If you can’t work, can your practice run without you?
If you’re recovering from an illness or accident, you can’t run your business and satisfy your financial obligations.
Professional Overhead Expense (POE) coverage from OMA Insurance helps reimburse many of the expenses that come with running your practice — while you take the time you need to recover from a disability.
OMA Professional Overhead Expense coverage (POE) includes:
Coverage of up to $30,000 a month1
Available from a minimum of $500 to a maximum of $30,000 monthly.
The applicant has a choice of elimination periods, with a minimum of $500 and a maximum of:
- $6,500 with a 14-day elimination period
- $30,000 with a 30, 60, 90-day elimination period
Guaranteed Insurability Benefit rider
With this optional rider, you may be eligible to purchase additional coverage during a 31-day optional period with no medical evidence each year to age 60
Payable to your estate, equal to three times the last monthly POE benefit payable before the date of death.2
Waiver of Premium Benefit
Should you be become totally or residually disabled, premiums may become waived for as long as you remain disabled, provided the elimination period is satisfied.
Coverage allows members to focus on their recovery instead of worrying about their business financial obligations. Your coverage includes both total disability and residual disability.
If you become totally disabled and are eligible for benefits, for the first 6 months, we will pay you an amount equal to your POE monthly benefit amount
Refer to the sample certificate for further details on the plan benefits
Covered monthly overhead expenses mean the fixed monthly expenses that are usual and necessary which you incurred in the operation of your practice of medicine, or in the case of a partnership or joint use, your portion of such expenses. They include, but are not limited to, such expenses as:
- Interest charged on your student loans;
- Rent of or mortgage interest on business premises;
- Property taxes on business premises and business taxes;
- Heat, water and electricity;
- Telephone and postage;
- Accounting services;
- Salaries of employees that are not members of your profession;
- Depreciation on office equipment and on the portion of the maximum capital cost allowance (CCA) of an automobile that relates to business use;
- Interest charged on loans made by you for the purchase of office equipment and the proportion of the loan that relates to the business use of an automobile;
- Professional association membership dues;
- Premiums for business insurance;
- Premiums for the provincial hospital and/or medical insurance coverage of your employees and/or for group insurance coverage of your employees;
- Business laundry; and
- Lease payments for equipment (including the business use of an automobile).
To apply for new coverage or to increase existing coverage for OMA Professional Overhead Expense Insurance, applicants must have office expenses in a covered province and be:
- Members of the OMA or an Atlantic medical association/society
- Under the age of 65
- Actively involved in practicing medicine for at least 30 hours per week in Canada (excludes Quebec residents)
Note: This does not affect your ability to maintain coverage that is already in force, regardless of where in the world you move, provided you maintain membership in an eligible medical association/society.
Frequently asked questions
The following expenses are not considered covered monthly overhead expenses:
- Your salary;
- Payments on your mortgage principal;
- Salaries and other remuneration paid to and benefits paid for members of your profession;
- Salaries and other remuneration paid to and benefits paid for any person or persons hired to perform your duties while you are disabled;
- Salaries paid to family members other than to the extent that such salaries were paid prior to the disability;
- Meals, entertainment, promotional, convention and other similar expenses normally incurred while you are actively practicing, but which would not be incurred when you are absent from practice due to disability, unless incurred during a period of residual disability;
- Travelling expenses, except the business portion of such fixed automobile expenses that continue to be incurred while you are absent from work are not excluded, unless incurred during a period of residual disability;
- The cost of goods, wares or merchandise of any nature, including medical supplies, unless incurred during a period of residual disability;
- The cost of implements used by you in the practice of your profession, unless incurred during a period of residual disability; and
- Any other expenses which would not normally be incurred when you are absent from work, unless incurred during a period of residual disability.
Our 30-day guarantee
If you are not satisfied with your coverage, simply return your insurance policy to Manulife within 30 days of receiving it, and any premiums paid for the coverage will be promptly refunded.3
1Benefits begins after the completion of your elimination period .If you become disabled before age 70, the maximum benefit period is 36 months starting from the completion of your elimination period. If you become disabled on and after age 70, the maximum benefit period os 12 months starting from the completion of your elimination period.
2In no event may the total POE benefit paid (including the Survivor Benefit) exceed the maximum total benefit of 12 times your monthly POE benefit.
3The insured may, within thirty (30) days after receiving this policy, return it to the address below for cancellation. The policy will be considered never to have come into effect and any premium paid up to the end of the 30-day examination period will be refunded, less any claims paid. Where claims paid exceed premiums, the difference must be repaid to the insurer immediately. This right of cancellation expires thirty (30) days after the policy is received by the insured and does not apply to any reissued, substituted or consolidated policy continuing coverage that commenced under a previously issued policy. The rights of any beneficiary under the policy are subject to this right of cancellation.