The face of medicine is changing. What used to be a male-dominated field is undergoing a historic shift. According to initial enrollment data, at medical schools across Texas women are expected to comprise the majority of the graduating class of 2021.
Whether you are a new physician or one of the many women who paved the way leading to this moment, you can be proud of the accomplishment.
Protecting Your Investment
Becoming a physician requires years of sacrifice and dedication. You deserve to reap the financial rewards of that investment. However, a serious illness or injury that prevents you from working, could wreak havoc on your finances. The best way to help protect against this risk is disability insurance.
Yet many insurers charge females so much for a policy that it ends up being unaffordable. It may surprise you to learn that individual disability rates could be 40% higher for females than for your male colleagues*. The reason is statistically women are at a higher risk of disability and their disability is likely to last longer resulting in more payouts. Of course, all of this means that you have an even greater need for disability protection. This is where TMA Insurance Trust can help.
Working with The Prudential Insurance Company of America, we have designed an affordable group disability plan for members with gender-neutral rates. The rates are based on age, not gender. This means female TMA members receive the same generous benefits at the same group rates as male physicians. This plan is exclusively available through TMA Insurance Trust so only TMA members have access to this plan.
40% plus 25% Equals Major Savings
To help you save even more and get the coverage you deserve, TMA Insurance Trust is making a very special offer. For as long as financial circumstances permit, we will be providing a 25% Thank You Credit to all TMA members who enroll in the TMA Member Long Term Disability Plan, issued by The Prudential Insurance Company of America.
The credit will equal 25% of your insurance premiums. That means your premium payments will be 25% lower.° The gender-neutral rates and 25% Thank You credit combined could effectively save you thousands of dollars over the life of the policy.
Additional Advantages of the TMA Member Plan
If you work in a large practice, hospital or medical center, you may receive disability insurance as part of your benefits package. Although these employer-paid plans are an important benefit, the plans are often full of holes. Here are some of the most common gaps and how the TMA Member Disability plan helps fill those gaps.
Taxes. When your employer pays the premiums, generally you’ll be responsible for paying income tax when you collect benefits. This will reduce your income just when you need it the most. Because the TMA Member Plan was purchased by you, not the hospital, generally the payouts you receive are tax free.¹
Benefit Amount. The amount you receive in payouts will depend on the percentage of your income that the hospital agrees to cover. Some replace only about 50 to 60% of your base salary, not including bonuses or other compensation². The TMA Member Disability Plan covers up to 65% of your income and includes all forms of compensation in the formula.
Duration of “Own Occupation” Benefits. Although details vary from one plan to another, most employer plans don’t provide any “own occ” benefits. “Own occ” plans provide the most generous benefits and are based on replacing the level of income you earned as a physician. After the “own occ” period ends, these plans may no longer consider you disabled as long as you are able to work in a different occupation, even if it means earning significantly less. For those employers that do offer it, some only provide up to 24 months of “own occ” coverage. Statistics show the average long-term disability claim lasts 34.6 months³. The TMA Member Disability plan covers up to ten years of own occupation benefits.
Waiting period. Employer plans and individual plans both have waiting periods, sometimes referred to as elimination periods. This refers to the number of calendar days you must wait between the time you become disabled and when you become eligible for benefits. The waiting period on many hospital employer plans is 90 days or longer. With the TMA Member Disability plan, you can qualify in as little as 30 days.
Student Loan Reimbursement. Many hospital plans provide minimal, basic disability coverage. The TMA Member Disability plan includes up to an extra $250,000 for members under age 40 to help pay student loans during a disability. This extra benefit is provided at no additional cost to you.
Valuable Help for TMA Members
If you are looking to buy disability insurance for the first time or supplement an existing policy, TMA Insurance Trust is here to help. Even if you have maxed out your individual disability plan, you can still apply for $4,000/month of TMA Member Disability without any income qualification.
To find out if the TMA Member Disability Plan is right for your needs, we invite you to contact one of our disability insurance advisors. They will work with you to understand your needs, compare different plan options and help you determine which plan best suits your situation and your budget. Contact us today.
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.