As a solo practitioner or partner in a practice, you’re responsible for paying monthly overhead expenses that keep your business up and running. If something happens and you’re unable to work due to a disabling injury or illness, the personal disability insurance you have won’t be enough to cover your payroll and business operating expenses.
Question: Would you purchase insurance that protects just half of your house? What about half your car? Or your family?
Most likely you would not. So why would you settle for insurance coverage that might only protect half of your finances?
The long hours of study, the grueling night shifts, the heavy burden of student loans. As a female physician it’s obvious that you have paid your dues to get where you are today. And it goes without saying that you have worked just as hard as your male counterparts to achieve your goals.
So if you were told that your rates would be higher for long term disability insurance than those paid by male physicians – for the same level of coverage – you might be somewhat surprised and more than a little disappointed.
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.
“That won’t happen to me.” Though no one wants to dwell on the possibility, succumbing to a serious illness or injury is alarmingly common.
For example, during the 2017 calendar year in Texas, 17,571 people sustained serious injuries in vehicle crashes*. (This figures to be 2 people each hour!) As an independent physician, what would happen if you were the injured party and you could not practice medicine for several months? Think about your practice...Who would see your patients? How would you cover salaries for your employees? How would you pay your lease and utilities?
Imagine going to a very nice restaurant. You sit down at a table and the waiter asks for your order. After you place your order he points to the kitchen and says “Please pick it up in 10 minutes. And when you’re done, kindly bring your dishes back to where you got them.”
Is this the type of service you expect from a high quality restaurant?
As the owner of a medical practice, we don’t have to tell you that providing group benefits for your employees can be costly. In fact, you could be paying a significant part of your revenue for employee benefits. So it makes sense that you are entitled to ask this question – am I getting the service that I’m paying for?
THE CLOCK IS TICKING
As Health Insurance Open Enrollment draws to a close, you as an independent practice owner have very little time left to make important health insurance decisions for yourself and your staff. If you still need to make these decisions for your small practice, the advisors at TMA Insurance Trust are here to help you.
It’s no secret that today’s health insurance marketplace can be complex, chaotic and confusing. And as a practice owner, you certainly know that trying to control health insurance costs can be a challenge.
But we found some information that might surprise you. It’s not very well publicized but it could be extremely helpful if you want to gain more control over your health insurance costs.
