The loss of a family member can have both emotional and financial implications. If your family lost you to a sudden tragedy, would they also lose financial stability? Without adequate planning, your surviving family members may face difficulty covering daily expenses, mortgage payments, or education costs.

Term life insurance is a valuable financial tool that can help shield your family from economic distress in the event of your passing. It has many other uses too. For example, life insurance can help you meet other financial needs. Use life insurance to protect those who co-signed your education loans. It can be used as collateral to secure a loan to open a practice. If you’re practicing with partners, it can help protect your business interests. Life insurance can even help defray estate taxes and ensure you leave your family the financial legacy you intend for them.

Securing sufficient medical insurance coverage as you approach your 65th birthday is crucial. Even as a physician, deciding on which plan is right for you can be a complicated task. Fortunately, TMA Insurance Trust can help you examine your options when considering Medicare Supplement and Part D prescription insurance so that you can make informed decisions and avoid costly mistakes.

Waivers and options available during Open Enrollment can make it a beneficial time for physicians to get the group PPO health insurance coverage they prefer more affordably. However, it’s not the only opportunity during the year to access better health insurance while controlling costs.

As the cost of health insurance deductibles and copays continue to climb, families are absorbing more and more out-of-pocket costs. When a family member gets injured due to an accident, most medical health insurance plans only pay a portion of the bill, leaving you with the remaining balance. You can help protect your family and your finances with a TMA Member Accident Insurance plan.

TMA Member Accident Insurance is an excellent supplement to your family’s health insurance coverage to help pay for those out-of-pocket expenses related to unforeseen accidents.

Practically all physicians have health insurance. It’s regarded as essential to maintaining overall health. Having it in place allows you to access vital preventive care and seek treatment that can safeguard your life.

Dental insurance can be overlooked. Some physicians opt out of dental insurance, perhaps due to cost. In actuality, dental insurance can provide savings for those who visit the dentist regularly. Opting out of dental insurance creates a gap in your care that can have a significant impact on your health and wellness.

Women physicians need disability insurance to help protect their income. In fact, they may need it more than their male colleagues. Statistically, women are more prone to become disabled than their male counterparts, thus disability insurance rates are higher.¹ Research shows that over 22.3% of all disabilities for women are related to pregnancy.² Consequently, disability insurance premiums for an individual policy are typically 40-50% higher for women compared to the rates for men.³

It is often strongly recommended by experienced physicians that newly practicing physicians obtain a disability insurance policy as soon as possible. Establishing this coverage early in one's career is essential for safeguarding their income.

As years pass and your salary and income grow, your disability insurance coverage needs to keep pace or you could face risks to your financial stability. The policy you started your career with may not sufficiently protect your current income.

No physician likes to think that a serious illness or tragedy could happen to them at any moment. But if it does, a greater tragedy would be not being prepared. Your livelihood may be affected if you are too sick or injured to practice and your income stops.