The AOA Group Business Overhead Expense Insurance Plan - aoa

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Group Business Overhead Expense

Helps pay your practice expenses if a disability keeps you from working

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Group Business Overhead Expense

Would your practice have the cash flow it needs to cover expenses if an accidental injury or a serious illness kept you from seeing patients?

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Group Business Overhead Expense Tabbed Product Details

Overview

How to help keep your practice running if you can't work

What if you were seriously injured in a car accident? As a business owner, you'd have more to worry about than just the impact on your paycheck if an illness or injury kept you from working.

You'd need a safety net for your practice as well. Help paying business expenses like rent on your office … employees' salaries … utilities … equipment rental … and much more.

That's where the AOA Group Business Overhead Expense Insurance Plan (underwritten by New York Life Insurance Company) comes in. This program for doctors of optometry gives you a "just-in-case" financial cushion to help you cover business expenses when a disability keeps you from working.

Monthly Benefits up to $15,000.00 Available

Office expenses keep coming in, even if you can't take care of patients due to an accident or illness. So the AOA set up the Group Business Overhead Expense Insurance Plan to help your practice maintain its cash flow if you were totally disabled. As a result, your practice would have valuable financial assistance if you needed extra time to get back to working your regular schedule.

Benefits paid if you can't work as an optometrist

As a doctor of optometry, you've worked to build a practice using your training and eye care expertise. That's why the AOA made sure this plan starts paying benefits if you can't work in your OCCUPATION. (Other business overhead expense plans may only pay if you can't work in ANY occupation. It's an important distinction to keep in mind.)

Printable Application

AO-21600

Benefits

Up to $15,000.00 a month to cover business expenses

As an AOA Member under age 65 working at least 20 hours a week, residing in the US (excluding NH, VT and territories) you can now apply for up to $15,000.00 monthly benefits in the AOA Group Business Overhead Expense Insurance Plan.

Help paying your office expenses if you can't work

If an illness or injury means you can't work as a doctor of optometry, the AOA Group Business Overhead Expense Insurance Plan can help you maintain your practice's cash flow with up to $15,000.00 a month … paid directly to you for up to 18 months. You can use your Business Overhead Expense benefits to cover:

  • Rent or the mortgage on your office
  • Utilities like electricity, heat, water and the phone
  • Employee salaries
  • Payments for group insurance and pension plans
  • Real estate taxes or property taxes
  • Rental of business equipment (except for automobiles)
  • And other normal and customary fixed expenses necessary to operate your practice
You owe no premiums if you're disabled and collecting benefits

If a sickness or illness or injury leaves you totally disabled and unable to work as a doctor of optometry, we'll waive any further premium payments after you've been totally disabled for four consecutive months. Your coverage will remain in full force as long as your disability continues from that injury or sickness.

Collect again if your disability comes back

It's not unusual to recover from a disability … go back to work … and then find your disability once again prevents you from performing your duties as a doctor of optometry. So the AOA Group Business Overhead Expense Insurance Plan gives you benefits for these types of situations.

After you meet your original elimination period (the waiting period before benefits begin) for a disability, any disability due to the same or related medical causes will be treated as one continuous period of disability. That means your disability benefits can start again … right away … if you become disabled again after working for a little while if you were back at continuous full time work for LESS than three months. If you worked for three months or more, you will need to satisfy the elimination period again before disability benefits can resume and it will be considered a separate period of disability.

Benefits for organ donors

If you suffer a covered disability as result of a kidney, liver, lung, skin or bone marrow donation, and can't work due to the transplant surgery, your AOA Business Overhead Expense benefits can still help cover your office expenses. Due to your generosity in donating an organ, the elimination period (waiting period before benefits begin) will be waived and you can collect benefits immediately for up to 12 months. This transplant benefit can only be payable once for each covered member.

Printable Application

AO-21600

Rates

This important business coverage stands as an excellent value for doctors of optometry. That's because the AOA leveraged the group buying power of more than 25,000 members … practicing across the country … to negotiate group rates.

Current AOA Group Business Office Overhead Expense Insurance Plan 2018 Monthly Rates

Age $1,000.00 $2,500.00 $5,000.00 $7,500.00 $15,000.00
15-day wait 30-day wait 15-day wait 30-day wait 15-day wait 30-day wait 15-day wait 30-day wait 15-day wait 30-day wait
Under 34 $8.10 $6.30 $20.25 $15.75 $40.50 $31.50 $60.75 $47.25 $121.50 $94.50
35-39 $9.23 $3.98 $23.06 $17.44 $46.13 $35.88 $69.19 $52.31 $138.38 $104.63
40-44 $10.13 $7.88 $25.31 $19.69 $50.63 $39.38 $75.94 $59.06 $151.88 $118.13
45-49 $11.25 $8.33 $28.13 $20.81 $56.25 $41.63 $84.38 $62.44 $168.75 $124.88
50-54 $14.40 $10.13 $36.00 $25.31 $72.00 $50.63 $108.00 $75.94 $216.00 $151.88
55-59 $15.53 $11.25 $38.81 $28.13 $77.63 $56.25 $116.44 $84.38 $232.88 $168.75
60-64 $22.73 $17.78 $56.81 $44.44 $113.63 $88.88 $170.44 $133.31 4340.88 $266.63
65-69* $25.40 $19.80 $63.50 $49.50 $127.00 $99.00 $190.05 $148.50 $381.00 $297.00

*Renewal only. Billed rates may differ slightly due to rounding

Rates shown above are monthly. You will be billed on a semi-annual basis

If you would like a rate quote on a benefit amount not shown, please call 1-866-331-0180

At age 70, insured members are transferred into the senior plan. Benefits in excess of $500 will be reduced to $500

Premium is $3.172 per $100.

The premium contributions shown reflect the current rate and benefit structure. Premiums increase on the premium due date coinciding with or next following the date that a member enters a new age bracket. Premium contributions may be changed by New York Life Insurance Company on any premium due date and any date on which benefits are changed. However; your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people all with the same issue age, waiting period, and plan benefit option. Amounts are not guaranteed and are subject to change by agreement between New York Life Insurance Company and the AOA.

Printable Application

AO-21600

FAQs

What types of business expenses will this AOA Group Business Overhead Expense insurance plan cover?

The AOA's Group Business Overhead Expense Plan delivers valuable benefits to help you cover practice expenses such as:

  • Rent or the mortgage on your office
  • Utilities like electricity, heat, water and the phone
  • Employee salaries
  • Payments for group insurance and pension plans
  • Real estate taxes or property taxes
  • Rental of business equipment (except for automobiles)
  • And other normal and customary fixed expenses necessary to operate your practice

Please refer to the Terms tab for more information on exclusions and limitations.

What types of disability can I collect these business expense benefits for?

The AOA Group Business Overhead Expense Insurance Plan pays valuable benefits if an injury or illness leaves you totally disabled and unable to perform the material and substantial duties of your occupation. You must also be under the regular care of a physician. Material and substantial duties are those that are normally required in your occupation and cannot be reasonably omitted or modified.

Will I have to pay premiums while I'm disabled?

No. After four months of total disability, we will waive any further premiums that come due. Your business overhead expense benefits will continue in full force as long as you remain disabled from that injury or sickness.

Printable Application

AO-21600

Terms

Effective Date of Coverage: Insurance will take effect on the first of the month on or following the date your application is approved by New York Life Insurance Company, provided the initial contribution is paid within 31 days after you are billed and any person to be insured is actively at work performing normal activities of a person in good health of like age on the day of approval. If any dependent proposed for coverage is not performing his/her normal activities as required, coverage will not take effect until he/she is performing such activities provided such date is within three months after the date insurance would have been effective and the person is still eligible.

When Coverage Ends: Coverage will end when the insured person reaches age 75, or earlier if: (a) the premiums are not paid when due, (b) the AOA membership ends, (c) the group plan is terminated or modified by the policyholder or New York Life Insurance to end insurance for the group of insureds to which the member belongs, (d) When you begin active duty in the armed forces (e) if the insured requests to terminate insurance, and (f) the date the insured person no longer incurs Covered Expenses for Business Overhead Expense Insurance due to the dissolution of his/her association with the business office facility on which benefit payment is based.

This website contains only a general description of the principal provisions, definitions and limitations of the insurance. The complete terms and conditions are set forth in the Group Policy issued by New York Life Insurance Company for the members of the AOA under Group Policy G-29336-3. Please refer to the Certificate of Insurance used to all approved insureds.

EXCLUSIONS:

The AOA Group Business Overhead Expense Insurance Plan does not cover and we will not pay a benefit for any loss or disability: 1) due to engagement in an act or accident of war or act of war, other than as a victim, an armed conflict which involves the armed forces of one or more countries.2) due to an act of suicide while sane or intentionally self-inflicted injury while sane; 3) due to participation in a felony; an illegal occupation or activity; an insurrection; terrorist activity; or a riot. 4) due to pregnancy (except that Complications of Pregnancy are covered); 5) due to injury sustained during travel in, travel on, fall from or descent from any aircraft while such aircraft is in flight unless the INSURED MEMBER is traveling: (a) solely as a fare paying passenger on a licensed, commercial, regularly scheduled, non-military aircraft; or (b) in a civil aircraft having a current and valid "Standard Federal Aviation Agency Airworthiness Certificate" and piloted by a person with a current and valid pilot's certificate with proper ratings for the type of flight and aircraft involved. 6) A disability that is due to or related to service in the military, naval or air force of any country, alliance or international organization or in a civilian unit which serves such force.

Impairment Restriction means a disability that is due to or related to a condition which has an Impairment Restriction. However, at any time and at his or her own expense, the INSURED MEMBER can give medical evidence of insurability for a condition which has an Impairment Restriction. After review of such evidence, New York Life will determine: (a) if and when such Impairment Restriction should be removed or liberalized or (b) if it should be continued. "Impairment Restriction" means an exclusion or limitation of insurance on an INSURED MEMBER. An Impairment Restriction will be: (a) established by New York Life; and (b) continued by New York Life if it is in effect on the day before; (1) the INSURED MEMBER becomes insured under the Policy; or (2) a change in insurance takes effect; whether or not satisfactory medical evidence of insurability is furnished or medical evidence of insurability of required. All Impairments Restrictions are stated in the certificate. Insurance with such Impairment Restrictions is subject to the APPLICANTS acceptance. Payment of one CONTRIBUTION after the INSURED MEMBER is advised of the Impairment Restrictions will establish such acceptance.

Excluded expenses include:

Employees Salaries: The salaries of individuals hired after the insured's total disability began.

Personal Expenses: The personal expenses of the insured, including but not limited to any of the following: (a) the insured's salary, fees, income taxes, drawing account or any other remuneration; or (b) charitable contributions.

Professional Services: The salaries of or fees paid to other individuals in the same occupation as the insured for professional services.

Purchases: The cost of: (a) office equipment, goods, wares or merchandise of any nature; or (b) any and every item used by the insured in his or her normal occupation.

Repayment Of Loan Principal: The repayment of the principal on a loan and/or mortgage.

The listing of your coverage including exclusions or limitations can be found in the group policy/certificate. If differences exist between this summary and the policy/certificate, the policy/certificate will govern. This program may vary and may not be available to residents of all states. Additional exclusions may apply as a condition of approval of your application for coverage.

Important Definitions

 

Total Disability means one that begins while insured and continuously disables he/she so that he/she is unable to perform all the substantial and material duties of his/her occupation. Also, he/she must be under a doctor’s regular care and not working at any gainful occupation for wage or profit.

A loss of license, in and of itself, does not constitute an incapacity that prevents the insured member from doing the material and substantial duties of his/her occupation and will not be deemed a total disability.

Successive Periods of Disability will be considered one period of disability if such disabilities are due to the same or related causes, and which are separated by less than three months of return to continuous full-time work during which you are not totally disabled or different or unrelated causes are not separated by return to full-time work.

Full-time work means the active performance for pay or profit of the regular duties of one's normal occupation on a basis of 20 hours per week at a place where such duties are normally performed or other location to which travel is required.

Important Information from New York Life Insurance Company

New York Life Insurance Company reserves the right to request medical information to determine applicant's medical eligibility for coverage. Based on the age of the person proposed for insurance and the amount of coverage requested, a physical examination, EKG, blood test or other information may be required. Not all applicants will have to supply additional information. However, if it is required, New York Life will arrange for an independent professional paramedic to contact you to perform these simple tests at your convenience. The exam and blood test are free-of-charge.

If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your application does not mean that there is any insurance in force before the effective date as determined by New York Life.

IMPORTANT NOTICE:

How New York Life Obtains Information and Underwrites Your Request For Group Business Overhead Expense Insurance

In this notice, references to "you" and "your" include any person proposed for insurance. Information regarding insurability will be treated as confidential. In considering whether the person(s) in your request for insurance qualify for insurance , we will rely on the medical information you provide, and on the information you AUTHORIZE us to obtain from your physician, other medical practitioners and facilities, other insurance companies to which you have applied for insurance and MIB, Inc. ("MIB"). MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. If you apply for life or health insurance coverage, a claim for benefits is submitted to an MIB member company, medical or non- medical information may be given to MIB, and such information may then be furnished by MIB, upon request, to a member company.

Your AUTHORIZATION may be used for a period of 24 months from the date you signed the application for insurance, unless sooner revoked. The AUTHORIZATION may be revoked at any time by notifying New York Life in writing at the address provided. Your revocation will not be effective to the extent New York Life or any other person already has disclosed or collected information or taken other action in reliance on it, or to the extent that New York Life has a legal right to contest a claim under an insurance certificate or the certificate itself. The information New York Life obtains through your AUTHORIZATION may become subject to further disclosure. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. In this case, the information may no longer be protected by the rules governing your AUTHORIZATION.

MIB and other insurance companies may also furnish New York Life, its subsidiaries or the Plan Administrator with non-medical information (such as driving records, past convictions, hazardous sport or aviation activity, use of alcohol or drugs, and other applications for insurance). The information provided may include information that may predate the time frame stated on the medical questions section, if any, on this application. This information may be used during the underwriting and claims processes, where permitted by law.

New York Life may release this information to the Plan Administrator, other insurance companies to which you may apply for life and health insurance, or to which a claim for benefits may be submitted and to others whom you authorize in writing, however, this will not be done in connection with test results concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV). We may also make a brief report of your protected health information to MIB, but we will not disclose our underwriting decision.

New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. Information in our files may be seen by New York Life and Plan Administrator employees, but only on a "need to know" basis in considering your request. Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved.

If we cannot provide the coverage you requested, we will tell you why. If you feel our information is inaccurate, you will be given a chance to correct or complete the information in our files. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Federal Fair Credit Reporting Act procedures. If you question the accuracy of the information provided by MIB, you may contact MIB and seek a correction. MIB's information office is: MIB, Inc., 50 Braintree Hill Park, Suite 400, Braintree, MA 02184-8734, telephone 866- 692-6901. For Canadian residents, the address is: MIB Information Office, 330 University Avenue, Suite 501, Toronto, Ontario, Canada M5G 1R7, telephone 416-597-0590. Information for consumers about MIB may be obtained on its website at www.mib.com.

For NM Residents: PROTECTED PERSONS 1 have a right of access to certain CONFIDENTIAL ABUSE INFORMATION2 we maintain in our files and they may choose to receive such information directly. You have the right to register as a PROTECTED PERSON by sending a signed request to the Administrator at the address listed on the application. Please include your full name, date of birth and address.

1 PROTECTED PERSON means a victim of domestic abuse: who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured person or prospective insured person.

2CONFIDENTIAL ABUSE INFORMATION means information about: acts of domestic abuse or abuse status; the work or home address or telephone number of a victim of domestic abuse; or the status of an applicant or insured as family member, employer or associate of a victim of domestic abuse or a person with whom an applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.

New York Life Insurance Company 8.12 ed.

If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your application does not mean that there is any insurance in force before the effective date as determined by New York Life.

Questions? Call toll-free 1-866-331-0180

When program experience has been good New York Life Insurance Company will periodically return excess premiums in the form of dividends to the AOA as the policyholder. The AOA will retain these dividends in a Dividend on Deposit Account with New York Life. The AOA will in turn periodically make these dividends available through premium credits to existing insureds in the programs which generated the dividends. Sufficient reserves will be retained by the AOA in the Dividend on Deposit Account to cover administrative and marketing costs generated by the New York Life Insurance Programs sponsored by the AOA. These programs are administered together to take advantage of the savings resulting from this integrated approach.

Administrative expenses incurred by the AOA to provide the valuable membership benefits resulting from these sponsored insurance programs are reimbursed from available program dividends. New York Life may also, out of premium, pay a reasonable fee to the AOA for making AOA assets available to it to promote these programs to the membership. These assets include the AOA Intellectual Property Rights and mailing lists of eligible members.

Endorsed By: The AOA
AOA

Administered by:
AGIA Insurance Services, Inc.
P.O. Box 26860
Phoenix, AZ 85068

Better Business
 

A.G.I.A., Inc., is licensed/authorized to transact business in all 50 United States, and the District of Columbia. Their state of domicile is California. J. Christopher Burke California Agent license number is 0F70947. J. Christopher Burke Arkansas Agent license number is 8876308.

The Group Business Overhead Expense Insurance Plan is underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
under Group Policy G-29336-3 on
Policy Form GMR-FACE/ G-29336-3

New York Life is licensed/authorized to transact business in all the 50 united states, District of Columbia and Puerto Rico. Please note that this plan is not available in all states.
New York Life Insurance Company's state of domicile is New York and their NAIC ID # is 66915.

Printable Application

AO-21600

No Hassle

NO RISK WITH 30-DAY FREE LOOK

As soon as your benefit request is approved, we'll mail your Certificate of Insurance outlining the terms and conditions of this AOA business coverage. Take up to 30 days to look it over. If it wasn't what you had in mind, mail back the Certificate, without claims and your insurance will be invalidated.

ACT IMMEDIATELY FOR PROMPT COVERAGE

With the AOA's Group Business Overhead Expense Insurance Plan, you can request up to $15,000.00 in monthly benefits to help cover your office expenses if an injury or illness leave you unable to work as a doctor of optometry.

Just download the Application Form on this website. Then complete, sign and date your application and mail it to:The AOA Group Business Overhead Expense Insurance Plan, P.O. Box 26860, Phoenix, AZ. 85068.

Printable Application

AO-21600

AO-21600

Group Business Overhead Expense Sidebar Content

Activate Your AOA Benefits Now

30-DAY FREE LOOK

You are under no obligation today.

Your official Certificate of Insurance outlines the terms and conditions of this AOA program. Take up to 30 days to look it over. If it's not what you had in mind, mail back the Certificate for a 100% refund; less any claims paid.