Practicing independently offers a level of professional freedom that many physicians value. It also means taking on responsibilities that rarely come up during medical training. Health insurance is often one of the more time-consuming pieces to sort through.
That’s exactly what came up in a recent conversation between two physicians running their own practices.*
A Conversation Between Two Independent Physicians
Dr. Marcus Thorne looked up from his laptop and let out a short breath.
“Some days it feels like I spend more time on paperwork than on medicine,” he said. “I love the independence and having more control over my schedule, my patients, and how I practice. But there’s still a lot on the administrative side I’m getting used to.”
Dr. Ben Moore smiled. “I remember that feeling.”
Marcus leaned back. “Right now, it’s insurance. Since it’s just my wife and me in the business, I’ve been trying to find a group PPO plan, and it’s taking more time than I expected.”
Ben nodded. “That part can be frustrating early on. When individual PPO plans were no longer available, it felt like the options became pretty limited.”
Marcus exhaled. “That’s what I’m running into. I’ve been told I don’t qualify without a larger staff.”
Ben nodded again. “What ended up helping me was reaching out to TMA Insurance Trust. I heard about them through my TMA membership.”
Marcus looked up. “What did they tell you?”
“They had already done the research and found options based on how your practice is set up—even for a solo physician or a small practice like ours,” Ben said. “In some cases, you can still qualify for a group PPO plan.”
He added, “Talking it through with someone who knows how physician practices are structured made a difference. They helped me sort through it and handled the administrative side.”
Marcus closed his laptop. “That sounds worth looking into. I think I’ll give them a call tomorrow. I have about half a dozen other problems they could probably help with.”
Ben smiled. “Don’t we all. It helps when at least one thing is straightforward.”
Key Takeaways
TMA Insurance Trust specializes in working with physicians and understands how different practice structures can impact your health coverage options. Depending on your situation, here are some of the ways we can help with your coverage:
- If you are a practice owner with group coverage for your practice, you may have opportunities to help manage the cost of coverage while offering your staff health insurance – with a mix of group PPO and HMO plans.
- If you are a practice owner with staff on their own health coverage, such as a spouse’s plan or that of another provider, you may be able to access group PPO coverage just for yourself and your family.
- If you share a practice with a partner but have no W-2 employees, you may be eligible for group coverage only for yourself. You’ll need to provide partnership documentation and the company’s SS4 or a recent K-1 (Form 1065).
- If you own a business with your spouse, or your spouse is a W-2 wage employee, you may qualify for group coverage even without partnership documentation.
- If you’re starting your own practice, TMA Insurance Trust can help you create a customized group plan that aligns with your practice’s needs.
- If you’d like to establish a Health Savings Account (HSA): Selecting an eligible high-deductible health plan allows you to open an HSA, offering tax advantages, spending flexibility, and long-term savings opportunities.
At no additional cost, you’ll have ongoing access to experienced, licensed advisors who can assist with enrolling your staff, ensuring everyone receives their insurance cards, providing updates throughout the year, and helping reduce many of the day-to-day tasks that come with managing health insurance benefits.
It’s a reminder that you can run your practice independently without having to figure everything out on your own, and sometimes, a conversation is all it takes to see what’s possible.
A Simple Next Step
If you're an independent physician and wondering what health insurance options may be available to you, it’s worth having a conversation. Contact a TMA Insurance Trust advisor today at 800-880-8181, Monday through Friday, 8:00 AM to 5:00 PM CST, to explore your possibilities.
