InsMed Insurance Agency, a Washington Hospital Services Industry Partner, specializes in the development of long term supplemental disability insurance protection plans for employed physicians, executives, residents and fellows.
Institutions with more than 75 employed physicians/executives/managers have the ability to offer these employees individual disability insurance, which can supplement current group coverage. These policies will be issued without medical underwriting and with permanently discounted rates, providing savings for both men and women. Additionally, since the rates are gender neutral, women will be able to obtain coverage without the surcharges normally imposed for women allowing savings of as much as 40% when compared to gender specific rates.
These policies can protect variable compensation, which is typically not covered by employer provided group disability coverage and will also allow physicians/executives to bring their total income replacement to a higher level – potentially to as much as 75% of income.
The policies can include provisions, which will allow employees to protect retirement plan contributions in the event of disability – an often-overlooked issue.
This program allows web-based enrollment with NO PAYROLL DEDUCTION and generally requires minimal involvement from the institution.
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