In working with independent physicians, we know that a practice represents more than a business. It reflects a commitment to patients and plays an important role in supporting a family’s future. When an illness or injury takes you away from your work, the impact of lost income is often felt in two places at once.
That’s why disability insurance is an important part of your overall insurance protection and why how your plan is structured matters.
Affordability and Simplicity, Built In
The TMA Member Long Term Disability Insurance plan, issued by The Prudential Insurance Company of America, is built around the realities of your life as a physician. As a benefit of your TMA membership, TMA Insurance Trust helps cover a portion of participating members’ premiums, and member rates have remained stable since 1998—making the plan more affordable and easy to put in place.
Here’s what that means for you:
– A more straightforward application process. Apply for up to $5,000 in monthly tax-free benefits without income verification or extensive financial paperwork.
– Keep more of what you receive. If disability premiums are paid through your practice as a business expense, payments may be taxable, reducing what you ultimately receive. Choosing the $5,000 option may help preserve more of your income.
– Access to higher monthly amounts without added steps. Up to $18,000 per month is available through simplified underwriting.
– Built to reflect your specialty. Own-specialty coverage is included, so there is no need to add it later as a separate cost. If you are unable to perform the duties of your medical specialty, payments continue, even if you are able to work in another role.
– TMA Insurance Trust helps pay your bill. We pay 25% of your premium, helping reduce your costs from the start.
For practice owners, protecting your personal income is only one side of the equation. If you’re unable to work due to an illness or injury, the financial responsibility of running your practice continues while you recover.
Extending Insurance Protection to Your Practice
Expenses such as rent, payroll, utilities, and other ongoing costs continue whether you are in the office or not. Business Overhead Expense (BOE) Insurance is designed to help cover the cost of operating your practice if you are unable to see patients.
Once approved for the TMA Member Long Term Disability Insurance plan, physicians who meet certain age and benefit requirements may receive a guaranteed acceptance offer for BOE insurance using the same underwriting. This creates a more streamlined way to help address both your personal income and practice expenses, without requiring multiple applications or medical exams.
A Good Time to Take a Closer Look
May is Disability Insurance Awareness Month, a reminder of how quickly time away from your practice can affect both your income and the responsibilities that continue in your absence. You may find it helpful to speak with a TMA Insurance Trust advisor about available options and how these plans can work together to support both your personal finances and your practice.
Call 800-880-8181, Monday through Friday, 8:00 AM to 5:00 PM CST.
What’s Included in Your TMA Member Plan
Your plan includes a range of features designed specifically for physicians:
- No income verification for up to $5,000 benefit. Higher monthly amounts up to $18,000 available through simplified underwriting.
- Tax-free benefits when premiums are paid with after-tax dollars.
- Future Increase Option. Apply for additional coverage later without further underwriting.
- Own-specialty coverage included. Benefits are paid if you’re unable to perform your medical specialty, even if you are able to work in another role.
- Support during recovery. Partial or Residual Benefits help if you return to work part-time.
- No offsets from other sources. Your payments are not reduced by other insurance or benefits.
- Additional support for serious conditions. Catastrophic Coverage increases your monthly amount if you’re unable to perform two or more Activities of Daily Living.
- Additional support for student loan payments. You may receive an extra 25% benefit (up to $250,000) to help preserve your primary benefit for everyday expenses.
- Dedicated claims support. A TMA Insurance Trust staff member assists you throughout the claims process.
- 25% premium savings. TMA Insurance Trust contributes toward participating members’ premiums.
- 30-day review period. You have time to review your plan and receive a full refund if you decide not to keep it.
- Opportunity for BOE coverage. Eligible physicians may receive a guaranteed acceptance offer for Business Overhead Expense coverage after approval.
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