Insurance (Life, Practice, Annuity)

Articles on Retirement Plans That Are Written by Insurance Salespeople Should be Read with a Jaundiced Eye

A doctor friend emailed us an article he’d read on the benefits of cash balance plans. The writer’s bio stated that, among other things, he is a licensed life insurance salesman. The article itself did a reasonable job describing cash balance plans, but it inevitably transitioned into a pitch for funding the plan with permanent […]

Claims Made “Tail Policy”

Any doctor who has a claims made malpractice insurance policy should obviously buy a “tail” policy from the company when he or she retires. No one should ever buy a claims made policy unless the policy guarantees the opportunity to buy a tail policy at retirement or termination of the policy. At retirement make sure […]

Life Insurance in Retirement Plans

I would not own life insurance in a retirement plan (it cannot be owned in an IRA) unless I was uninsurable, needed more life insurance, and could get it as a plan participant.  Many doctors who do not fit that profile are sold expensive, “investment”-type life insurance (whole life, variable life, universal life, etc.) in […]

Lowering Your Odds of an Insurance Audit

If you are submitting a larger than normal reimbursement claim for patient treatment, the odds go up that the insurer will ask for supporting documentation.  Sometimes the materials being requested are so cumbersome, that you question whether the procedure was even worth doing.   You will reduce the chances of such an audit by preempting it.  […]

The Normal Two-Year Statute of Limitations for Malpractice Claims is Suspended Where the Doctor Fraudulently Withholds Relevant Information From the Patient

In a recent Georgia case, the patient’s case against her former prosthodontist was allowed to proceed even though the case was brought more than two years following the negligent treatment.  The patient required full mouth reconstruction with fixed implant prostheses.  The prosthodontist recommended that an oral surgeon extract certain teeth and replace them with implants, […]

How to Be Sure That Your Automobile Insurance Covers Both You and Your Practice Entity

Let’s say that you practice through a corporation that owns your car.  If there is an accident, you want to be sure that the corporation can get reimbursed for the property damage and that both you and the corporation are insured if you are sued.  If you are sued, the corporation will also be sued […]

Deducting Medicare Premiums

Far too many people miss this deduction.  Premiums for Part B, Part D and Medicare Supplemental (“Medigap”)  are deductible.  Just how to do it depends on whether you are still practicing or are retired — and if practicing, the type of entity you have is important. If you are retired, then you are starting out […]

2018 Will be the Most Difficult Year Yet for “On-Exchange” Individual Health Insurance

Individual insurance is sold one of two ways, either “on-exchange” or “off-exchange.”  On-exchange means that it’s sold on the government website healthcare.gov or state equivalent.  Off-exchange means it’s sold directly from the insurance company and not over a government website.  Federal subsidies are available for on-exchange plans for people with low incomes.  There are no […]

If Family Members or Employees Have Dental Insurance, How Do You Waive Their Co-Payments Without Committing Insurance Fraud?

We suspect that most doctors don’t charge the co-pay and report their full fee to the insurance company.  This is “aggressive” and is technically a violation of the contract with the insurer.  However, we have yet to hear of a case where an insurance company ever enforced this rule in the case of waived co-pays […]

Auto Insurance and New Child Drivers

The goal here is to make sure that both the parents and the child are covered — and doing it in a way that saves money. You will get better rates by keeping the vehicle titles in the parents’ names rather than in the child’s name. The insurance company will want to know who all […]

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