Just because you are over 65 doesn’t mean you are ready to leave the profession you love. According to the Bureau of Labor Statistics, over 10 million Americans have reached the traditional retirement age but aren’t ready to stop just yet. Many of your fellow physicians across Texas feel the same way.

A healthy smile never gets old, and neither does saving money. As we age, maintaining good dental health becomes more important, and more expensive. TMA Insurance Trust is here to help. 

It’s common sense that if you have a leak in your roof, the time to fix it is before a rain storm – not after a deluge.

Your income provides a strong financial foundation for you and your family and life insurance can be one of your biggest allies in helping to keep that foundation secure. However, according to life insurance industry estimates, about 58% of men have life insurance but only 47% of women are covered.* To appreciate the value of life insurance for you as a physician, it’s important to understand all the various ways it can help you as your career progresses.

Many physicians employed by a medical center, research facility, or large practice may receive benefits from their employer. That can bring a sense of security, knowing that your basic insurance needs are covered. This is especially true when you believe your income is protected with employer provided disability insurance benefits. However, this article will point out that your sense of security may not be well founded.

As an independent physician, obtaining disability coverage at the beginning of your career is a smart decision. Many colleagues counsel younger physicians to do so because of the income protection it can provide. As time passes and your salary increases, are you making sure your income protection is increasing with it? 

If you are like many physicians, you may plan on practicing well past your 65th birthday. For many physicians, medicine is more than a career, it is a calling. There are few professions as emotionally, intellectually, and financially rewarding as medicine. So, it is understandable why after decades refining your skills and improving countless lives, you may not yet be ready to stop doing what you love.

Do you remember why you chose to become a practice owner? One reason is likely because you value your independence – being able to run your own practice and career the way you see fit.

But with that freedom comes the responsibility of managing what amounts to a small business. You must be at the helm day in and day out to see that everything runs smoothly.

So what would happen if you were seriously ill or injured and couldn’t work for a long stretch of time? How would your expenses be paid? Who would care for your patients? How would your practice survive financially?