Have you ever considered how well-protected your income is in the event of an unexpected illness or injury? As a physician, you're skilled at managing your finances, from savings and investments to retirement plans. However, one crucial aspect that many overlook is protecting your income with disability insurance. Discovering that your coverage falls short when you need it most is a situation best avoided. TMA Insurance Trust urges you to consider three essential factors that contribute to effectively safeguarding your income.

Verify that your coverage helps protect your income in case of a disability.

• There are several factors that could lead to your benefits not being enough to adequately protect your income. Perhaps you bought a policy years ago, only to discover that your benefit did not grow with your income. If you're a practice owner, you might assume your long term disability insurance is sufficient to cover your personal expenses, but then realize it is not enough to also cover your practice expenses and retain your staff. Another factor that could lead to reduced benefits, potentially subjecting you to taxation, is if your premiums are being paid as an expense of your practice instead of being paid out of your personal income.
• Change is inevitable throughout your career as a physician. TMA Insurance Trust recognizes this and offers support to ensure your disability insurance coverage remains relevant by aligning it with your current needs and circumstances. By being proactive, you can adapt to your changing circumstances without leaving yourself financially vulnerable.

Uncover any hidden limitations in your employer-provided coverage.

• TMA Insurance Trust's disability insurance can effectively help protect your income and bridge any coverage gaps. For employed physicians, your employer's disability coverage may only cover 60-65% of your salary. Additionally, your employer might set a cap on the monthly benefit amount, typically around $10,000 or $120,000 annually.
• For example, if you earn $250,000 per year and become disabled, your total benefits would be limited to $120,000 before taxes. This leaves $130,000, or 52% of your total salary, uncovered. It's important to address this gap if your salary exceeds these limits.

Have your disability insurance stay with you.

• Typically, coverage is not portable, meaning you will lose your coverage if you were to leave your employer. This could pose a problem if your health declines and you need to seek a new policy. At that juncture, you may face higher premiums to replace the lost coverage or even denial of coverage altogether. TMA Insurance Trust can assist you in obtaining coverage that follows you wherever you go, thus helping you navigate many potential pitfalls.

Take Control of Your Financial Future

Don't wait until it's too late to help secure your financial future. Whether you're an independent or employed physician, our experienced advisors can assist you in exploring disability insurance options tailored to your specific needs. TMA Insurance Trust is a full-service insurance agency dedicated to helping all physicians in Texas. We work with leading disability insurers, offering discounts of up to 40% for the life of the policy. Additionally, members can save with a 25% statement credit¹, saving thousands of dollars over the life of your coverage.

Protecting your income is crucial for your financial security, and disability insurance plays a key role in this protection. Our licensed advisors have decades of experience in helping physicians protect their income. Speak directly to an advisor to help protect yours today, call 800-880-8181 weekdays from 8:00 AM to 5:00 PM, CST.

For over 65 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.