Report: Average Med School Graduate Student Loan Balances Reach $246,000

Posted on: August 7, 2018 by Chuck Krugh, CFP

A student loan of a quarter of a million dollars. That’s the average debt incurred by today’s newly-minted doctors who graduate with student loan debt. A recent report from the National Center for Education Statistics found that the average loan balance for graduating physicians is now $246,000. Furthermore, medical school debt is usually booked as […]

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Doctors, Disability and Critical Illness Insurance

Posted on: July 19, 2018 by Chuck Krugh, CFP

Most physicians we speak with understand the need for at least some individually-owned disability insurance. But there’s another important form of insurance protection that is growing more and more popular as physicians and employers see the need: Critical illness insurance. For proper insurance planning, it’s important to grasp both types of coverage, and to understand […]

Posted in: disability claims Disability Insurance Doctor disability insurance

How Physicians Can Use a Health Savings Account for Retirement

Posted on: July 9, 2018 by Chuck Krugh, CFP

Most physicians have a pleasant problem: They make too much money per year to make fully-deductible contributions to a traditional IRA for retirement. Many earn too much to contribute to Roth IRAs as well. But there’s another less well-known option for physicians in private practice, or who have access to a high-deductible health plan (HDHP) […]

Posted in: Financial Planning Money Management Physician Money Management Retirement

Insurance Coverage Every Private Practice Needs

Posted on: June 27, 2018 by Chuck Krugh, CFP

When a physician transitions from practicing as an employee to owning or being a partner/shareholder in his or her own private practice, the financial picture changes. A lot. As an employee, you’re sheltered from having to protect the business entity. You just need to worry about yourself and your own family. Once you own a […]

Posted in: Disability Insurance Doctor disability insurance Financial Planning Money Management Physician Money Management physicians disability insurance Practice Management Uncategorized

How To Use A Credit Card (And What to Look Out For)

Posted on: March 22, 2018 by Chuck Krugh, CFP

First of all, let’s get this out of the way: We know that for the vast majority of cardholders, credit cards are toxic to financial health. Unless you get one of those sweet introductory 0 percent interest deals for nine-months to a year, interest rates on these things are ridiculous. We are advocates of being […]

Posted in: Financial Planning Money Management Physician Money Management Uncategorized

Why Doctors Need Disability Insurance – And Why Workers Comp Isn’t Enough

Posted on: March 9, 2018 by Chuck Krugh, CFP

It’s not just us saying it – Doctors should own long term disability insurance. And preferably they should have their own coverage, in addition to whatever coverage they receive from their employers. This is from a recent piece from Medical Economics: “Securing LTD coverage can be complicated, confusing and expensive. But insurance experts, advisers and […]

Posted in: disability claims Disability Insurance Doctor disability insurance physicians disability insurance workers comp

What the Tax Cuts and Jobs Act Means for Doctors

Posted on: February 21, 2018 by Chuck Krugh, CFP

The Tax Cuts and Jobs Act – the sweeping tax reform signed into law in the closing days of 2017, contains a number of tax breaks. The majority of middle class taxpayers will receive a significant tax cut as a result of the law, though a few readers may find themselves with little or no […]

Posted in: Financial Planning Medical News Money Management Physician Money Management Practice Management

Details Matter: Doctors Should Own Their Own “Own Occupation” Disability Insurance.

Posted on: February 8, 2018 by Chuck Krugh, CFP

When it comes to protecting your income against the risk of injury or disability, having the right policy matters. As a physician, chances are good that your ability to earn an income hinges on your physical ability to do things like these: Remain on your feet for much of the day. Retain excellent manual dexterity. […]

Posted in: Disability Insurance Doctor disability insurance physicians disability insurance Uncategorized

Doctors: Don’t Count on Uncle Sam if You’re Disabled

Posted on: January 23, 2018 by Chuck Krugh, CFP

If you’re ever disabled, don’t be relying on the federal government for help. Federal disability benefits were never intended to cover more than very basic needs. The average Social Security Disability benefit is just $1,173 per month. And now it’s taking even longer to get approved. In prior years, it generally took an average of […]

Posted in: Disability Insurance Doctor disability insurance Financial Planning Life Insurance physicians disability insurance

Estate Planning Basics for Young Doctors

Posted on: January 9, 2018 by Chuck Krugh, CFP

As much as none of us want to admit it, we’re all going to check out one of these days. The time to lay the groundwork for our eventual deaths is now. Accident, illness or violent crime can strike any of us at any time. Most of these steps for estate planning have to be […]

Posted in: Financial Planning Money Management Physician Money Management Retirement