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Physicians in Focus Blog
Information, resources, data, and insight on more than just insurance
Financial Security is a Top Priority for Women Physicians
As we continue our celebration of Women in Medicine month, it is evident that the contributions of women physicians stretch far beyond any single month … and far beyond only your clinical responsibilities. Personal responsibility for family members – young children, aging parents, a spouse – in addition to taking care of yourself, can weigh heavy.
Research done by AMA Insurance shows that, not surprisingly, financial security is a primary goal for women physicians. But did you know that one of the cornerstones of that security is protecting your most valuable asset – your ability to earn a living? In fact, we found that 71% of the women physicians surveyed reported that they were the primary breadwinner of the family, bringing home approximately 75% of the household income.
One of the best ways to make sure your careful financial plans aren’t derailed in the event of a long-term accident or illness is by making sure you have enough disability insurance to offset lost income. And one of the best ways to do that is through the AMA-sponsored DisabilityPro insurance plan.
This plan provides up to $15,000 in monthly benefits, a special medical school loan payoff provision, and, importantly – the plan contains an “own specialty” definition of disability. That means you’re protected if you’re unable to perform the duties of your medical specialty – not just any role for which you’re suited by virtue of education or training. Best of all, AMA members are currently eligible for a 35% premium credit – a significant savings. Calculate your rate now!
We also know from our research that more than 60% of physicians are employed – and that the percentage is even higher for younger physicians. And while disability insurance through an employer is an important benefit, there are potential pitfalls to relying solely on that coverage. For example, if your employer pays the premium for you, the disability benefit itself may be taxable … reducing the amount of monthly benefit that you had planned on. And the “own occupation” definition may be more restrictive in the event of disability, requiring you to ultimately return to work in a position, not for which you trained, but for which you are qualified. Oftentimes, employer benefit levels are not enough and need to be supplemented to be sure your income is adequately protected. Lastly, employer disability benefits generally are not portable; if you leave your employer, you cannot take your coverage with you.
The AMA-sponsored DisabilityPro plan is an ideal solution for many physicians who recognize the need to guard against the potentially devastating impact of a disability. Take steps today to protect your most valuable asset.
- A Roadmap for Women Physicians: Achieving Financial Preparedness
- Disability Insurance: Not All Plans Are Created Equal
Written by: Denise S. Friday, CLU
Vice President, Sales & Marketing
AMA Insurance Agency, Inc.
Note: Statistical findings are from the 2015 Report on US Physicians’ Financial Preparedness: Women Physicians Segment. The surveys from which this data was drawn were conducted by AMA Insurance Agency, Inc., and includes insights gleaned from 3,077 US women physicians.
For more complete information regarding the features and rates of the AMA-sponsored DisabilityPro plan, please review the coverage details.