With so many changes in healthcare, you don’t need question marks around your disability income protection.Over the last 45 years MGIS has been a leader in administering specialized group benefits (LTD, STD, Life, and more) for healthcare professionals. We’ve got answers.
We are the specialists’ specialists.
There are currently 161 recognized medical specialties/sub-specialties in the US. But there are a lot more than 161 possible threats to medical specialists’ income and lifestyle. Continually growing threats require specialized solutions from recognized experts. MGIS and Sun Life* provide protection plans that could fit you and your group precisely—with the expertise and A+ rated financial strength (A.M. Best) to back them up. For precision-fit group benefits—LTD, STD, Life and more—MGIS and Sun Life are the specialists’ specialists. For 45 years and counting.
*All policies underwritten by the insurance issuing companies of Sun Life Financial
A+ Rated Financial Strength
Sun Life Financial, is a global financial services organization with over 145 years of experience and a strong block of U.S. group insurance. Some of their outstanding financial highlights:
- *Seventh-largest life insurance organization in North America1
- *Forbes Global 2000 Leading Companies — #277 overall2
- *Total assets under management: US $602.5 billion3
- *Market capitalization: US $21.5 billion3
- Shareholder equity: US $13.9 billion
- Based on market capitalization data as of December 31, 2013 compiled by Sun Life Financial using data provided by Thomson Reuters.
- “The World’s Leading Companies,” Forbes.com, 2014.
- Represents results from Continuing Operations as defined in Sun Life Financial’s quarterly financial statements.
Group life and disability insurance policies are underwritten by Sun Life Assurance Company of Canada (Wellesley Hills, MA) in all states, except New York, under Policy Form Series 93P-LH, 98P-ADD, 01C-LH-PT, 12-GP-01, and 12-DI-C-01. In New York, group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Windsor, CT) under Policy Form Series 13-GP-LH-01, 13-LTD-C-01-MGIS, 13-STD-C-01-MGIS, 13-STD-C-01-MGIS, 13-LF-C-01-MGIS. The disability policies provide disability income insurance only. They do NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Insurance Department. Benefits may vary; subject to state availability. Administration for physician products is provided by Medical Group Insurance Services, Inc. (MGIS), in all states, except as follows: in CA by MGIS Insurance Agency, Inc; in NY by MGIS Insurance Agency; in NC by Insurance Administration, Inc., d/b/a MGIS NC. Product offerings may not be available in all states and may vary depending on state laws and regulations.
More than 45 years ago, MGIS founders recognized a need in the market: physicians were forming groups and had no options for group insurance coverage that fit their specialized requirements. MGIS pioneered with leading insurance carriers to create custom-fit coverage for medical professionals—and we’ve never looked back. Today we continue to lead the industry with innovative solutions that respond to the medical profession’s ever-evolving needs. As physicians come together in new, creative ways to control costs and improve outcomes, we’re right there with coverage to match.
Income protection tailored for medical professionals.
There are many choices for protecting income against the possible effects of disability. Over the years, our focus on the specialized needs of medical professionals has resulted in coverage options tailored to meet these needs. We provide physicians and other medical professionals with:
- Options for supplementing individual disability coverage with group coverage that provides no offset of the individual policy benefit or medical questions
- Specialty or subspecialty-specific coverage
- Additional benefits and riders tailored to the unique practice arrangements, income earning and retirement needs of medical professionals
MGIS and Sun Life are committed to a continued focus on the specialized income protection of medical professionals.
High value, high touch
All policies are underwritten by the insurance issuing companies of Sun Life Financial. Sun Life is one of the largest financial services companies in North America. The MGIS/Sun Life program is also backed by decades of experience with physician groups, expert analysis and assistance, high-touch service, and specialized claims adjudication.
Specialized LTD Coverage
The MGIS/Sun Life specialized group LTD contract is tailored to medical professionals, which explains why other carriers have attempted to mirror it as the blueprint. How are we different? Supplemental Income Protection Group coverage can be layered with any individual disability plan with no offset or coordination of benefits for the individual policy benefits. Some other LTD policies can reduce the benefit based on the amount of individual disability income protection. Definition of Occupation The MGIS/Sun Life policy insures against a physician’s inability to perform his or her specialty or sub-specialty. Many LTD policies do not offer specialty/sub-specialty protection, or place limitations on this protection, making it more difficult for medical specialists to qualify for benefits. Definition of Material Duties The MGIS/Sun Life policy defines material duties as the actual procedures physicians perform at their practices. Most LTD policies define it generally (what a typical physician might do) and may not protect a physician’s ability to perform a specialty or sub-specialty. Earnings Loss Qualifier Most LTD policies require a loss of income to qualify for, and/or to receive benefits. The MGIS/Sun Life policy does not include receivables, salary continuation or partnership earnings as part of this qualification. Many LTD policies penalize production-based physicians and physicians with substantial partnership earnings. Partial-Disability Formulas Many physicians appreciate the MGIS/Sun Life 24-month 100% Return to Work Incentive (RTW) formula, which allows claimants to potentially receive 100% of pre-disability earnings while disabled and working. After 24 months of benefits, our Best of Both Worlds dual residual formulas continue to provide claimants with partial disability benefits. Many LTD policies have only a 12-month RTW period, and thereafter use only one formula, often penalizing highly paid claimants by reducing their benefit to as little as $100 per month.
Pension Contribution rider Continue your retirement contributions to a qualified pension plan while you are disabled. Once a claimant begins receiving monthly LTD benefits, we will pay monthly plan contributions on behalf of the claimant. Contribution amounts are based on up to 15% of monthly pre-disability income to a maximum of $4,000 a month. Benefits are payable until the claimant is no longer disabled, or reaches the maximum LTD benefit duration. Malpractice Insurance Reimbursement rider This first-to-market rider provides financial relief when it’s needed most. Our LTD policy provides up to $25,000 reimbursement for malpractice premium payments due and paid during the first 12 months of disability. No other LTD policy offers this innovative benefit. Business Protection Benefit A practice can receive up to $10,000 per month for up to 24 months when a key employee becomes disabled. This benefit is paid directly to the practice in addition to the employee’s monthly disability benefit, and is not subject to any offsets. Other Specialized Options
- Relocation Expense benefit
- Child Care benefit
- COBRA Continuance Premium benefit
- Dependent Child Continuing Education benefit
- Social Security Incentive endorsement
- Infectious and Contagious Disease rider
- Extended Earnings Protection rider
- Cost of Living Adjustment (COLA) rider
- Assisted Living Benefit rider
- Progressive Illness rider
- Accidental Dismemberment/Loss of Sight rider
Short-term protection. Long-term satisfaction.
Statistics indicates that most disabilities are short-lived, so getting back in the saddle is not the problem. Even when a disability keeps physicians and medical providers out of work only temporarily, it’s good to know that long-lasting coverage is in place. The MGIS/Sun Life short-term disability (STD) policy:
- Allows earnings up to 100% of pre-disability income from a combination of STD benefits and partial-work earnings
- Pays a money-back guarantee to the policyholder for errors in claims accuracy or slow turnaround times1
Here are a few more reasons why more than 60,000 lives are covered under the MGIS/Sun Life STD physician policies:
- Maximum weekly benefit of up to $2,500 per week
- Benefit percentage of up to 66 2/3%
- Definition of disability as defined by the American Board of Medical Specialties
- Elimination Period satisfied by zero-day residual with Total or Partial Disability
- No pre-existing conditions limitations
Our Return to Work (RTW) formula can give disabled physicians more money. Assume a physician earned $6,000 per week before disability. She becomes disabled and returns to part-time work, earning $3,000 per week (Example 1) and $4,000 per week (Example 2). Her STD benefit is 60%, up to $2,500 per week.
Get a life … policy.
Life happens. That’s why you need Group Life and Accidental Death & Dismemberment (AD&D) coverage that provides substantial competitive advantages. For instance, accelerated benefits1 allow covered employees to receive a “living benefit” equal to 75% of their life insurance benefit amount (maximum of $500,000) if they are diagnosed as terminally ill, with a life expectancy of 12 months or less.
Group Life Highlights
- Enhanced Waiver of Premium waives the premium for Group Life coverage for eligible employees who are totally disabled
- Waiver of Premium continues to age 65 if the disability starts before age 60, or for 5 years if the disability starts at age 60 or older
- No 6 or 9 month Waiver of Premium waiting period, and we’ll automatically initiate the Waiver of Premium claim on your behalf if you have applied for Long-Term Disability benefits
There’s more. Coverage may be extended for partially disabled claimants, who normally would not meet the definition of disability for Waiver of Premium (Total Disability) and who also do not meet the “30-hour actively at work” standard for Group Life insurance coverage, to continue their Group Life insurance with premium payment as long as they are receiving LTD benefits under the employer’s Group LTD plan.
The MGIS/Sun Life policy pays an Accidental Dismemberment claim for the loss of a limb, or if permanent loss of use of a limb due to quadriplegia, paraplegia, or hemiplegia. Need extra time to file? No problem. Our policy allows a full 365 days from the date of the accident for an AD&D claim to be filed. In addition, you can benefit from the following riders:
- Seat Belt—if the claimant dies in an automobile accident while using a seat belt (lesser of 25% of the AD&D benefit or $25,000)
- Air Bag—if the claimant dies in an automobile accident where air bags have deployed (must have been using a seat belt; lesser of 10% of the AD&D benefit or $5,000)
- Child Care—if Accidental Death occurs (children under age 13 years; lesser of 2% of the AD&D benefit or actual expense or $2,000)
- Spouse Education—if Accidental Death occurs (lesser of $3,000 or actual cost of education)
- Child Education—if Accidental Death occurs (least of 3% of the AD&D benefit or $2,500 or actual cost of education with a 4-year maximum)
Everyone loves a little extra.
Work to live or live to work? Either way, we’ve got you covered with extra programs that take care of some of the issues that matter most to you—relationships, travel, children, wellness, legal, financial, free time, and more. You can count on a wide array of choices that address personal life challenges and improve workplace productivity and performance.
Identity Theft Protection and Emergency Travel Assistance
Offered by Assist America® | Services are included with life insurance
Identity Theft Protection
Life is full of surprises. Like that unexpected charge on your credit card or the stolen purse. Every year millions of Americans become victims of identity theft and spend significant time and money to restore their records. Identity theft is a serious crime and it makes a world of difference when there’s someone to call for help. With our program, employees can simply dial the number on their membership card to get 24/7 telephone support and guidance by anti-fraud experts. Other benefits include:
- Dedicated expert caseworker who will help notify credit bureaus of fraud issues, file paperwork to correct credit reports, cancel stolen credit or debit cards and request replacement cards
- Proactive protection and alerts for up to ten credit or debit cards per employee, using technology that monitors underground chat rooms where thieves are selling and trading stolen personal information
Emergency Travel Assistance
Expect the unexpected no matter where you are. What happens when your much-needed vacation or business trip turns into a trip to the ER—or something worse? If an employee or a family member is traveling more than 100 miles from home and has a medical or personal emergency, help is only a phone call away. Employees and covered family members can simply dial the number on the Emergency Travel Assistance membership card to get 24/7 telephone support and guidance by medically trained travel assistance experts. The program also includes the following:
- Pre-qualified, English-speaking professionals working in hospitals, pharmacies, and dental offices anywhere in the world
- Medical consultation, evaluation and referral
- Hospital admission guarantee
- Emergency medical evacuation
- Medical monitoring
- Medical repatriation back home
- Lost prescription assistance
- Transport of minor children back home with escort
- Family or friend compassionate visit if traveling alone and expected to be hospitalized for more than 7 days
EAP and Work-Life Services
Offered by ComPysch® | Included with Long-Term Disability Insurance We are pleased to offer the comprehensive Employee Assistance Program (EAP) and Work-Life Services for physician groups that choose Long-Term Disability. This add-on service is provided by ComPsych®, the world’s largest provider of EAP programs. Key services:
- Experienced team of clinicians with advanced degrees
- Toll-free line available 24 hours a day, 7 days a week
- Access to trained work/life professionals for challenges with childcare, elder care, adoption, education, relocation, pet care and more
- Unlimited access to on-staff financial experts as well as referrals to certified financial planners for issues such as debt management, credit problems, tax questions, estate planning, insurance and retirement planning
- Free online will preparation with instructions and legal definitions
Offered by ComPysch® | Included with Short-Term Disability, Long-Term Disability, and Life insurance plans Your human resources department is going to love this! A comprehensive resource and reference center/website containing a wealth of information, HR Essentials is included with all Physician Group STD, LTD, and Life plans. Here’s what you’ll get:
- An employee benefits section covering a full range of benefit programs, including mandatory benefits, time-off benefits, retirement benefits, health plans and other related insurance benefits
- A human resources section reviewing the practical and legal aspects of several core HR functions, including recruitment and staffing methods, screening and hiring applicants, employee testing and employment laws
- An online forms and policies library as a comprehensive collection of sample forms, sample policies and model documents for employers and employees
- An online reference desk with federal and state law information, a glossary of terms and acronyms, a law dictionary and reference links enables HR specialists to understand employment laws