Physicians can maintain “retired physician” status for a minimal fee per year. Membership allows: continued CMA membership, participation on SMA committees, and continued access to MD Management.
In your final year, your dues are prorated according to your retirement date.
Continuing Medical Education Fund
In the final year of practice, it is important to inquire about funds remaining in your CME account. Your retirement ends your ability to access CME funds. Plan how you wish to spend your remaining funds before your date of retirement.
Send a letter to the SMA informing of your retirement date. Click here for more information on the retention fund.
All plans require that participants have SMA membership.
Life Insurance – existing coverage is not affected due to retirement, but you can not apply for more life insurance if you are not actively at work or if you are over the age of 65. Coverage ceases at age 72.
Disability Insurance – ceases upon retirement and/or attainment of age 70. You cannot apply for coverage after age 65.
Accidental Death and Dismemberment – this is a “stand alone plan” so coverage is not affected by retirement. You cannot apply for coverage after age 69. Your coverage ceases at age 75.
Office Overhead – ceases upon retirement and/or age 70.
Medical and Dental – ceases upon retirement and/or age 70 for both the physician and employees if the physician was considered the employer.
Home Insurance – not affected by retirement.
Medical Office Benefit Package – ceases upon physician/employer retirement
Physicians should consult their financial advisor regarding their entire insurance portfolio when considering retirement.
Retiring physicians may wish to inform their colleagues of their impending retirement. The SMA offers retiring physicians the option of disseminating this information through a mail out of announcement cards. The physician may contact the SMA office to designate which colleagues will receive these cards. The SMA office will inform the physician of the cost involved (which may vary depending on number of cards to be sent out). The physician is responsible for the cost of their cards and postage. The SMA provides the manpower to facilitate the coordination and disbursement.
You can include the name of the physician who is taking over your practice on the announcement card and negotiate a cost sharing agreement with this physician.