Income Protection is Essential – But How Much Insurance Do You Actually Need?
Many employed physicians assume their income is fully protected with their workplace benefits. This may not be the case. Employer-provided plans typically cover only 60% of your base salary. Your benefits may also have limits on the amount you can receive and for how long you can receive them.
Employer-paid disability payouts are taxed as income. Those taxes could significantly reduce your disability income just when you need it the most. To close the gaps in employer coverage, many physicians choose to get their own plan.
As a full-service insurance agency, we offer plans from leading carriers in Texas. Guardian's own-occupation plans offer discounts of up to 30% that can save you thousands of dollars over the life of the policy.
The TMA Member Long Term Disability Plan issued by The Prudential Insurance Company of America offers many benefits to members. If you choose this plan, TMA Insurance Trust will pay 25% of your disability insurance premiums.* If you are looking to supplement another policy, you can add up to a $4,000/month without income verification – regardless of any other coverage you may have.
TMA members looking for individual disability insurance can apply online for the TMA Member Long Term Disability Plan issued by The Prudential Insurance Company of America. To get started quickly and easily click below.
Another important consideration is that most employer-paid disability plans are not portable. If you change jobs you may find your new employer's plan offers less coverage, or none at all.
Securing your own personal disability insurance has many advantages. When you pay the premiums yourself with after tax dollars, your benefits are not taxed, so the full amount goes directly into your pocket. Plus, a personal policy is portable. If you move to another hospital or go into private practice your disability insurance protection will go with you.