The AMA-sponsored Group Office Overhead Expense Insurance helps pay your practice’s covered overhead expenses should a covered total disability prevent you from working. Covered overhead expenses:
Expenses not covered include: any remuneration to you (fees, your salary, drawing accounts) or to any other employed physician or partner; the cost of items for which you are not regularly liable; income taxes; payment on the principal of any debt; the cost and depreciation of any office equipment, furniture, fixtures, goods, instruments, merchandise (except those that are essential to the continuing operation of the business or practice during a period of disability; or pharmaceutical products pertaining to your profession or occupation); or automobile lease payments.
Up to a $20,000 per month benefit is available. You can also combine other office overhead coverage with this insurance for a total combined benefit of up to $30,000 per month.
You can also choose the waiting period (30, 60, or 90 days) and benefit period (6, 12, 24 or 36 months) that best fit your unique needs. The waiting period for an organ donation is 0 days. The waiting period is defined as the period of time from the start of total disability during which no benefits are payable. The waiting period is only satisfied if you are not working in any occupation.
You may receive benefits for your actual covered expenses incurred, up to the maximum monthly benefit amount approved for the benefit you choose, once you have satisfied your waiting period. If you are disabled prior to age 65, benefits will continue until the end of the benefit period selected. For total disability that begins on or after age 65, benefits are payable for a maximum of 12 months, but not beyond age 75 (Note: For organ donation, the waiting period is waived and the maximum benefit period is 12 months.)
You are considered to be totally disabled when you cannot perform the substantial and material duties of your regular occupation due to a covered injury, sickness or organ donation, are not engaged in any gainful occupation and are under the care or supervision of a licensed physician, other than yourself. To be covered, the sickness must begin or the injury occur while your coverage is in force.
If you should die while insured under this coverage and you are receiving benefits, a business estate will continue to receive the monthly benefit until the earliest of: the estate receives a benefit equal to the covered expenses of closing your office (up to a maximum of four times your monthly benefit), the maximum benefit period is reached or the date your business is sold. These benefits will be payable to your estate or duly appointed guardian or committee unless you are incorporated or a member of a professional corporation, in which case benefits would be payable to the corporation.
This coverage has been designed to conform with Internal Revenue Service ruling (550264, I.R.B. 1955-19, p. 8) allowing premiums to be deducted as a business expense. Consult your personal tax advisor for details.
After you receive monthly benefits for six continuous months (180 days) due to total disability, all premiums paid from the date of total disability will be refunded and future premiums will be waived until you stop receiving monthly benefits.
New York Life Insurance Company 51 Madison Avenue, New York, NY 10010 On Policy Form GMR-FACE/G-30682-0 Under Group Policy No. G-30682-0
NEW YORK LIFE and NEW YORK LIFE Box Logo are trademarks of New York Life Insurance Company. Other trademarks are the property of their respective owners.
SMRU #1766472
If you’re a physician under age 60 actively performing the full-time duties of your occupation, reside in the U.S. and are not an active member of the armed forces of any country, you’re eligible to apply for this insurance.
All applications are subject to medical underwriting and approval. Any required medical exam will be conducted at your convenience and at no cost to you. AMA membership is not required.
Your coverage will become effective on the 1st day of the month coinciding with or next following the date your application is approved by New York Life Insurance Company. Coverage will be in force from the effective date, provided you are eligible, actively at work and premiums are paid when due. You must request to restore your insurance within three months after date of Active Duty in the Armed Forces.
If you are not actively at work, coverage will take effect the first day of the month after you return to full-time work and are still eligible to obtain coverage.
Coverage may continue as long as you are an eligible physician under age 75. Coverage is renewable to the certificate anniversary date following your 75th birthday as long as you remain active in practice, the group policy continues, you pay your premiums when due, you continue to incur covered expenses for your business and you do not enter the armed forces of any country. Coverage will be terminated upon the suspension or revocation, or voluntary surrender in any state, of your license to practice medicine as a result of a criminal act, ethical violation or gross malpractice.
Expenses not covered include: any remuneration to you (fees, your salary, drawing accounts) or to any other employed physician or partner, the cost of items for which you were not regularly liable before your disability; income taxes; payment on the principal of any debt; the cost of any merchandise or goods; the cost and depreciation of any office equipment, furniture, fixtures, goods, instruments, merchandise (except those that are essential to the continuing operation of the business or practice during a period of disability or pharmaceutical products); salary of any person hired after your disability or any relative not regularly employed for at least three months prior to your date of disability; automobile lease payments; or health, dental or personal insurance premiums.
No benefits are payable for disabilities resulting from: self-inflicted injury; a war or an act of war; active military duty in the service of any country; or the use of any narcotic, drug or other substance that is (a) subject to the federal or the various state controlled substance acts, unless such prescription is written by a physician other than the insured person, or (b) required by law to be dispensed by prescription only and used for other than a bona fide medical purpose as it relates to the insured person or for other than the treatment of an existing medical condition. Benefits will not be paid, or accrued, for any period of time while incarcerated. Benefits are payable either for injury or sickness, but not both, during any concurrent period of disability. Disabilities that do not require the regular care of a doctor or that are specifically excluded from your coverage due to an impairment restriction are also not covered.
This plan is not currently available in:
NH, VT, and WA
Group Disability Income Insurance is Underwritten by:
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. Not all group coverage it underwrites is available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life’s state of domicile is New York, and NAIC ID# is 66915.
AMA Insurance incurs costs in connection with providing oversight and administrative support for this insurance, and is reimbursed for these costs. The American Medical Association also incurs certain expenses in connection with the insurance and is reimbursed for such expenses.
This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policy underwritten by New York Life Insurance Company. Exclusions, limitations, reduction of benefits and terms under which the policy may be continued in full or discontinued are detailed in the Certificate of Insurance issued to each insured individual and complete details are in the Group policy issued to the policyholder. This program may vary and may not be available to residents of all states.
NEW YORK LIFE and the NEW YORK LIFE Box Logo are trademarks of New York Life Insurance Company. Other trademarks are the property of their respective owners.
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