Many MDA members are also business owners whose dental practices provide an income for themselves and others: hygienists, dental assistants, associates, and front-office personnel. So what happens when a dentist is either temporarily or permanently disabled? Life quickly can fall apart for the doctor and all those who depend on him or her for their livings.
Smart dentists plan ahead with the magic combination of insurance options that form a safety net for the dentist and the practice until the dentist recovers or the practice can be transitioned to a new owner. Here are the components:
Disability income insurance to replace a significant amount of your income if you are disabled or ill and cannot work. Most policies will cover only about 66% of your income, but MDA Insurance has a high-earner disability policy that can provide replacement for up to 75% of your income until you reach age 65; and business overhead expense insurance, which is like a disability income policy for your business. BOE insurance reimburses you for the ongoing costs of running your business: commercial loan payments or rent, equipment loans, staff wages, utilities, etc.
If you have another dentist who can continue to see patients in your absence, your practice can continue to operate while you recover or find a buyer.
Do you have an economic safety net in place? It’s a smart idea, especially during a pandemic. For assistance with any of the above insurance products, contact your
MDA Insurance account executive at 800-860-2272. See the sidebar to identify your regional agent.