Health

Exclusive Benefits for Wisconsin Medical Society Members through the Society-endorsed WPS Health Insurance Plan.

• Early Retiree Coverage (must be between the ages of 50-65 at retirement with 2+ years membership with the Wisconsin Medical Society prior to early retirement.

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Coverage Plans Available to Member Retirees

Health Savings Accounts (HSA)
An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary who, for the months for which contributions are made to an HSA, is covered under a high-deductible health plan.

HSAs offer an impressive list of attractive features:

• No use-it-or-lose-it – you may accumulate funds and self-direct investment in a tax-exempt trust or custodial account.
• Ability to use funds for non-medical purposes, but with penalties.
• Account portability.
• Policyholders substantiate expenses.
• Certain eligible family members may make contributions to an HSA on behalf of the eligible individual.

Click here to read the WPS Member HSA Summary Benefits.

Comprehensive Major Medical
The Care Share Plan is a comprehensive major medical plan offering traditional health insurance that’s simple and straightforward.

• No networks
• No referrals
• Comprehensive benefits
• Freedom to choose health care providers
• One co-insurance level for all health care providers-primary care physicians or specialists!

Click here to read the WPS Member Care Share Summary Benefits.

Preferred Provider Plan (PPO)
WPS Preferred Advantage Plus combines comprehensive benefits and freedom of choice with proven cost-saving strategies and flexible plan options designed to assure that you have access to affordable, quality health care.

• No referrals
• Freedom to choose providers
• Comprehensive health benefits
• Expansive preferred provider networks
• Flexible plan options to fit any budget
• Opportunity to limit annual out-of-pocket expenses

Click here to read the WPS Member PPO Summary Benefits.

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Medicare Companion Coverage
With Medicare there are deductibles and coinsurance limits you have to pay before Medicare pays any benefits. And, there is always a chance that a serious illness or injury could exhaust your Medicare coverage benefits. It may seem impossible, but it can happen. With Medicare coverage alone, you could be left owing a significant amount of money to your health care provider. That's where the WPS Medicare Companion comes in to help.

To be eligible for the WPS Medicare Companion you:

1. Have to be a Wisconsin resident when you enroll.
2. Have to be enrolled in Medicare Part A & Part B by the date the Medicare Companion plans starts.
3. Cannot be covered by Medicaid.

If you are eligible to apply for the WPS Medicare Companion, please use our on-line contact form and information regarding benefits and limitations as well as your rights and responsibilities under the plan can be sent to you.

Medicare Prescription Drug Coverage
More than 30,000 people in Wisconsin have chosen WPS Health Insurance for Medicare prescription drug coverage. Their affordable plans cover a wide range of brand-name and generic drugs. And the WPS MedicareRX card is welcomed at more than 50,000 pharmacies nationwide. The plan can be purchased with or without the WPS Medicare Companion Coverage plan. And can be purchased for you and your spouse. Contact us today using our on-line contact form for more information.

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Dental

As you prepare for retirement and begin comparing the apples and oranges of insurance, you don’t have to worry about finding dental coverage. Our endorsed plan for individual Wisconsin Medical Society members and their families is reasonably priced and our agents can help you put a plan in place for your retirement.

Call us today at 866.442.3810 or complete our on-line contact form.

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Long-Term Care

What is Long-Term Care?
Long-term care refers to a broad range of supportive medical, personal and social services needed by people who are unable to meet their basic living needs for an extended period of time. This may be caused by an accident, illness or frailty. Such conditions include the inability to move about, dress, bathe, eat, use a toilet, medicate and avoid incontinence. Also, care may be needed to help the disabled with household cleaning, preparing meals, shopping, paying bills, visiting the doctor, answering the phone and taking medications. Additional long-term care disabilities are due to cognitive impairment from stroke, depression, dementia, Alzheimer’s, Parkinson’s and so on. This support can be offered at home or in an institution.

The cost of a nursing home ranges from $30,000 to $80,000 per year. Home and community care can range from $12,000 to $50,000 per year. Statistics show that after paying for 1 year of long term care, 72% of elderly Americans are impoverished (Day, T. 2005. Long Term Link).

Click here to read further information on long-term care.

To learn about how to protect your assets through acquiring Long Term Care Insurance please contact us using our on-line contact form or feel free to complete out LTC worksheet and fax it to 608.442.3810 or mail to Wisconsin Medical Society Insurance and Financial Services, 330 E Lakeside St., Madison, WI 53715.

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Financial Planning

It takes more than income and resources to create financial success. It takes a written plan. Yet many people with good incomes and high net worth lack the written plans that give them the confidence that their financial accomplishments deserve. Our alliance with the Principal Financial Group® (The Principal®) allows us to expand the services available Wealth Management Solutions program for physicians offered through Princor Financial Services Corporation, a registered investment adviser and member company of The Principal.

For members of the Wisconsin Medical Society, there is no charge for the introductory meeting with a financial advisor from Princor. If you feel that you have financial issues that need attention, you owe it to yourself to schedule an appointment. To request more information or to set-up a time to discuss your needs, please use our on-line contact form.

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Closing Practice Planning

Medical Professional Liability

Claims Made

Termination: Policyholders canceling a claims-made policy may obtain “tail” coverage, also known as an extended reporiting endorsement (ERE). Adding tail coverage to a claims-made policy effectively converts it to occurrence coverage because it protects you against claims related to services performed during the original policy period but reported after your initial coverage expired.

An insured with ProAssurance Wisconsin Insurance Company (formerly PIC WISCONSIN) is entitled to receive an ERE (tail) without payment of additional premuim in the event they die during the policy period, become totally and permanently disabled, or fully retire from practice during the policy period after having continuous coverage with PIC for five years ending on the date of retirement.

In addition, extended reporting coverage is available at no additional premium charge at age 65, provided the insured phyiscian has been continuously insured by a ProAssurance group company on a claims-made basis for 10 years. The tail endorsement is offered only upon termination of coverage with a ProAssurance Group company. Retirees who take advantage of this option are only allowed, after receiving the free tail, to come back to ProAssurance Wisconsin for coverage on a case-by-case basis.

Occurrence

Termination: An occurrence policy permanently insures the period of time when coverage was in effect. When the policy expires, any incidents that may have occurred between the effective and expiration dates will be covered forever, regardless of when a claim may be filed.

If you are a Wisconsin Medical Society member, click here to access the Society's Health Law FAQs about closing a medical practice. (Login required. Click here for instructions.)

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Legal Questions?

For questions specific to closing or selling a medical practice, click here to read a section from A Physician's Guide to Health Law—A Collection of Frequently Asked Questions. To read the section, you must login to the site.

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A Gift to Your Family

(Power of Attorney or Living Will)

All too often, families are put in the unfortunate position of needing to make decisions about their loved ones’ health care. If you have not discussed your wishes with your family, these decisions become all the more difficult.

The State Bar of Wisconsin, the Wisconsin Medical Society and the Wisconsin Health and Hospital Association, with support from Gundersen Lutheran Medical Center, joined forces to produce a consumer guide to assist you with future health care planning.

A Guide to Your Family includes Wisconsin state forms to help you put your wishes in writing, after you have talked with your family. Your attorney, physician and other health care professionals can answer your questions and help you complete the necessary forms.

We would be happy to supply you with a copy of A Guide to Your Family. Please contact us at 866.442.3810 or use our on-line contact form. If you would like to purchase additional copies please go to the State Bar of Wisconsin Web site.

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Retiree Planning Solutions Contact Form

For questions on any of the coverages please complete our on-line contact form and one of our agents will get in contact with you on your retirement needs.