With the dramatic growth of multi-practice organizations in recent years, competition is heating up to provide compelling value to attract medical practice prospects. One arrow in the quiver can be an enhanced benefit package for physicians and their groups. Ancillary group benefits – particularly long and short-term disability and group life – can make a valuable and attractive addition to base programs that otherwise leave large coverage gaps for high income earners.
In Quest of the Ideal Program
The challenge is finding a program that simultaneously addresses the competing needs of both your own organization and the physicians you seek to serve. Here’s how it typically breaks down:
- IDI (Individual Disability Insurance) supplement to increase overall disability income replacement ratio
- Amounts sufficient to meet reasonable replacement ratio
- Obtained without financial or health history underwriting
- Strong value for the premium
- Flexible plan options and plan customization
- High touch, customized administration
Multi-Practice Sponsor Organization Needs
- Big company type program features and pricing that provide more value than independent physician practices may be able to obtain on their own.
- Standardized offerings
- Low administrative overhead
Fully Aligned Solution: MGIS IncomeProtect | Multi-practice
The new MGIS IncomeProtect | Multi-practice solution offers a fully-aligned solution that addresses the needs of both the MPE central organization and its physician group members. Key features include:
- “Big company” value that individual member practices may not be able to obtain on their own, including expanded guarantee issue limits (medical underwriting is only required for late entrants and amounts in excess of the Guaranteed Issue limit).
- Plan design and administrative flexibility that remove administrative burden from the central organization while allowing customized tailoring to meet individual practice needs.
- IDI supplement and business revenue protection. Contract fine-tuned to physicians’ specific needs, including elimination of features detrimental to doctors at claim time.
- Choice of valuable physician-specific riders
Finding a solution that simultaneously addresses the needs of both the organization and its members is a challenge. MGIS has done the heavy lifting and packaged the essential elements in IncomeProtect | Multi-practice. Contact us today to arrange a discussion with one of our broker experts.