Business Overhead Expense Insurance
May be a cost-effective way to help protect your business in the event something happens to you.
For many medical practice owners, having business overhead expense (BOE) insurance can help ensure their business can continue to function should they become disabled under the terms of the policy and unable to work. It can help pay for overhead expenses like office rent, employee salaries, insurance premiums, utility bills, premiums for business and malpractice insurance, and accountant fees.
Plan at a Glance:
- Available to members under age 50 who work full time (at least 30 hours per week) may apply for up to $15,000 in $100 increments with a $1,000 minimum
- Ages 50-60 may apply for up to $10,000
- Available Elimination periods of 15 or 30 days.
- Available Maximum benefit period of 12 or 24 months.
- Renewable to age 70
- Premiums waived during a covered disability if you receive monthly benefits for 6 continuous months
Please review the below Options or call 1-866-978-2974
Our Business Overhead Expense and Disability Income Insurance products are consolidated on 2 forms, the BOE is the same for each form, the difference is if you would like to select a Disability Income product too.
| Plan Features | Business Overhead Expense |
|---|---|
| BOE # 5239 | |
| Enrollment Age | Under the age of 60 |
| Maximum Monthly Benefit | Under Age 50 / $15k Under Age 60 / $10k |
| Elimination Period | Option 1 = 15 days Option 2 = 30 days |
| Benefit Duration | Option 1 = 12 months Option 2 = 24 months |
| PLAN SUMMARY | |
| Enroll Now |
SUBMISSION INSTRUCTIONS
After completing, sign and date the form on the last page where indicated. Make a copy for your records and mail to APPA.
APPA
12444 Powerscourt Dr, Suite 500A
St Louis, MO 63131
Discuss your plan options with your plan Representative.
Please contact your plan Representative at 1-866-978-2974 for information about your plan options. Your plan Representative will bill you directly. You can pay semi-annual, quarterly, annually by check, or make online payment.
Why Business Overhead Expense Insurance?
A. New Members of APPA, depending on your age, may enroll, for a limited time, in the MetLife APPA Business Overhead Expense Insurance with no underwriting. Your acceptance is guaranteed!1
A. You have 60 days from your date of membership to enroll.
A. Members of APPA may apply for more coverage by completing our standard application that includes additional medical questions.
A. Eligible covered expenses include:
- Office rent.
- Employee salaries and insurance premiums.
- Utility bills, including electric, heat, water, gas and telephone.
- Request the plan summary for a detailed list of covered and non-covered expenses.
A. Own occupation means the essential functions you regularly perform that provide your primary source of earned income.
A. You may choose several elimination periods before benefit begins.
A. It may be less expensive than you think. MetLife and your APPA have designed this business overhead expense insurance plan to be an affordable way for you to help protect your business. You’ll enjoy competitive rates, with a wide range of coverage amounts to choose from.
A. The following additional plan benefits are available:
Lump sum survivor benefit: In the event a disabled person dies while on Disability, the survivor kin would receive 3 times the monthly benefit amount in one lump sum.
Waiver of Premium: Premiums waived while benefits are being paid.
Termination of Business Interest: May provide a pro-rated premium refund if you no longer incur any monthly expenses.
*Definition of disabled changes to any occupation after 60 months.
1You must be performing your normal activities at work for coverage to become effective. Benefits may be not be payable for a disability that results from a pre-existing condition.
Coverage may not be available in all states. Please contact the your plan Representative at 1-866-978-2974 for more information.
Coverage is provided under a group insurance policy issued to APPA by MetLife. This coverage terminates when your membership or employment through membership ceases, when you cease to be an eligible member, when your contributions cease, or upon termination of the group contract by your association. Like most group insurance policies, MetLife policies contain certain exclusions, exceptions, waiting periods, reductions, limitations and terms for keeping them in force. Contact your plan Representative for complete costs and details. Read More
The Plan Overview provides only a brief overview of the BOE Plan. A more complete description of the benefits provisions, conditions, limitations, and exclusions will be included in the Certificate of Insurance, Summary Plan Description and/or other plan documents. If any discrepancies exist between this information and the legal plan documents, the legal plan documents will govern.
The association and/or the plan administrator incurs costs in connection with providing oversight and administrative support for this sponsored plan. To provide and maintain this valuable membership benefit, MetLife may compensate the association and/or the plan administrator for these and/or other costs.
NOTE: All of our policies when purchased and maintained current, belong to the individual policyholder for perpetuity. Regardless of whether it was pruchased through an employer and then the individual transferred his/her employment elsewhere including private practice.
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The information contained herein is offered as insurance Industry insight and provided as an overview of current market risks and available coverages and is intended for discussion purposes only. This publication is not intended to offer legal advice or client specific risk management advice. Any description of insurance coverages is not meant to interpret specific coverages that your company may already have in place or that may be generally available. General insurance descriptions contained herein do not include complete Insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. Actual insurance policies must always be consulted for full coverage details and analysis. Insurance brokerage and related services to be provided by Gallagher Affinity Insurance Services, Inc. (License No. 100310679 | CA License No. 0783129).
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