Personal Disability –10% Discount for WSDA Members
Personal Disability is personal income protection, so you would receive benefits equal to a percentage of your pre-disability income if you are unable to perform dentistry. This coverage would help you pay your home mortgage, car payments, utility bills and personal expenses while you are disabled. Without this coverage, you would have to rely on savings as you recovered from a partial disability or adjust your lifestyle if you were unable to work or had to enter another profession.
Professional Liability- Malpractice Coverage
NORDIC Claims Made Professional Liability Policy covers you should a patient make a claim against you.
With several limits to choose from starting at $1/5 million, this claims made policy is designed to provide you with comprehensive liability coverage for the professional services you provide your patients. NORDIC offers several policy discounts including: claims-free history, new to private practice, and risk management continuing education. To learn more about NORDIC policies, please click here.
Business Owners Policy
NORDIC’s Business Owners Policy covers property, general liability and financial risks associated with your dental practice. This comprehensive, replacement value policy offers protection for your building, your dental office and contents in the event of a loss. Coverage also includes:
- Extra Expense
- Employee Dishonesty
- Valuable Papers
- Accounts Receivables
To learn more about NORDIC policies, please click here
Business Loan Protection
Business Loan Protection (also called Business Reducing Term) covers your loan payments if you should become disabled. If you are procuring a loan to cover the purchase of a practice, expanding your existing office or purchasing new equipment, loan protection insurance is required by most lending institutions. This coverage protects you from having to repay your loan using your personal disability benefit so that coverage can support your family.
Business Overhead Expense
Business Overhead Expense will cover the expenses in the day to day operations of you business during a short-term disability. Business Overhead Expense can be used to cover: your rent or mortgage payments, staff salaries, electricity and water bills, professional fees, etc. This coverage allows your office to continue running in your absence so that when you recover, your business is as financially secure as when you left it. If you are totally disabled, this coverage allows the office to continue operating as you complete the sale of the practice.
A Buy-Sell Agreement is designed to leave no question as to what will happen to a deceased or disabled partner’s share of the business. All partners agree that if one should die or need to withdraw from the partnership, the remaining partner(s) will purchase his or her interest in the practice. A Buy-Sell Agreement benefits both the deceased’s family or disabled partner and the remaining business partner(s) in relieving them of stress during their time of loss and fluctuation. The agreements provide a sense of security both for partners and their heirs in that everyone’s interest is protected and that the business will continue.
Life Insurance provides the funds needed to support a surviving spouse and/or children if the other spouse should die. Life Insurance can help your family to pay off the debt that tends accrue as part of a dental carrier due to student and practice loans. The benefits can also provide funding for a child’s college education, a gift to charity, or to fund an estate.
Term Life Insurance provides life insurance coverage for a specific period of time, usually a 10, 15, 20 or 30 year term. Because Term Life insurance does not have the cash value feature, it is less expensive than permanent life insurance policies.
Whole Life Insurance is designed to stay in force throughout one’s lifetime. Whole Life Insurance also provides a number of useful tax benefits such as: borrowing against the policy without tax or the beneficiary being free of federal income tax when they collect the proceeds.
Long Term Care
Long Term Care Insurance helps you meet the cost of your spouse’s and your care should you need assistance with daily living. It gives you the flexibility to choose when and where you receive care. This type of insurance frees you from the substantial financial burden of paying for care while it frees your family from the burden of caring for you at the detriment of their time, finances and physical and emotional well being.
An ERISA Bond will cover 10% of the money in your office pension plan as mandated by Federal requirements. You must have and maintain the bond as long as the pension plan is active.
An Employee Dishonesty Bond protects you from losses suffered due to theft by an employee. Employee theft is far more common than dentists realize and they can be left with thousands of dollars missing and no way to recover it. This bond will reimburse you up to its coverage limit for funds or equipment that is stolen by an employee.
Group Medical Insurance
Group Medical Insurance can cover one or more employees in an office. A minimum of 75% participation of eligible employees is required for a group plan. For small groups, employers must pay a minimum of 75% of the premium and for groups of 3 or less, the employer must pay 100% of the premium.
Individual Medical Insurance
Individual Medical Insurance covers individuals and families. With some exceptions, to apply for coverage you must complete a health questionnaire and you can be denied coverage due to pre-existing health conditions. Children under the age of 19 do not need to complete a health questionnaire but they can only be enrolled on a plan during two annual open enrollment periods.
to see individual plans – link to individual plan page
Health Savings Accounts (HSAs)
A Health Savings Account (HSA) is a checking account that you fund with pre-tax dollars that can be used to pay eligible medical expenses. The money in the account earns interest like any other checking account and since the money is yours, it can remain in the account year after year if it is not used. In order to start an HSA account, you must be enrolled onto a group or individual HSA medical plan.
MedAdvantage/ Medicare Supplements/ Medicare Part D Script
Medicare Supplements and MedAdvantage cover medical costs that are not covered by Medicare Parts A and B. Supplements can be chosen to cover specific needs and you will need to apply for Part D to cover prescription drugs. MedAdvantage plans are more comprehensive coverage that can include your prescription coverage so you do not need to apply for Part D.