Busting Common COVID-19 Vaccine Myths

1752 Financial Presents: Your Guide to Disability Insurance for Physicians

 

For anyone who earns an income and desires financial wellness, disability insurance is vital. For physicians, disability insurance is also a must-have. As a physician, it can be time-consuming, overwhelming, and confusing to find the right disability insurance policy for your situation.

In this post, you will learn the basics of disability insurance, why it’s so important for physicians, what to look for, and how to get your own physician disability insurance policy. This post will help guide you towards getting the right disability insurance policy with confidence.

But before we go deeper, let’s quickly run through the meaning of disability insurance and how it applies to physicians to bring newer doctors up to speed.

Sounds good, right?

Let’s get started.

Why Do Physicians Need Disability Insurance?

Disability insurance is an insurance policy that pays you an income when you are not able to perform your occupational duties in the event of an injury or illness.

The Social Security Administration has asserted that more than 25% of today’s American 20-year old’s will become disabled before age 67, and accidents and illnesses can happen to anybody. As a physician, ask yourself the following questions:

  • What happens if you are unable to perform your medical duties?
  • What does your income pay for and who relies on it?
  • How would the loss of your income affect your lifestyle?

Dentists, surgeons, and other doctors aren’t immune to illness or injury, and disability insurance protects your ability to earn an income. Many disabling situations are not covered by worker’s compensation and Social Security Disability Insurance (SSDI) benefits are substantially less than an individual policy. These types of benefits would not cater to a physician’s income needs and lifestyle.

Many physicians are offered a group disability insurance policy through their employer. Group policies are a great start, but benefits are often limited, usually taxed, and don’t cover enough income to cover your monthly expenses. Group policies often aren’t transferable, so you lose your benefits if you change employers. An individual policy provides higher benefit amounts that stay with you through job changes, and additional riders that protect more of your hard-earned income.

An illness or bad accident could result in significant financial hardship. If your ability to work is taken away, the right disability insurance policy can replace some of your lost income.

What Does It Cover?

Disability insurance can pay for things like your mortgage, rent, car payment, groceries, student loans, or anything else while you’re out of work. It helps you maintain your lifestyle when you are not getting a paycheck.

According to the Council for Disability Awareness, the most common long-term disability insurance claims are for:

  1. Musculoskeletal disorders affecting the back and spine, knees, hips, shoulders, and other parts of the body (29%)
  2. Cancer (15%)
  3. Pregnancy (9.4%)
  4. Mental health issues including depression and anxiety (9.1%)
  5. Injuries such as fractures, sprains, and strains of muscles and ligaments (9%)

As you can see, oftentimes it isn’t a tragic accident that stops someone from working. Even the most careful doctors could lose their ability to earn an income due to an underlying condition.

So, what does a disability insurance policy for doctors look like? Generally, a physician’s disability insurance policies should feature:

  • true own-occupation definition, you get your money even if working in another specialty
  • High monthly benefits, up to 60-70% of your income so you don’t have to change your lifestyle if you can’t work
  • Portable benefits, coverage that goes with you if you change employers

Other common features can include options for partial or total disability, flexible waiting periods, coverage up to age 70, and lump sum benefits.

How Much Does Physician Disability Insurance Cost?

Physicians should expect to pay between 1% and 5% of their gross income on an individual disability insurance policy. Policy premiums increase as you age, so getting a policy when you are young or in residency is good practice to lock in those lower premiums.

Some other items that affect disability insurance cost are:

  • Riders: Additional benefits can be added to an insurance policy, like a Future Increase Option, Cost of Living Adjustment, or Student Loan Rider.
  • Gender: Women generally pay slightly more than men, due to the higher chance of going on claim and longer life expectancy.
  • Specialty: Every medical specialty is coded into an “occupation class” that has its own premium rate based on risk level.

How To Get A Disability Insurance Policy

Step 1: Find an agent

The first step to finding the right physician disability insurance policy is finding a licensed insurance agent. Working with a licensed agent helps the underwriting process move along more quickly, as they can act as a liaison between you and the company and answer any important questions. They will communicate with the insurance company to make sure you’re getting the correct rates and be able to negotiate around any potential exclusions to your policy.

There are two types of disability insurance agents to choose from – independent and captive agents. While independent agents are usually contracted with several insurers, captive agents work with one insurance company. Working with an independent agent gives you the ability to compare policy rates across multiple companies to ensure you’re getting the best offer.

Before enlisting the services of an independent agent, do some research to avoid wasting your time and money. Seek referrals from people you trust, your medical association, and set up an initial conversation with the agent to talk about your needs.

Step 2: The application

After comparing quotes with your agent, the next thing to do is to kick-start the application process. Most applications can be completed online, but paper options are also available for those who prefer. The application form gathers your contact, demographic, and employment information. After completing the form, your agent will review it with you, then submit it to the insurance company.

You will attach some supporting documents like your proof of income or employment. Some insurance companies request driving records and medical records. You may have to fill out a record release form, but the insurance company will cover all and any costs associated with requesting those records.

Step 3: The interview and exam

Most insurance companies require an interview to go over your medical history. This interview generally takes place over the phone, but some carriers have started doing an online questionnaire.

Depending on your age and benefits applied for, the insurance company can request a mini-medical exam to assess your health. During the exam, a nurse will check your height, weight, vitals, and take a blood and urine sample. This exam is also paid for by the insurance company, and can be completed at your home or place of work. The process should not take more than 45 minutes.

Step 4: The underwriting

The insurance company will review your application, records, interview and exam results, and financial information to underwrite your case. The underwriter’s goal is to assess your risk of filing a claim, so they will be the ones deciding if your application is approved or if any exclusions apply. Your insurance agent will keep you updated about any questions the underwriters may have or any outstanding requirements.

Step 5: The offer

After determining your risk, you’ll receive your disability insurance policy offer. You and your agent should review the offer together to go over your proposed benefits and any changes from your quoted offer.

Once you accept the offer, the company will issue your policy, you’ll sign the delivery receipts and pay your first premium, then your policy is active! The timing of the process varies, but averages around 4 – 6 weeks.

From here, you’ll continue paying your insurance premiums on the agreed upon schedule with peace of mind that you and your family are protected in the event of an illness or injury.

Disability Insurance Awareness Month

Each May is designated as Disability Insurance Awareness Month (DIAM). DIAM is championed to raise awareness about the benefits of income protection. Like we earlier mentioned, without disability insurance, an illness, injury, or a chronic condition could result in financial hardship. Even a temporary illness can push you towards debt or harm the nest-egg you’ve built for yourself, so protecting your income is important.

If you are ready to talk about disability insurance with a reputable agent, we’ve got you covered. As Disability Insurance Awareness Month wraps up, learn more about the policies that are available to you. We offer own-occupation policies with discounts up to 20%, exclusive to physicians. Get your quote today, or reach out for questions or a no-cost review of your current policy.

The SafeHaven™ Program Welcomes its First Primary Care Group, Central Virginia Family Physicians

Central Virginia Family Physicians (CVFP) fully launches SafeHaven™, MSV’s clinician well being program.

To support the needs of healthcare workers struggling with stress, burnout and the effects of COVID-19, the Medical Society of Virginia (MSV) conceived and manages, SafeHaven™, which is implemented in partnership with VITAL WorkLife. CVFP is the first group of family physicians to begin offering this program to their providers.

SafeHaven™ was created by the passage of the Virginia legislation, which is the first of its kind in the nation, signed in March 2020. During the 2021 Virginia General Assembly Session legislation was passed to include additional provider groups to the SafeHaven™ protections including nurses, nurse practitioners, pharmacists and medical, PA, nursing and pharmacy students. The law allows healthcare providers to seek professional support to address career fatigue, burnout and behavioral health concerns with confidentiality and civil protections.

“The SafeHaven™ protections are something that we as clinicians have never been offered before”, said Tom Eppes, MD, family medicine physician at CVFP. “This program will allow us to continue the work we love, but also acknowledges that even healthcare providers need someone to care for them.”

Through SafeHaven™, CVFP’s providers have gained access to healthcare specific resources from VITAL WorkLife. The resources offered include VITAL WorkLife’s Clinician Well Being Resources solution, a comprehensive set of resources that includes peer coaching, elite concierge services and expanded behavioral health resources to promote work/life balance and well being for physicians, PAs and their families.

“The SafeHaven™ program really makes a difference in the lives of our physicians and healthcare providers” said Shawn Crawford, CEO at CVFP. “Being the first group to offer this program to our primary care providers is extremely exciting and I think highlights the need for this program across all medical specialties.”

SafeHaven™ is pleased to welcome CVFP as its first primary care group and looks forward to building a strong and successful partnership.


Central Virginia Family Physicians
434|534-6726
Medical Society of Virginia
804|377-1042
VITAL WorkLife
877|731-3949

AMA Analysis Shows Highest Prevalence of Medical Liability Premium Increases in 15 Years

Identifies 14 states leading the swing to higher costs for medical liability insurance coverage

 

CHICAGO – Medical liability insurance premiums have begun an upward trend after holding more or less steady during the past decade, according to a new analysis from the American Medical Association (AMA). In 2020, during the height of the COVID-19 pandemic, more than 30% of premiums reported on a survey of liability insurers increased from the previous year, the highest percentage since 2005.

For a second consecutive year there has been an exceptional surge in the percentage of premiums with a year-to-year increase. Between 2010 and 2018, the share of premiums that increased maintained a somewhat stable pattern, ranging from 12% to 17%. In 2019, that proportion almost doubled to 26.5% and went up again in 2020 to 31.1%.

According to the AMA analysis, “the responsiveness of premiums to changes in their determinants and external factors takes considerable time in the medical liability insurance market. Therefore, although some 2020 premiums may have been set after the onset of the [COVID-19] pandemic, it was still too early for them to be affected by it.”

“Increases in medical liability premiums compound the economic stress on medical practices as the COVID-19 pandemic resulted in significant reductions to patient volume and revenue, and higher expenses for scarce medical supplies,” said AMA President Susan R. Bailey, M.D. “Practice revenue has not fully recovered as the pandemic has stretched on and a protracted upward trend in medical liability premiums will threaten the viability of many practices that already face a difficult road to recovery.”

The AMA analysis identified the 14 states that had premium increases of 10% or more. Those states and their shares of reported premiums that increased by such magnitude in 2020 are: Kentucky (29.6%), South Carolina (27.8%), Maryland (18.8%), Nebraska (16.7%), Oregon (16.7%), Montana (16.7%), Georgia (14.8%), Missouri (14.8%), New Hampshire (13.3%), Illinois (11.9%), Michigan (11.6%), Texas (9.2%), North Carolina (6.7%), and Virginia (1.3%).

The AMA report also finds striking differences in premiums by geography. For example, in 2020 some physicians in OB/GYN faced base premiums ranging from $49,804 in Los Angeles County, California to $205,380 in Miami-Dade County, Florida.

“Keeping medical liability premium growth in-check is imperative to ensure patient access to care is not jeopardized by unaffordable liability insurance costs that make it impossible for physicians to remain in practice,” said Dr. Bailey. “This concern is particularly pressing given the negative impact that the COVID-19 pandemic has had on access and practice viability, as many physicians have had to suspend patient visits or elective procedures, and some have had to close their practices.”

Together with state medical societies, the AMA is pursuing both traditional and innovative medical liability reforms to preserve premium stability and meet the needs of millions of Americans who need affordable, accessible medical care. This includes limited and targeted emergency protections for physicians who continue to treat patients during the pandemic without adequate resources and support. For more information on AMA solutions to reshape the current medical liability system to better serve both physicians and patients, please read Medical Liability Reform– Now!

The newly released AMA analysis on medical liability insurance premiums is based on an annual survey of professional liability insurers conducted by the Medical Liability Monitor (MLM). The MLM reports base premiums for three specialties in each state where the responding insurers provide coverage.

The AMA offers medical practices a growing list of tools and resources to support physicians as the COVID-19 pandemic evolves. Additional details on clinical information, guides, advocacy and medical ethics are available at the AMA COVID-19 Resource Center.

# # #

Media Contact:
Robert Mills
AMA Media & Editorial
[email protected]

About the American Medical Association
The American Medical Association is the physicians’ powerful ally in patient care. As the only medical association that convenes 190+ state and specialty medical societies and other critical stakeholders, the AMA represents physicians with a unified voice to all key players in health care. The AMA leverages its strength by removing the obstacles that interfere with patient care, leading the charge to prevent chronic disease and confront public health crises and driving the future of medicine to tackle the biggest challenges in health care. For more information, visit ama-assn.org.

Update: Biennial Review of the Workers’ Compensation Medicaid Fee Schedule

MFS Review Timeline: Here is the fee schedule review timeline to meet all requirements. All meetings noted will be held at the Virginia Workers’ Compensation Commission’s Headquarters located at 333 E Franklin St, Richmond, Va. 23219 unless otherwise indicated.

  • March 30, 2021 2:00 pm to 4:00 pm Virtual Meeting • Regulatory Advisory Panel/Oliver Wyman/Commission Meeting to finalize fee schedule updates.
  • April 2021 • Oliver Wyman forwards preliminary fee schedule and ground rules updates.
  • May 2021 • Commission meets to approve proposed draft schedule and ground rules update. • Public comment period for proposed fee schedule and ground rules updates.
  • June 2021 • Regulatory Advisory Panel/Oliver Wyman/Commission meets to review Public comments.
  • June 2021 • 2022 schedules and ground rules posted on Commission website. Revised regulation published in the Virginia Register of Regulations.
  • July 2021 • 2022 schedules and ground rules posted on Commission website. Revised regulation published in the Virginia Register of Regulations.
  • January 2022 • 2022 Medical Fee Schedule and ground rules become effective.

 

View the Full MFS Biennial Review Update

In Honor of Doctors’ Day: The Work Behind the Scenes of Physicians & PAs

Hands stacked on top of one another, National Doctors' Day

The COVID-19 pandemic has taught the world a lot, one of the biggest things being how much work healthcare providers put into their day to day. Although it seems this is something new to the general public, the healthcare world knows that this has always been the case. And what better time to reflect on it than National Doctors’ Day? After all, the pandemic added an entirely new level of stress and burnout, but physicians, PAs, and other healthcare workers have been putting their patients above everything else for their entire careers.  According to the AMA, “Most physicians work between 40 and 60 hours per week, but nearly one-quarter of physicians work between 61 and 80 hours per week.1” We know that this has been even higher for physicians and the entire healthcare team during the pandemic.

What You Don’t See: Patient Care Behind the Scenes

All of this just reminds us that physicians and PAs are key to helping keep our communities safe. And I have personally recognized in my 9 years at MSV how key you all are to the health and safety of your patients and how much you do that goes unseen.  I cannot count the number of times a physician or PA has responded to a message from a patient or reached out to a referring physician to check on the status of a case during their “off” hours.  While at MSV and AMA meetings, physicians will wake up several hours before the first 7am meeting to review charts while they are away to make sure patient care continues.

I have also seen the joy a physician experiences when they find out their patient has gone into remission or a follow up scan showed surgery was successful.  On the flip side, I have seen the heartbreaking grief when a physician uncovers a life shortening diagnosis that they must deliver to a patient and their family.  Physicians and PAs not only provide wisdom to patient care, they also provide the soul and support, whether it be from their shoulder or their heart.

These are just some of the many examples I have that shows how important you all are to powering the House of Medicine to provide quality, thoughtful care to your patients. Many people do not realize how much physicians and PAs really do behind the scenes. It’s not just about providing medical care, you advocate regularly for necessary healthcare change, you keep up to date with the business of medicine, and you participate in organizations and on taskforces in order to ensure your voice and your patients’ voices are heard.

The work you do truly makes a difference each and every day and we hope that you know the MSV is here to support you in all that you do. We work to understand what physicians and PAs need and what we can offer them to ensure they have the support they need. But we also work to make sure the public knows how truly valuable each of you are to ensuring patient health and safety, and how much time you dedicate not just to their care but to the overall healthcare system.

Celebrating National Doctors’ Day

One way we share your stories, and your impact is through celebrating National Doctors’ Day. What makes this extremely unique is that colleagues nominate one another to be recognized. So, if you can think of a doctor who goes above and beyond the call and does a lot behind the scenes, nominate them to be recognized by MSV for Doctors’ Day. This is your chance to honor someone who inspires you and is making an impact – and to let them know their value in powering the House of Medicine.

The public needs to know that you are key to ensuring safety and health. Help us share that message and tell us who you have seen make a true impact in the practice of medicine.

[1] Writer, Staff News. “How Many Hours Are in the Average Physician Workweek?” American Medical Association, 6 Jan. 2015, www.ama-assn.org/practice-management/physician-health/how-many-hours-are-average-physician-workweek#:~:text=Most%20physicians%20work%20between%2040,than%2040%20hours%20per%20week.


Written by:

Jenny Young
Director of Membership
The Medical Society of Virginia 

Information on Contract Requirements for Medicaid Managed Care Organizations

The purpose of this Medicaid Memo is to describe contract requirements that the Department of
Medical Assistance (“DMAS”) has with Medicaid Managed Care Organizations who provide
services to Virginia Medicaid recipients. This memo does not restate each contract requirement.
Instead, this memo underscores the contractual obligations for DMAS contracted Commonwealth
Coordinated Care Plus (“CCC Plus”) and Medallion 4.0 MCOs to ensure all federal and state
regulations regarding the managed care grievance and appeal system contained in state and federal
regulations codified in 12 VAC 30-120-4201 and §§42 CFR 438.400 – 42 CFR 438.424
(https://www.govregs.com/regulations/title42_chapterIV_part438_subpartF ) are followed
throughout the MCO appeal processes…

Read the Full Medicaid Memo

Survey: The Physician Practice After COVID-19

The Doctors Company is surveying physicians about how they will make changes in the way they practice medicine after the pandemic.

As millions of Americans receive vaccines, the nation moves toward herd immunity, and the pandemic hopefully comes to an end soon, the practice of medicine will be forever changed. The Doctors Company is very interested to know if you will make changes to the way you practice medicine after the pandemic. They’d also like to hear your concerns about telehealth and about the risk of malpractice litigation related to the pandemic. Answers to the following anonymous five-question survey are requested by March 24.

Complete the Survey

Survey results will help inform other healthcare providers and patients about what to expect in the coming months. Thank you for taking a few minutes to complete the survey and for delivering care during the past year under conditions previously unimaginable in the United States.

The One-Year Mark of COVID-19: A Thank You

The Medical Society of Virginia would like to thank healthcare heroes for working tirelessly during a year of COVID-19.

This past year has been difficult for communities across the world. We have lost many lives due to COVID-19 and have spent a year in isolation away from family and friends. This past year has been hard on all of us, but it has taken an immense toll on our frontline workers. This year included working longer hours, coming home and isolating from family members, increased burnout, and worst of all, losing a high number of patients for healthcare workers.

The Medical Society of Virginia (MSV) knows what a toll this year has taken on physicians, PAs, and the entire healthcare team. We have seen you not only care for your patients, but also continue to advocate for necessary healthcare change, so your patients receive the best possible care. You have truly made a difference in so many people’s lives and have shown the world why supporting medical employees is so important. You are all true heroes.

The MSV would like to acknowledge you, our healthcare heroes, as we pass the one-year mark of COVID-19. Thank you for all you have done throughout this pandemic. We know that so many more lives would have been lost had it not been for your tireless dedication to your patients. We are so honored to get to represent physicians, PAs, residents, and medical students. You have shown true resilience in one of the most difficult times, and we see that.

As more people are getting vaccinated and we begin to see a light at the end of the tunnel, we hope that you will all be able to get some rest and spend time with your loved ones. The MSV will always be here to support you and your profession and will continue to be an advocate for you so you can do what you do best, take care of patients.

Again, thank you for all you do.

Arthur J. Vayer Jr., MD, FACS
President
The Medical Society of Virginia

Melina Davis
CEO and EVP
The Medical Society of Virginia

Take a Look Back at the Work MSV Did During COVID-19

  • Launched a full webpage dedicated to live COVID-19 updates including information on the COVID-19 vaccine.
  • Successfully led the push for an Executive Order to provide immunity to healthcare providers related to caring for patients in the COVID-19 environment.
  • Held 23 webinars with timely and relevant COVID-19 information.
  • Worked to ensure physicians and PAs had access to necessary PPE.
  • Served on Virginia’s COVID-19 Testing Advisory Council to help assure patient access to testing.
  • Aided in the recruitment of 15,000 providers to the volunteer Medical Corps for COVID response needs.
  • Passed legislation out of the General Assembly to prevent health plans from mandating the use of proprietary technology or applications for telehealth, and to assure plans reimburse providers for telemedicine services regardless of the originating site of care.
  • MSV members and staff sat on several taskforces to support COVID-19 vaccine dissemination.
  • MSV provided contact information to the Virginia Department of Health for over 8,000 physicians to ensure they received access to the vaccine
  • Hosted multiple calls with Dr. Danny Avula to ensure Virginia physicians received important vaccine updates.

Write to your Senator to Thank Them for The Dr. Lorna Breen Health Care Provider Protection Act!

The impact of COVID-19 on America’s healthcare workforce has increased burnout to historic levels. Many clinicians need mental health support – but they fear getting it could end their careers. That’s what happened to Dr. Lorna Breen, a courageous emergency physician who fought to save so many from COVID-19. Broken-hearted, she sought mental health support. But then she took her own life, fearing the stigma of needing mental health care would mean an end to her medical career. This tragedy never should have happened, and it never should again.

The Dr. Lorna Breen Health Care Provider Protection Act helps promote mental and behavioral health among those working on the front lines of the pandemic. It also supports suicide and burnout prevention training in health professional training programs and increases awareness and education about suicide and mental health concerns among healthcare professionals.

The Medical Society of Virginia is working closely with the Dr. Lorna Breen Foundation to share the SafeHaven™ legal protections legislation and resources across Virginia and the United States to ensure healthcare workers have access to necessary mental health support right when they need it. This legislation has been endorsed by the American Medical Association (AMA) as model legislation and is key to supporting the mental health of healthcare workers.

Congress needs to act NOW to pass the Dr. Lorna Breen Health Care Provider Protection Act! Write to Senators Tim Kaine and Mark Warner to thank them for supporting this pivotal piece of legislation.

Compose Your Message Now