NMDA Journal Spring 2020

24 New Mexico Dental Journal, Spring 2020 NMDA Endorsed Vendors: ADAMembers Insurance Plan By Michael Sparks, DDS, MS President-Elect NMDA 2019 and Chair NMDA Member Services Committee This is the fourth article in a recurring series looking at member benefits in the NewMexico Dental Association. The NMDA regularly evalu- ates and selects companies to endorse when they offer benefits in cost savings and/or higher level of service for our members. The Member Services Committee is not endorsing these companies for the benefit of the NMDA, but only for the benefit of our NMDA members. The list of endorsed-company member bene- fits through the NMDA currently includes 13 companies and we are evaluating others to expand this in the near future to help in other needed areas. Right now, we are evaluating a company that could offer a discounted health plan to our members and their offices. We hope to make an announcement soon. Cur- rently, endorsed companies offer a wide range of services including discounted clinical supplies by The Dentist’s Supply Company (tdsc.com) , which I highlighted in the Spring 2019 NMDA Journal . In the Fall 2019 NMDA Jour- nal , I covered Laurel Road, which says they save ADA member-dentists $30,000 on aver- age and many substantially more with stu- dent loan refinancing. In the Winter 2019 Journal , the ADA Third Party Payer Concierge was presented. In this article, I will discuss the ADA Members Insurance Plans. Available exclusively to ADA members, these plans are designed specifi- cally for practicing dentists. The plans include: • Term Life • Term Plus Universal Life • Disability Income Protection • Office Overhead Expense • MedCASH These plans provide quality at premiums that are among the most competitive in the mar- ket. This is possible because of the economies of plan administration and the direct mail marketing used. All five plans are adminis- tered by Great-West Life & Annuity Insurance Company. ADA life insurance plans offer coverage from $50,000 to $3,000,000. Premiums can be fixed for a 10- or 20-year term or you can select premiums that gradually increase based on your age. All require medical under- writing. One in four dentists become disabled. A chronic illness or injury can last long enough to cause major financial hardship. Plans are “own occupation” with full benefits up to age 67. It is recommended to have 60% of your net monthly income for disability insurance. You can apply for up to $15,000 per month ($180,000 per year) to replace lost income. The ADA Office Overhead Expense Insurance Plan can pay up to $25,000/month to help cover things like payroll, rent, utility bills, a replacement dentist, loan payments, insur- ance premiums, and association dues. Finally, the ADA offers two supplemental medi- cal insurance plans for ADA members. There is a Hospital Plan that pays up to $1,000 per day of hospitalization, and a Critical Illness Plan that pays if there is a critical illness of you or a covered family member. Please go to insurance.ada.org for important details and more information about ADA Members Insurance Plans. Finally, please continue pass on your experi- ences with our endorsed companies, both positive and negative. Let us know if you are getting a cost savings and higher levels of service. You can email me at sparksperio@ yahoo.com with feedback that I can anony- mously share it in future articles and which we can use to add or change our endorsements.