Long Term Care Planning

By | Individual Life & Disability, Personal Insurance

A wise man once said, “If you don’t know where you are going, any road will take you there.”

Such is the case with long-term care planning. Many people realize that at some point it will be likely they or their partner will need assistance with the activities of daily living. As we grow older we see first-hand parents, relatives, or colleagues who suffer health conditions that require hands-on care. Even so, most people put off implementing a plan due to cost or the thought that it will not happen to them.

We have seen several financial plans that discuss the risk of long term care planning and recommend coverage yet a plan is never implemented. If this is the case the individual is 100% self-insured.  With the average cost of nursing home care up to $10,000 a month, it can be a huge drain on assets. This is compounded by the fact that if the person is still working their employment income will be affected. The average stay in a facility is 3-5 years. This puts on average up to $600,000 of assets at risk! A longer stay in a facility due to dementia will further erode assets and your  financial well-being.

An elder care attorney can look at ways to shift assets (prior to five years of a claim) that can shelter funds and property. But, in most cases, control is relinquished to a trustee or other family members. Most financial planners agree that an insurance policy that shifts the cost from the insured to the insurance company is the best strategy for most people. Policies have evolved over the years to include home health, adult day care, assisted living as well as nursing homes. Plans are also available that return premium, have a death benefit, and build cash value if at some point the policy is no longer need or wanted.

The MedChi Insurance Agency can assist you in navigating policy options and determining if a long-term care policy would fit into your plan based on your own goals and objectives. We have assisted many physicians over the years in implementing a long-term care insurance policy. For more information or to set an appointment please contact Keith Mathis at 443-449-2327 or by email at kmathis@medchiagency.com.

As a member of the Maryland Psychiatric Society we welcome the opportunity to review your current coverage and assist you in securing a long-term care insurance policy.

Are you still enrolled in an individual health insurance plan

By | Personal Insurance

Maybe it’s time to look at a group health plan again for your practice. As you know, individual rates have been going up significantly every year while group rates have increased modestly. With only 2 people enrolled, you can be considered as a group. You can even offer two alternate plans. MedChi Insurance Agency can help you decide if changing to a group plan is right for your practice. Don’t miss out on the tax advantages along with retaining and attracting employees. We work with all the carriers in the market and can get competitive quotes for medical, dental, vision, short and long term disability. We can even offer voluntary benefits such as Aflac. All you need to get a quote is a census of your full time employees. There is no medical underwriting.  Beat the fourth quarter rush and consider a group plan today. We are happy to help.

Contact Diana Smith at 443-449-2328 or email dsmith@medchiagency.com.

To Our Medical Mutual Policy Holders:

By | Property and Casualty

We know your practice and family keep you busy, so we wanted to remind you to register soon for a Medical Mutual risk management education program. By successfully completing one of these valuable courses, you will qualify for a 5% premium discount on your next Medical Mutual renewal policy. You will also receive timely information on practical ways to reduce your liability risk and two Continuing Medical Education (CME) credits.

Medical Mutual offers a variety of program choices, and live programs are offered at convenient locations around the state. In consideration of your busy schedule, a light dinner is provided. If you prefer, you can qualify for the same premium discount and CME credits by completing a print-based home study course. Please visit mmlis.com today to register for the program type, topic, and location of your choice.

If you have any questions or need more information, please contact Monique Culp at 410-539-6642, extension 4419. You can also contact the Medical Mutual Risk Management Department at 410-785-0050 or toll free at 800-492-0193.

If you do not have your malpractice insurance with Medical Mutual and would like to learn more, please contact Ron Kendall at 443-449-2334 or rkendall@medchiagency.com.

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Has Your Group Disability Policy Been Updated?

By | Employee Benefits, Individual Life & Disability

Unlike group health insurance, many group disability plans are not reviewed every year at renewal, and the practice simply renews the policy as is. As a result, we have found many practice groups have outdated group disability programs.

The MedChi Insurance Agency can meet with you to complete a review of your program and offer alternative quotes if deemed necessary. Some of the areas we review:

• Monthly benefit: Insurance carriers now offer a much higher monthly benefit for the professional staff. You might have a plan that offers 60% of the physician’s salary but only to a maximum of $6,000 of monthly benefit. This could be changed to as much as $10,000 of monthly benefit or more.
• Definition of earnings: Does the plan cover bonuses as well as salary?
• Own Occupation Covered: Many older plans only cover a physician’s own occupation for a period of 2 years. An enhanced plan would provide coverage for own medical specialty until the age of 67.
• Are benefits taxable: Plans can be set up in a manner to provide benefits free of federal income taxes to the covered employee.
• How long are benefits paid: Benefits can now be offered to age 70.

To make sure you are obtaining the best coverage for your premium dollars contact Keith Mathis for a review at 443-449-2327 or kmathis@medchiagency.com

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Are You Financially Prepared For A Long-Term Disability?

By | Individual Life & Disability

An integral component of a solid financial plan is adequate disability insurance. It is important to review and know what you have prior to a claim.  Our agency offers an in-depth review of your disability portfolio. We will examine your individual, association, and group policies and help determine if the coverage is adequate based on your income, goals, and objectives.

The disability market has changed over the past few years and it is now possible to obtain 60% of your earnings including bonuses as a monthly benefit. If there is a gap in coverage we can shop the market and find supplemental coverage. We focus on companies that offer excellent contractual language as pertains to true ‘own occupational’ coverage in your medical specialty, enhanced residual disability and an optional long term care riders.  We can also review your business Group Disability contract and offer alternative quotations.

To secure a review, please contact Keith Mathis, Sr. Sales Executive, Life & Disability at 443-449-2327 or by email kmathis@medchiagency.com. Or, check out our web site at www.medchiagency.com

CareFirst Individual Market Rate Increase

CareFirst Individual Market Rate Increase

By | Employee Benefits

The Maryland Insurance Administration announced approval for a 34.4% rate increase on Blue Choice HMO individual plans and a 49.9% rate increase on Blue Cross PPO Consumer Direct individual products for the “under 65 marketspace,” effective January 1, 2018. This increase is significant for those who have individual plans with CareFirst. If you dissolved your practice or left your small group plan a couple years ago in favor of a lower cost individual plan rates, you may want to reconsider returning to the small group market again to avoid a major increase in your IMD renewal premiums as of January 1, 2018. Read More