As a woman physician, one of your biggest allies in helping to keep your financial foundation secure is disability insurance. However, the cost of disability insurance may be a barrier that’s kept you from obtaining this necessary coverage. Premium rates for individual long-term disability insurance policies are typically 40-50% higher for women than for men. If you do have disability insurance, your coverage may have severe limitations you’re not aware of.
TMA Insurance Trust can help you better protect your hard earned income with expert advice and affordable options that may not be available to you anywhere else.
Why You Need Better Disability Insurance Options
The primary reason the rates are significantly higher for women compared to men is that statistically women are at a higher risk of disability and their disability is likely to last longer, resulting in more benefit payments. Statistics show that over 22% of all female disabilities are related to pregnancy.* A recent study reports that women physicians are more likely than their male counterparts to be responsible for childcare, schooling, and household tasks.** These factors make it likely that as a woman physician if you have an illness or an injury, you may have less ability to leave work behind and give yourself a chance to recover. This makes having disability insurance even more important.
You may be thinking: “But, I already have disability insurance.” Many women physicians may be covered as a benefit of employment. It’s important to be aware that there may be several factors that severely limit your coverage, even if you are an independent physician with a policy paid by your practice.
Here are a few examples:
- Limit on the dollar amount of monthly benefit you may receive
- Limit on the length of time you may collect benefits
- Benefits are taxed as income when premiums are paid by your employer or practice, therefore your income is reduced further (Speak with your tax professional to determine your tax liability.)
- Coverage may not be portable, so you will lose your coverage if/when you leave your employer
TMA Insurance Trust is dedicated to giving women physicians the assistance and options they need to make crucial coverage like disability insurance more attainable. We don’t just understand the obstacles, we provide solutions.
Exclusive Savings for Women
Working with The Prudential Insurance Company of America, we have designed an affordable group disability plan for our members. The TMA Member Long-Term Disability Plan helps women physicians save in three ways:
- Affordable group rates
- Gender-neutral rates that could save a woman physician 40% - 50% compared to an individual policy
- TMA Insurance Trust will pay 25%1 of your monthly premiums as our way of saying "Thank You" to members. (This alone could save you thousands of dollars throughout your career.)
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.
Other features of the plan include:
- Own Occupation benefits paid for the first 120 months with the potential for benefits to be received beyond this period
- Ability to apply for a benefit up to $4,000 without the need to qualify for coverage based on income or consider any other coverage you may have
- Higher amounts of coverage available with streamlined underwriting compared to individual plans
- 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
- Cost of Living Adjustment (COLA) provision available
- Catastrophic Disability benefit – an additional 20% of your monthly benefit for a covered catastrophic disability
- Annual opportunity to increase coverage to age 45
Speak With an Advisor for Your Best Options
Whether you’re seeking coverage for the first time, or wish to expand your benefits with a long-term disability plan, a conversation with one of our advisors can be well worth your time. They have years of experience helping women physicians who are practicing in Texas choose the best options that best fit their budget. They don’t work for sales-based commissions, so you can be confident there will be no pressure or obligation.
To be sure you’re doing the most to protect your financial future, speak with one of our advisors at 1-800-880-8181, Monday through Friday, 7:30 to 5:30, CST.
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.