Protecting What Matters Most

As a locum tenens physician, where, when and how long you work in any given situation is always changing. In fact, it could be said your professional life is defined by change.

Working “locum tenens” can have advantages for many physicians, offering flexibility and certain freedoms you would not have otherwise.

However, as a locum tenens physician you are considered an independent contractor, and unlike an employed physician with a benefits package, it is your responsibility to provide your own insurance.

People tend to grow out of things. When we’re very young, our parents lament at how quickly we grow out of our shoes and jeans. As we get older, we may grow out of our apartment, our vehicle. As you’ve advanced through your career, you likely grew out of your first job; you wanted something that fit your training and needs better. Of course, as we get older, we grow in experience. Our wisdom deepens. Our income grows as well.

You’re a young physician, and your own long-term disability insurance may seem like an insurance product that you do not need. You are healthy. You are a hard worker and in control of your life. You make good choices. But the reality is that sudden accidents and serious illnesses may strike at any time, to any person.

Do you work for a hospital, medical group or medical center?

If so, as an employed physician, it’s likely you have disability insurance. It’s also likely that your coverage is provided as part of your group benefits package.

And while this may be a valuable benefit for most working physicians, we find that many of our members may not be aware that the disability insurance provided by their employer can have certain limitations.

The face of medicine is changing. What used to be a male-dominated field is undergoing a historic shift. According to initial enrollment data, at medical schools across Texas women are expected to comprise the majority of the graduating class of 2021.

Whether you are a new physician or one of the many women who paved the way leading to this moment, you can be proud of the accomplishment.

The rates for you are very likely higher than those paid by your male colleagues.

In some cases, 40% – 50% higher*. This is what some call a “pink tax’ – a surcharge based solely on the fact that you are a woman. Why is this so? Because statistically, insurance companies find women physicians become disabled more than their male colleagues.

If you’re like many physicians, you probably purchased your disability insurance policy earlier in your career. At the time, you might have opted for a smaller benefit – because your income was lower, your family was smaller and the premiums were less expensive.

For that reason, your agent or broker might have recommended that you purchase a Future Increase Option (FIO).

When you chose to become a physician, you accepted tremendous responsibility. In many ways, you allowed yourself to become accountable for others’ lives, while at times putting your own health and safety at risk. Though there is an inherent risk in your profession - particularly now due to the Coronavirus - serious illness or injury could happen to any person in their day-to-day life.