If you are a partner in your own small practice, you undoubtedly stay busy; but you probably wouldn’t have it any other way. The independence that comes from owning your own practice is a great reward for all the hard work. But you face specific challenges as well. One such challenge is the risk of financial loss if a practice partner passes away.
It takes a lot of planning, dedication, time and money to make a medical practice work efficiently and profitably. But if a disability should strike, you might be unable to work for an extended period of time. Without the right disability insurance, everything you have worked so hard to achieve could be lost.
Liz West is an experienced advisor on health insurance under the Affordable Care Act here at TMA Insurance Trust. She has worked here for nearly three decades, so she understands the marketplace and the particular needs of physicians in our state.
As the date for open enrollment nears, we sit down with Liz to discuss the health insurance marketplace and solutions to some of the issues our members are facing.
As Texans, we treasure our independence, and it shows. In Texas, 63% of physicians are independent, either in a solo or small practice of no more than three physicians. But as the saying goes, ‘responsibility is the price of freedom.’ The burden of financial responsibility can be a heavy one for physicians, especially independent or solo practitioners.
We value the life-saving work you do and understand that practicing medicine isn’t just a job. It’s a way of life - one that impacts you and everyone in your life. That’s why TMA Insurance Trust is continually looking for new ways to support member physicians and their families.
As a physician, your income puts you in the top 5% of all Americans. Your earning potential makes you a target for every financial advisor and insurance agent in the business. However, not all advisors have your best interests at heart. Insurance advisors do not take a Hippocratic oath and even many well-intentioned agents do not understand the unique needs of physicians. As a result, some physicians end up without enough coverage in the areas they really need and too much of the types they don’t need. How can you be sure if an agent is recommending what is really best for you?
Physicians are feeling pressure due to rising student loans burdens, lower compensation expectations and shrinking health care reimbursements. These factors can distract from their primary motivations for pursuing a career in medicine – helping others, contributing to advancements in the medical field, and promoting health in their communities.
Physicians are among the highest earners, but many don’t feel like it. Having already managed large debt burdens on compressed budgets by the time they pay off their student loans and build up to a sizeable income, many physicians learn the value of setting financial goals and seeking professional advice early on.
