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3 key renewal strategies for successful physician/dentist contract reviews

Keeping your disability contract renewal conversations focused on key provisions will help smooth the process with your physician and dentist clients. Here are 3 essential elements to highlight:

  1. Include Definition of Duties vs. Specialty/Sub-specialty. Make sure your clients have this superior definition in their contract. The standard definition of disability in most contracts is “specialty/sub-specialty.” A more effective definition for specialized physicians is definition of material duties based on procedure codes for the preceding 12 months. This is the most precise definition of occupation available in group disability, and is the closest to an Individual Disability policy (IDI) definition you will find in the industry.

  2. Eliminate Gotchas: Does the contract have managed care language that is not expressed in the proposal? MGIS IncomeProtect specifically excludes 10 of these harmful provisions. Click here for the full list.

  3. Watch Payroll Rates vs. Benefit Rates: Different carriers use different methods of reporting their Long-term Disability offers. Review closely to ensure that you are calculating the premium costs accurately. Click here for an explanation of the two formulas and a handy conversion calculator.

For a comprehensive contract review to identify these and many other important contract provisions, contact me directly, or call your MGIS Regional Vice President of Sales.

Kindest regards,

Noelle Lundberg GBA, GBDS
National Renewal Sales Manager
Medical Group Insurance Services, Inc.
800-969-6447 EXT.133 | MOBILE 801-910-9627 |
Utah L&H Lic. 415176

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, 07P-LH-PT/07C-LH-PT, 12-STDPort-C- 01, 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.) (Lansing, MI) under Policy Form Series 13-GP-LH-01, 13-LTD-C-01-MGIS, 13-STD-C-01-MGIS, 13-ADD-C-01-MGIS, 13-GP-LF-01, 13-LF-C-01-MGIS, 12-GPPort-01, 13-LFPort-C-01, 13- ADDPort-C-01 and 12-STDPort-C-01.

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.

This coverage does not constitute comprehensive health insurance (often referred to as “major medical coverage”) and does not satisfy the requirement for Minimum Essential Coverage under the Affordable Care Act.

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. Product offerings may not be available in all states and may vary depending on state laws and regulations.

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