How did you fare during this year’s cold and flu season? A cold or bout with the flu can slow you down - perhaps you missed a few days of work - but before long, you were back to your routine of seeing patients and taking care of your practice. Minor illnesses create minor inconvenience, and these are overcome quickly. But if you are a practice owner or partner, what would happen to you if you became seriously ill or injured? Without the proper protection, these can create major stumbling blocks that are able to destroy your practice and your financial livelihood.
You Value Protection; We Value Protection
Perhaps you have some patients that don’t see the need in receiving a particular vaccine. Yet, you know that it can provide protection, not just for the patient personally, but for others as well. In some ways, Business Overhead Expense (BOE) insurance is like that. Some physicians feel that they won’t need this coverage because they have personal disability insurance. Or they may feel that a long-term disability won’t happen to them, so it’s a risk they’re willing to take.
The fact is, developing a serious illness or being seriously injured is not unusual. You may not envision yourself as “disabled,” but if you were unable to care for your patients because of a fall, a car accident, or any number of illnesses for several months or longer, you would meet that criteria. And then, what would happen to your practice? Who would see your patients? If you aren’t able to work, how would you pay for your lease and utilities (or your share of the business overhead)? How would your practice cover the salaries for your staff if you weren’t bringing in revenue? Serious problems can develop alarmingly fast.
If you become seriously ill or suffer a major injury, your personal disability insurance benefit may not be enough to cover your business expenses and take care of your personal needs. One (or both) may suffer. It is important to help protect your financial health with Business Overhead Expense insurance. Take a closer look at the specific benefits of this coverage.
Two Futures to Consider
Without Business Overhead Expense insurance, if you are seriously ill or injured, your patients may not be able to wait to see a physician while you recover, and any partners that you have may not be able to pick up the slack. In a short time, your practice may suffer a substantial loss of patients, creating an even larger financial problem.
BOE insurance may cover the cost of a locum tenens physician. Your patients will be cared for while you are away so they don’t have the need to go elsewhere for medical care. Your practice may still be protected financially and remain viable when you return to work.
Without BOE insurance, your contribution to business revenue ceases, and your expenses may quickly pile up: lease or mortgage payments, employee salaries, payroll taxes, utilities, office supplies and equipment, maintenance services, loan payments, property taxes, and more. Those that rely on you professionally may suffer.
If you obtain BOE insurance, your contribution to the practice overhead may be paid. Your practice’s bills may not accumulate. Your employees may receive their paychecks. You and your partners, if any, may not be at financial risk. What you have achieved for your practice through hard work and determination may be more secure.
Which is the future you want for your medical practice?
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Exclusive Benefits for TMA Members
If you are a TMA member, you have access to the TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America, which offers exclusive benefits that were designed with your needs in mind.
- This plan offers a lower cost when compared to some competing plans – a great value for TMA Members.
- The TMA Member plan pays benefits up to 24 months; twice the benefit period of some other carriers.
- This plan makes the first payment retroactively after you have been disabled for 30 continuous days.
- During the time you are disabled, your premiums are waived, so coverage will continue at no cost to you.
- If you suffer even a partial disability, you may qualify to receive benefits.
- This plan pays a monthly benefit of up to $50,000 per month.
As a physician, you care about the health of your patients and want them to take advantage of the insurance protection that is available to them. At TMA Insurance Trust, we care about your future and are sincerely committed to your success. We encourage you to take advantage of the insurance protection available to you by securing a TMA Member Business Overhead Expense Plan.
Because this coverage involves many individual considerations, we invite you to consult free of charge with one of our knowledgeable advisors who can help tailor a plan that takes into account your specific circumstances and offers you optimal insurance protection.
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.