Category

Personal Insurance

Attention Physicians: It’s Time for a Second Opinion!

By | Business Insurance, Personal Insurance, Property and Casualty, Specialty Insurance

As you might recommend a second opinion for your patients, we recommend a second opinion for you!

When was the last time you had a review of your current insurance coverages?
Are there gaps that need to be addressed? Are your liability limits sufficient?
Have there been changes in your practice that require new and/or different protection?
Are you confident you are maximizing discounts and your rates are competitive?

Now is the time for a second opinion! Let us help you evaluate your current insurance program. No referral required!

Click here (Second Opinion) to learn more, or contact Ron Kendall at:

Email: rkendall@medchiagency.com
Direct: 443-449-2334
Cell: 410-790-1060
Fax: 410-649-4154

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.