The medical professionals in your practice have worked hard for many years to establish successful careers, but a disabling illness or injury could mean a significant loss of income for both the individual and your practice. One of the largest costs to any medical practice is losing really good employees. The CAP Medical Practice Program can help protect your employees and your practice.
Key Features of the CAP Medical Practice Program
- For CAP members who have added supplemental coverage through the CAP Disability Insurance Program – you are eligible to increase your monthly long term disability benefit by an additional $5,000 per month.
- If you do not currently have supplemental coverage through the CAP Disability Insurance Program, you are eligible for up to $5,000 per month of long term disability benefits.
- Your employees are eligible to enroll in a disability benefit plan that covers 60 percent of their basic monthly earnings to a maximum of $5,000 that is payable until age 65.
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Revenue Protection (business overhead expense) at no additional cost
- A key physician’s disability can mean a significant loss of revenue to your practice The CAP Medical Practice Program helps protect against the loss of revenue when a key partner is disabled. With revenue protection, a benefit of 50 percent of your covered monthly earnings to a maximum of $5,000 monthly is paid directly to your practice.
- You must have between one and nine employees to be eligible for this coverage.
Case Study
Practice Profile: Dr. Chang is a 50 year old who has a family medical practice with his income reaching $120,000 per year and a staff of three. He has an office manager earning $45,000, a nurse earning $75,000, and another staff member earning $35,000.
The Problem: Dr. Chang wants to provide a benefit plan to help retain his staff without increasing his expenses, but at the same time protect his practice. He would like to protect his personal income as well, but is too busy to gather together his tax returns or to set aside time for his own medical exam. Allowing his staff to take time off for medical exams would be problematic as well.
Solution: CAP can provide an Income Protection Program that is Guaranteed Issue so Dr. Chang and his staff do not have to get medical exams. It also provides him with additional personal income protection, as well as protecting the staff he worked so hard to hire and train.
CAP Physicians Insurance Agency, Inc. is dedicated to providing you solutions to help you attract and retain the best employees and protect your practice. For additional information about the CAP Medical Practice Program or other insurance we may be able to assist you with, contact the CAP Physicians Insurance Agency, Inc. at 800-819-0061 and press selection 5. You can also email us at benefits@CAPphysicians.com.