Curtis Verstraete

How your work and time allocation habits affect your life overall

During medical school and residency, and even early on in my career, I wish somebody would have made it crystal clear that I was setting up habits that would affect my lifetime success, both inside and outside of medicine. 

I would have done things differently if I had known my work and time allocation habits would determine how I spent my life, both at work and at home, for the next 25 years. 

As humans, all we really have has is time. And, it’s what we do with the time we have that reflects our values, our mission, our effect on our friends, family, patients, and our legacy both at work and in life. 
As a resident, it is easy to get lost in the excitement of the job, the learning, the culture of self-denial, self-sacrifice, the excitement of healing. We are surrounded by folks who want to be the best, do the best, who often give up large parts of their lives to accomplish these goals. The pressure to compete, to work the longest, hardest, sacrifice the most, read the most, do the most cases, see the most patients is relentless. 

But, we need to remember that our patients need to see us as real people, not just fountains of endless medical knowledge, but also humans with struggles, values, and wisdom perhaps outside of the latest journal article. 

As medical decision making gets ever more complex, dealing with expensive, extensive, invasive procedures on people who often are late in their life journey already, or have very advanced disease, having your own human experience, with life outside of medicine, with families, friends allows you to bring so much more understanding to your patients and their journey. 

As a resident, how you spend your time reflects your values, and sets you up for a lifetime of journeys and experiences, and will determine what you bring to your patient encounters. So, make sure you are spending your time in relation to your values and your goals. Make sure the way you spend your time adds value to both your life and your patient encounters.

Glen R.

Signing bonus. What to do?

I just received a $50K signing bonus; it’s more money than I’ve ever had and I don’t have a clue what to do with it? I will be making $250K a year and my wife and I would like to buy a home and to raise a family in. But, I have a whopping $400,000 in student loan debt. Who do I turn to for advice? Help!

Jennifer B.

Our Madison Office has Moved!

After many years in Madison overlooking the beautiful and scenic Lake Monona, it is time to say goodbye to our lakeside location. We have sold the plot of land our building is on to the city of Madison to use for park expansion. Although we are sad to leave, we are excited for our new beginnings in Fitchburg. As of August 1, our new address will be:

2920 Marketplace Dr. Suite 103
Fitchburg, WI 53719

Not only are we moving to a new location, but we will also be at a separate location than that of our parent company, the Wisconsin Medical Society. However, our relationship will remain the same; Society Members will continue to receive discounts, products and services not available elsewhere. Plus, the profit we generate will continue to benefit the Society’s mission.

With the move, there are some technical updates as well. Our email addresses will now have the domain: wismedassure.org. This is the same domain as our website — which has also been updated and redesigned!

All the phone numbers will remain the same with the exception of the Madison office no longer having the Toll-Free number.

Rest assured, none of your letters or emails will be lost as we have arranged for all mail sent to our old addresses to be forwarded to our new ones.

You might be wondering: What about the Milwaukee and Fox Valley offices? Good question! Neither are moving and the phone numbers for both offices will not change. But, what will change is both offices are getting the new email address and will have the forward on so no communications will be lost.

If you have any questions, contact us at insurance@wismedassure.org or contact your agent. Lastly, check out the new website and let us know what you think in the comments below!

COBRA vs. state continuation laws – Are you compliant?

By Chris Noffke, GBDS

Noncompliance with the Employee Retirement Income Security Act (ERISA) and Department of Labor (DOL) laws and incorrectly administering employee benefits are common occurrences—especially when it comes to continuation of benefits. But, they’re mistakes that can have a costly impact.

At $100 per employee or $200 per family per day of non-compliance, fines by DOL can add up quickly. Groups may also be subject to a maximum of a $500,000 statutory fine if they are found in violation due to reasonable cause or willful neglect. So knowing which rules to follow is important, as well as when to provide written notice to eligible employees.

If a practice has 20 or more employees, it must follow the federal Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA requires a notice once a qualifying event occurs to be provided no later than 14 days after being notified of the qualifying event.

If a practice follows state continuation guidelines, it must provide state continuation coverage notices and information to the employee, spouse and dependents within five days of the employee’s loss of coverage.

Examples of qualifying events that require a notice include the following:

  • Termination of employment (voluntary or involuntary).
  • Reduction in hours of the employee.
  • Death of the covered employee.
  • Employee becoming entitled to Medicare.
  • Divorce or legal separation of the spouse from the covered employee.
  • Loss of dependent child status.
  • Birth of a child, adoption or marriage.

 
After the notice is sent to the employee, there are different time limits for the employee and dependents to respond based on the laws. COBRA gives 60 days from loss of group benefit date to enroll in CORBA benefits, while state continuation allows 30 days. Once enrolled, members qualify for 18 months of continued benefits. If your group follows COBRA, eligible members may be able to extend the continuation period another 18 months if a qualified beneficiary has a new qualifying event or if a covered member becomes disabled. This could qualify a COBRA participant for up to 36 months of coverage.

These are just a few of the regulations to be aware of when it comes to administering COBRA and state continuation benefits. If you are concerned whether you are administering these and other employee benefits correctly, your partners at Wisconsin Medical Society Insurance can work with you and your employees to help guide you through the process. Contact us today at insurance@wismedassure.org or call 866.442.3810 for more information.

The views and opinions expressed in this blog are solely those of the author and do not necessarily represent the views of the Wisconsin Medical Society, Wisconsin Medial Society Holdings Corporation or its subsidiaries. Nothing in this blog should be construed as legal, financial or clinical advice.

Christopher Noffke, GBDS, Insurance Advisor

Christopher has over 10 years of experience in group insurance sales and retention, including six years on the health insurance carrier side. A graduate of the University of Nebraska, Chris has completed the National Association of Health Underwriters Voluntary/Worksite Certification and holds a Group Benefit Disability Specialist (GBDS) designation.

Key Terms in a Disability Policy

As a physician, it’s important to plan for your future—and that includes finding the right income protection policy. Understanding the following terms can help aid in your search:

Non-cancelable vs. guaranteed renewable – – When you have a non-cancelable policy, the insurance company cannot change the contract, the contract language or the premiums. If you have a guaranteed renewable contract, the company agrees to renew the contract without making changes. However, they can increase premiums.

Definition of disability – For many physicians, especially surgeons and sub-specialty physicians, “own specialty” is very important. If you cannot perform surgery but can still do consults, you are not considered totally disabled per the “own occupation” definition (because you are still working in your occupation). Check the policy language to see how “own specialty” or “own occupation” is defined. Also, make sure that your “own specialty” definition is for the lifetime of the contract, not just two or five years.

Residual disability – This is a very important rider for physicians. If you can do some but not all of your duties as result of a disability (and have a reduction in income), the residual benefit will pay a partial benefit equal to the percentage of income lost. Some companies require that you are totally disabled first. Look for a company that does not require total disability before this benefit can be used. This rider will also pay if you can perform all of your duties but only on a part-time basis, due to a disability.

Business overhead expenses – This policy will pay the expenses of running your practice while you are totally (or residually) disabled. Expenses it will pay for include leases, employee salaries, telephone costs, accounting fees and insurance. This does not pay your lost income.

Retirement disability – If you are disabled, you will be unable to continue to contribute to your retirement plan because of your reduced income. With this rider, the insurance company will deposit the amount of money you would have contributed into a non-qualified retirement account.

Future increase options – If you are a student, resident, fellow or new in practice, this rider can be a great future benefit for you. It allows you to increase your monthly benefit—as your income grows—in the future, without having to qualify medically for it. You would just need to show income increases to justify the increase.

Loan repayment – For physicians who have medical school debt, there are a few companies that will pay your medical school payments for you while you are collecting disability benefits. An additional rider would be added to your disability policy for this.

As with all insurance coverage, please read the policy carefully as language differs between companies. Disability insurance can protect you against financial loss. Work with your insurance advisor to help you ensure the best coverage for you.

For additional information regarding disability insurance, contact us at insurance@wismedassure.org, complete this online form or call 608.442.3810.