Changes TMLT Payment Options, Discounts, Coverage

February 28, 2014

To better serve you, TMLT is launching several changes and improvements to our policies and services. These changes coincide with an upgrade to our data system and take effect Thursday, January 6, 2015.

Underwriting

  • TMLT Part Time Discount: There will now be two options for a part time discount. If a physician works 30 hours a week or less, they qualify for a 25% premium discount. If a physician works 15 hours a week or less, they qualify for a 50% premium discount. The part time discount is now available to all specialties (surgical and non-surgical) and all limits of liability.
  • TMIC Part Time Discount: A 25% discount is now available for CRNAs/nurse anesthetists, nurse mid-wives, physician assistants, nurse practitioners, paramedics/EMTs, podiatrists, chiropractors, pharmacists, or dentists who work 30 hours a week or less.
  • Leave of Absence: There are now three options for the Leave of Absence discount.
  • 100% premium reduction for medical leave or military leave.
  • 75% premium reduction for other underwriting approved leave, i.e. academic, sabbatical, etc.
  • 85% premium reduction for maternity leave up to 12 weeks (longer if medically necessary).
  • Cancellation: A Short Rate penalty will now be assessed if canceling after the renewal date for most cancellation reasons. The short rate penalty is 15% of the unearned premium. Exceptions to the short rate penalty (prorate) include, but are not limited to, canceling for death, disability, and retirement.
  • Group Policies: Upon renewal of certain group policies in our new system, there will be only one policy number. The group administrator/lead physician will have the authority to cancel coverage for any physician included in the group policy. Policies marked as a Master in ImageRight will convert to one group policy at their renewal. Policies marked as Non Master in ImageRight will stay as they are with individual dec pages.   
  • Locum Tenens: An insured is now provided 30 days of locum tenens coverage per policy term free of charge. More than 30 days of locum tenens coverage is charged at $500 per day.
  • Reporting Endorsement/Tail: The tail premium is now calculated using 200% of the annualized premium for the most recent policy term.
  • POC/Claim History: TMLT will now provide Certificates of Insurance with Claims (previously claim histories) and Certificates of Insurance without Claims (previously proof of coverage forms).
  • FTE/Slot: TMLT will have the ability to write on a slot and FTE(shared-limit) basis.

Accounting

  • Online Payments: All online payments and auto draft enrollments/authorizations will be made through myTMLT. One-time payments initiated online will post in real-time to the policyholders account. If the policyholder has an existing myTMLT account, their username and password will be the same. After January 6, doctors can self-register for myTMLT using their policy number and medical license number.
  • Monthly Payments: Upon renewal, monthly payments will change to 10 payments annually instead of 12. The first installment will be 20% with the remaining balance spread over nine additional installments. Monthly invoices will be issued 20 days before the invoice due date.
  • Quarterly Payments: Upon renewal, quarterly payments will change to 35%, 25%, 25%, and 15%.  The system default is quarterly payments.
  • Reinstatement: Reinstatement fees will now be a flat fee of $125 for TMLT and $25 for TMIC.
  • Please note: Payment options need to be indicated prior to binding coverage.

Risk Management

  • PR Changes: As electronic medical record (EMR) implementation becomes a requirement for providers, TMLT will be phasing out the EMR Discount of 2.5%. In its place will be the EMR Best Practices Discount of 1.5% that will include a comprehensive evaluation of EMR usage and potential liability risks, beginning January 2015. Due to the increasing popularity of risk management services, we recommend policyholders request a practice review 6 months prior to their renewal date. PR and the EMR Discount(s) are valid for the remainder of the current policy term, plus 2 additional policy terms.
  • Business Rules for EMR and PR discount(s):
  • If the PR completion date falls 120 days before the renewal date, the discount will generally be held until the upcoming renewal.
  • If the PR completion date falls after the renewal date, the discount will generally be implemented as of the PR completion date. If the PR is delayed due to RM scheduling issues, or at the discretion of RM or UW, the discount may be backdated to renewal.
  • CME Changes: Course completions for discount will only be accepted up to 30 days after renewal, on an exception basis. For new business, an individual or group has 30 days to complete two 2.5 hour CME courses to qualify for retroactive discounts backdated to the effective date. There is no longer a $1,000 maximum discount for a CME course, and CME certificates for online course completions will need to be printed by participants from the CME platform (InReach).
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