Malpractice
As a dental hygienist, you may or may not need to consider having a personal Malpractice policy. Typically, the policy of the dentist you work for covers all employees for malpractice. It is always wise to confirm this with your employer.
If a client you worked on were to file a lawsuit that exceeds the limits of your employer’s policy, you may still have some risk. The amount awarded that exceeds the policy limit might involve payments from all staff named in the lawsuit.
Dental hygienists performing expanded procedures that are now available in some states may be asked to carry their own malpractice policy. If you are asked to buy personal malpractice coverage, some offices will pay for it. Other offices will not pay for it. You may also need to decide how much coverage you need to carry. Whatever your situation, we can help direct you to the appropriate Malpractice coverage at the best possible price. If you would like to purchase professional liability insurance, an application is available online.
Disability Insurance
Your most important asset is not your home, your car, your jewelry or other possessions. It’s your ability to earn a living. We plan our lives based on the assumption we will continue to earn a paycheck until we retire. If you are unable to work because of illness or injury, disability insurance provides an income to you and your family.
Sometimes, getting sick or injured prevents us from earning income for a short period of time, several years, or even permanently. Other times, getting sick or injured might prevent us from earning as much income because we are no longer able to do the job we had. Having the right type of policy for you protects you and your family by making sure you still have a monthly income.
When buying personal disability insurance for the first time there is lot of terminology that need s to be considered. For all dental professionals, we recommend a specific list of things to consider for a disability policy to cover you appropriately.
If you already have a disability policy, don’t forget to review your policy when big life events occur. Changes at work or home like getting a large pay raise or having a child can impact the type of coverage you need.
Life Insurance
In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.
You should definitely consider life insurance if you are married, have a mortgage someone else is also responsible for, currently have any personal debt, or if you have children. There are many types of insurance, but the two main categories are “term” insurance and “permanent” insurance. When trying to determine the type of coverage and the amount, there’s no “cookie-cutter” approach. As your life changes, your life insurance needs also change. So, even if you already have life insurance, your current policy might not suit you anymore. Let us sit down with you to determine what sort of coverage will meet your goals, your budget, and most importantly, protect your loved ones.
Health Insurance
If you work for a large dental group, you will most likely have access to a group health insurance plan. Not all smaller dental offices choose to offer health insurance to their employees. If you are married and your spouse works, you have access to getting on your spouse’s health plan. If you are single or your spouse doesn’t work, typically your best option will be applying for an individual plan.
Aside from understanding where you can get health insurance, it’s important to know that there are many different types of health insurance plans, each with their own set of costs, benefits, and limitations. For example, a Health Savings Account (HSA) offers smaller premiums and a different type of coverage than a traditional plan; the HSA suits healthy individuals who need only minimal care from a doctor and don’t have expensive prescriptions. Finding the most cost-effective solution is best accomplished by talking with an agent to identify which type of plan suits you and then comparing quotes.
Maternity coverage may or may not be needed in your situation, but this coverage now has very strict requirements for both coverage terms and the type of plan that is selected.
No matter what your situation is, you have many different options available to you, and an insurance professional will help to find which option is the most cost-effective solution for the type of coverage you want. Because all policies work differently, understanding the way these policies work is a crucial part of choosing the policy that benefits you the most.
Investments
Saving for retirement is critical once you enter the work force. However, setting aside money for this purpose always seems to come last on everyone’s expense list. As an employee, you may have options to start saving for retirement with a plan from your employer.
If you are offered any sort of “matching” by an employer plan you need to participate up to the matching limit if at all possible. Otherwise you are leaving money on the table! If your employer does not offer a retirement plan, then what should you consider before you invest? Let us help you come up with a plan to help you meet your retirement goals. The “time value of money” principle shows that it is not how much you save each month-but rather that you start saving a little each month, as soon as possible, to accumulate money for retirement. We can also help design a personalized plan that takes into consideration your saving goals, your risk tolerance, and the advantages of dollar cost averaging.