I Never Knew TMA: Could Help With Addressing My Insurance Needs
By Phil West Texas Medicine December 2024

Physicians know, perhaps more than most, that not all insurance products are the same. Fortunately, those who belong to the Texas Medical Association can access policies tailored specifically to them and their practices from two TMA-endorsed entities.

TMA member physicians can acquire health insurance, life insurance, and disability insurance through TMA Insurance Trust (TMAIT), which will celebrate its 70th year in 2025. In addition, members can opt for medical liability coverage through the Texas Medical Liability Trust (TMLT), created in 1979 with Texas practices in mind.

Galveston family medicine physician Samuel E. Mathis, MD, saw a TMAIT presentation at a TMA conference reminding him of its life insurance options just as he was actively looking for such coverage.

“In my search to find a good quality life insurance policy, I looked them up and was happy with the offerings, was happy with the price point, and that’s why I chose TMAIT,” the former TMA board member said.

Pleased with his policy so far, Dr. Mathis is now considering shifting his disability coverage over to TMAIT.

Mindful of physicians’ needs across their career spectrum, TMA and TMAIT vie to make members aware of their array of products from the outset.

“This is all we do, and this is all we’ve ever done,” TMAIT Executive Director Guy Patterson said. “We only talk to Texas physicians. We know what physicians need because talking to them is what we do all day long.”

Lena Banks, TMA’s vice president of member experience and business intelligence, emphasized that TMAIT products are all portable, meaning they can move with the physician even if that physician moves to a different practice or different city.

She also notes that TMAIT isn’t commission driven. Rather, “It’s all set up to focus on physician coverage needs and to really serve them well throughout their career.”

To help new TMA members get acquainted with TMAIT, those in their first year after completing residency, as well as those in the first year living in Texas after moving from another state, get a $250,000 life insurance policy from TMAIT at no charge for the first 12 months. That arrangement has contributed to a 20% year-over-year increase within that crucial first year in practice, Ms. Banks said.

TMAIT also has negotiated a definition of disability “that’s created strictly for physicians, and it protects their own specialty,” according to Mr. Patterson, who notes one in three physicians will experience some form of disability prior to retirement.

“If the insurance company doesn’t consider you disabled, then how much are you going to get?” he observed. Short-term disability coverage, which includes maternity benefits, is relatively new to TMAIT, but TMAIT deemed it essential to offer it to its physicians given that all long-term disabilities start as short-term ones.

He also points out that these policies are important for doctors in independent practices, providing income during their time out and positioning the practice to hire a locum tenens physician in the physician’s stead. With short-term disability coverage starting “literally after seven days,” as Mr. Patterson noted, it provides an additional level of income protection.

TMAIT touts its history of longevity and stability for Texas physicians who want insurance suited to wherever they might be in their careers.

“We actually give premium credits as rewards for staying in the program with us,” Mr. Patterson said.

The Texas Medical Association endorses the TMA Insurance Trust and the Texas Medical Liability Trust and receives royalty fees from both. TMA provided this article to educate members on potential benefits available to them.