Because every practice is different, our practice is to offer different payment options.
Insurance » Payment Options
There are lots of factors that affect the financial challenges and considerations a physician practice faces. In recognition of this reality, Medical Mutual offers four different payment plans that allow you to choose the best option for your particular set of circumstances.
Annual lump sum premium payment
Once-a-year premium payments tied to your policy’s annual renewal date.
Interest-free direct debit premium financing
With Medical Mutual’s Direct Debit plan, you can smooth your cash flow by spreading your premium into nine equal, monthly payments. And because Direct Debit reduces administrative costs, we pass the savings along to you.
Here’s how it works: You pay the first premium by check and successive payments are automatically debited from your account on your choice of the 1st or 15th of the next eight months. You save administrative time, while maintaining the peace of mind that comes with the knowledge that your premium will be paid in a secure and timely manner each month. And, just as with any checking or savings account transaction, you’ll be able to confirm payments on your monthly statement.
Perhaps best of all, the Direct Debit plan is 100% interest-free and is available for only a nominal service charge of only $25.00 per year, which is assessed with your first Direct Debit payment.
Installment premium financing
Installment Premium Financing minimizes paperwork by allowing you to pay your premium by invoice on a quarterly basis. The installment plan includes a service charge of $35.00 per payment to cover administrative costs.
Bank premium financing
In partnership with a locally-designated bank, Medical Mutual offers the option of financing 100% of your premium at a competitive rate.
The program enables you to spread your principal and interest payments over nine months from the effective date of your policy and may be beneficial to you in your tax planning. Consult your tax professional to evaluate the benefits in light of your particular situation.