Professional Overhead Expense Insurance

ADIUM Insurance Services Inc.

The AMA's Professional Overhead Expense Insurance plan helps cover your business expenses if you become disabled. While you recover, protect your investment in your practice and keep your office open for the patients who count on you.

Why buy through AMA?

Competitive group rates

By purchasing insurance through ADIUM you get competitive rates.

AMA Premium Credit™

For the 15th year in a row, we’ve returned excess premiums to AMA members*. This means significant savings for you.
Professional Overhead Expense – 5% off our published rates in 2019

Here's how it works

If you become partially or totally disabled prior to age 70, benefits are payable until the earlier of:

  • 36 months following completion of the elimination period; or
  • 12 times the monthly benefit is paid.

If you become partially or totally disabled after age 70, benefits are payable for up to 12 months following completion of the elimination period.

What is eligible

  • Office rent or mortgage interest
  • Heat, water and electricity
  • Interest on business loans for office equipment or automobile
  • Telephone and postage
  • Business laundry
  • Employee salaries
  • Accounting services
  • Property taxes/business taxes
  • Lease payments (equipment and automobile)
  • Depreciation of scheduled principal payments on office equipment for business use of automobile
  • Premiums for insurance and benefit coverage for employees
  • Professional association membership dues
  • Student loan interest

What is not eligible

  • Salaries and other payments to you or to other physicians
  • Salaries and other payments to people hired to perform your duties
  • Salaries for family members, other than salaries paid prior to your disability
  • Meals, entertainment and promotional expenses
  • Travel expenses
  • Cost of goods, wares or merchandise, including medical supplies
  • Cost of implements used in your profession
  • Any other expenses that would not normally be incurred when you are disabled
  • Income taxes for you or your employees

How much coverage can you apply for?

You may apply for between $500 and $20,000 of monthly benefits in units of $100.

Choose a 14-day or 30-day elimination period, or a combination of these periods. Monthly benefits in excess of $7,000 must have a 30-day elimination period.

Extra advantages

Parental benefit

Up to 15 consecutive weeks of benefit reimbursement for parental leave (following a waiting period of two weeks), subject to the following conditions:

  • You must have had your coverage for at least 12 months prior to the date of birth of your child or the date of placement of your child in the case of an adoption.
  • Benefits are payable no earlier than eight weeks before the expected date of delivery or date of placement, ending no later than 17 weeks after delivery or date of placement and will be the lesser of:
    • 50% of the monthly benefit; and
    • the current employment insurance (EI) monthly benefit.
  • The benefit will not exceed the amount of covered monthly overhead expenses actually incurred by you.
  • The benefit is designed only for adoptions and non-complicated pregnancies. If you have a disability during or after pregnancy, be it pregnancy related or not, benefits will be paid as provided under the partial or total disability benefit provisions.
  • Benefits will be paid only if you are on full-time leave from your practice during the period for which benefits are claimed (no partial disability benefits will be paid).
  • The rate and duration of the benefit does not change in the event of multiple births or adoptions of more than one child.

Recovery benefit

If you return to your regular job after six months of receiving disability benefits, you may receive up to 50% of your previous month’s benefit payment during your first month of full-time practice.

Recurrent disability benefit

If your disability recurs within six months. If you have a total or partial disability from the same cause within six months of the end of a previous period of benefit payments, your benefits will continue for the time remaining from the original claim. You don’t have to complete the elimination period.

Cosmetic and transplant benefit

Coverage if you’re totally disabled due to transplant donor or cosmetic surgery - you may be entitled to benefits if:

  • Your coverage has been in-force for at least six months.
  • You have completed the elimination period.
  • For cosmetic surgery, you have been continuously totally disabled for at least 30 days.

Waiver of premium

No premiums to pay if you are disabled for 90 consecutive days or more before age 65.

Optional riders

Guaranteed Insurability Benefit

Guarantee you can get more coverage later, regardless of health - you won’t have to provide proof of good health. You may exercise this rider in April of each year. If you’re under 40 and have enough expenses to warrant the increase, you can buy up to $2,000 of additional coverage at each option period, in units of $100, subject to the maximum limit. From age 41 through 60, you can buy up to $1,000, in units of $100.

How much will it cost?

Get an instant online estimate of your rates.

Learn more about AMA Professional Overhead Expense Insurance

AMA Group Insurance Plans 2019 provides descriptions and highlights (coverage and exclusions) of AMA group insurance plans.

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* Past returns may not reflect future performance

The AMA advances patient-centered, quality care by advocating for and supporting physician leadership and wellness.