Bowman Insurance and Benefit Services
Insurance for Employee /IC Dentists
Malpractice

As an employee or I/C dentist, you may have many choices to make about your Malpractice Insurance coverage, also known as Professional Liability coverage.  Some offices require you to use their carrier and they pay for it.  Other offices will pay for it, but let you choose your own policy, and some do not pay for it at all.  You will have to decide on using Occurrence or Claims Made policies, your coverage limits, and in some areas, whether or not to join State sponsored funds.  These choices as well as factors like involvement in state dental associations or working part time all affect your premium.

Disability

Disability insurance provides an income to you and your family if you are unable to work because of illness or injury.  It is especially critical for a dentist to consider disability insurance because the fine motor skills you use in your profession make you more vulnerable to being unable to practice.

For all dental professionals, we recommend a specific list of “must haves” for a disability policy to cover you appropriately.  Most importantly, always remember to get a policy with a “true own occupation” definition of disability and one that has no limitations for mental nervous disorders.

We plan our lives based on the assumption that we will continue to earn a paycheck.  Sometimes, getting sick or injured prevents us from earning income for a short period of time, several years, or even permanently.  Alternatively, getting sick or injured might prevent us from earning as much income because we are no longer able to do the job we had.  Having the right type of policy for you takes into consideration financial components like your income and expenses, but more importantly, the right policy reflects both how long and how disabling your injury are change how much financial support you need.

If you already have a disability policy, don’t forget to review your coverage when big life events occur.  Changes at work or home like getting a large pay raise or having a child can impact the type of coverage you need.

Life Insurance

In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

You should definitely consider life insurance if you are married, have a mortgage someone else is also responsible for, currently have any personal debt, or if you have children.  There are many types of insurance, but the two main categories are “term” insurance and “permanent” insurance.  When trying to determine the type of coverage and the amount, there’s no “cookie cutter” approach.  As your life changes, your life insurance needs also change.  So, even if you already have life insurance, your current policy might not suit you anymore.  Let us sit down with you to determine what sort of coverage will meet your goals, your budget, and most importantly, protect your loved ones.

Health insurance

If you work for a large dental group, you will most likely have access to a group health insurance plan.  Not all smaller dental offices choose to offer health insurance to their employees.  If you are married and your spouse works, you have access to getting on your spouse’s health plan.  If you are single or your spouse doesn’t work, typically your best option will be applying for an individual plan.

Aside from understanding where you can get health insurance, it’s important to know that there are many different types of health insurance plans, each with their own set of costs, benefits, and limitations.  For example, a Health Savings Account (HSA) offers smaller premiums and a different type of coverage than a traditional plan; the HSA suits healthy individuals who need only minimal care from a doctor and don’t have expensive prescriptions.  Finding the most cost-effective solution is best accomplished by talking with an agent to identify which type of plan suits you and then comparing quotes.

Maternity coverage may or may not be needed in your situation, but this coverage now has very strict requirements for both coverage terms and the type of plan that is selected.

No matter what your situation is, you have many different options available to you, and an insurance professional will help to find which option is the most cost effective solution for the type of coverage you want.  Because all policies work differently, understanding the way these policies work is a crucial part of choosing the policy that benefits you the most.

Investments

Saving for retirement is critical once you enter the work force.  However, setting aside money for this purpose often feels difficult or impossible.  The “time value of money” principle shows that it is not how much you save each month, but rather that you start saving a little each month as soon as possible to accumulate money for retirement.  Waiting to save or invest makes building sufficient retirement funds difficult.

Your employer may offer a plan where you can contribute money and your employer will match that up to some set limit.  These types of plans are a great way to start investing even small amounts of money because your employer’s contribution is “free money.”

If your employer does not offer a retirement plan, it is even more important to have a personalized plan that takes into consideration your saving goals, your risk tolerance, and the advantages of dollar cost averaging.

Let us help you come up with a plan to help you meet your retirement goals.

Employee Benefits

When entering the work force as an employee or I/C dentist, it always important to determine what (if any) employee benefits will be offered.  Many benefits are costly and can add significantly to the total value of your employment package.  Possible benefits that may be offered by an employer include Malpractice, Retirement Plans, Health Insurance, Group Life, or Disability.  If your employer does not offer any or all of these benefits, then you will be responsible for providing your own coverage.  Call us to discuss the best products and services available if you do need to provide your own coverage.