Even if you don’t play or watch the game of baseball, you have most certainly heard the expression “cover your bases.”
It essentially means “be prepared” – position your team to be alert for any possibility – whether it’s a line drive hit down the third base line or a runner trying to steal second. The idea is to be ready so no matter what happens you are not caught off guard.
When it comes to insurance that same strategy can also work for young physicians. You have your whole future ahead of you – which promises to be rewarding and fulfilling. However, as you well know, in life “things happen.” But if you cover your bases with the right insurance protection you can pursue your dream career and devote your energy to your profession knowing you are well-defended against potential risks.
For decades we have worked to provide young physicians with quality insurance for their personal and professional lives. We work with the highest-rated insurance companies in Texas to provide options that include health, disability, term life insurance and more. Together these comprise our Essentials Package – designed to provide protection that is especially valuable when you are in the early stages of your career.
Disability insurance is considered essential for physicians because it can help replace a portion of your salary if you are unable to work due to illness or injury. On top of the physical pain you might experience, not being able to draw an income for an extended period of time can cause lasting financial damage.
If you have large student loan payments it could be difficult to meet your living expenses and help support your family when you are not receiving a paycheck. Disability insurance can help you pay your monthly expenses, make loan payments and sustain your family’s quality of life while you recover.
Term life insurance is a way to help protect your family if you are no longer here to provide an income and support for them. Compared to permanent life insurance, with term life insurance you only pay for the actual cost of insurance, so it is considered to be an economical choice – with straight forward protection, without any added features that can increase your cost. For a reasonable rate you can get a sizeable benefit for your family.
It’s valuable for young married physicians – especially when children are in the picture – because it can cover you for the time it takes to raise a family, pay off your education loans and establish a solid financial foundation. Plus, your beneficiary will have protection starting the moment your policy is issued.
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As an employee at a hospital or medical center, it’s likely that you have health insurance coverage provided by your employer. However, if you are leaving residency soon, you will probably lose access to your employer’s policy. And while you may end up working where health insurance is provided, it’s also possible you may end up with a gap in employment.
If you know there will be a gap of time before your next position begins – and you will not have health insurance – you will need to secure coverage to protect yourself and your family. If this is the case, we recommend that you consider a health insurance policy that is portable – one that can follow you no matter where your career takes you.
In addition to health insurance, you may also have access to term life and disability insurance provided by your current employer. But as with health insurance, that coverage will likely end once you leave residency and are no longer employed at that facility.
Regardless of your employment situation, it is advised that you obtain your own life and disability insurance policies. This applies to those currently in residency and those who will be leaving residency soon.
If you are leaving residency: It’s important to have your own health, life and disability policies in place before you leave your residency. This can help you avoid gaps in coverage and secure policies that can follow you throughout your career – regardless of your employment status.
If you are still in residency: It is also a good idea to obtain your own insurance. That’s because your employer benefits may not provide enough life and disability coverage to fully protect your family.
You may not be aware of this, but with disability insurance provided by your employer your benefits may be taxed as income. So if you were to collect a benefit, you might end up with less than you expected at a time when you may need it most. (Please consult a professional advisor about your tax liability.)
When you select your own plan, you will have more options such as choice of carriers, the amount coverage you can obtain, pricing, and various features that might be better suited for your individual needs.
It is to your advantage to secure your essential insurance policies at this time in your life. You’ll have the best chance of being approved for coverage when you are younger, healthier and currently employed.
If you are not sure about where to start, please consider speaking with one of our advisors. They will be happy to share their many years of experience to help you find the plan, or plans, that work best for you. It’s important to know that they do not work for sales-based commission, so their advice is always unbiased and comes without pressure or obligation.
Please call us today so you can be prepared to face the future knowing that your bases are covered with enduring protection for yourself and your family.
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.