coverage allows you to receive full disability benefits based on the work you were doing 12 months prior to becoming disabled. In fact, you can choose to work in another specialty, within or outside of your field (sometimes even in your own practice) and not forfeit your disability benefits.


Another advantage of Guardian Provider Choice is that if you become ill with a serious illness such as cancer, heart attack or stroke, you will receive 150 percent of your benefits in the first year, as well as a hospice benefit.


TMA members will receive a 10% discount for the life of your policy through TMA Insurance Trust, which can result in big savings on your premiums.


Flexibility for Physicians


Guardian Provider Choice also provides more flexibility in designing a policy. A TMA Insurance Trust advisor can help you customize your policy with the riders and options that offer the best protection. Here are some examples of important coverage options:


Cost of Living Adjustment Rider (COLA) indexes your benefit to inflation.

Future Increase Option allows you to increase your monthly benefit without further medical underwriting.

Enhanced Partial Disability Rider lets you collect benefits when you are partially disabled and not earning your full income.

Student Loan Benefit Rider helps you make your student loan payments while you are disabled.


Straightforward Language


Another reason we partnered with Guardian is the straightforward formula used to evaluate how a physician qualifies for benefits, based on the pre-disability source of earnings. If more than 50 percent of a physician’s earnings are derived from performing surgeries or hands-on patient care, and an illness or injury prevents him or her from doing this work, the physician is considered totally disabled and qualifies for benefits.


Guaranteed Renewable and Non-Cancelable


Once approved by Guardian, as long as you continue to make payments, your policy will not be canceled and the rate outlined in your policy will not be increased for the term of the policy.


Whether you need to purchase a primary disability policy for yourself or supplement what you receive from your employer, a TMA Insurance Trust advisor can provide guidance to help you navigate your options and understand each policy’s definitions and language. We can help you make informed choices. That way, if you do become sick or injured and aren’t able to work, your benefits will adequately replace your personal income so you can focus on recuperating and get back to the life you love.


Reach out to us today for trustworthy help.




For over 60 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 the highest-rated plans in the industry.


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*Consult your tax professional for advice.

Topics: Life Insurance, Disability Insurance

Posted by the TMAIT Team