Nearly every insurance expert will advise doctors it’s important to own a disability insurance policy with an “own occ” (own occupation) definition of disability written into the contract. That’s in contrast to the less desirable “any occupation” definition included in many contracts.For physicians,
Report: Average Med School Graduate Student Loan Balances Reach $246,000
Report: Average Med School Graduate Student Loan Balances Reach $246,000A 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
Doctors, Disability and Critical Illness Insurance
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 doctors.For proper
How Physicians Can Use a Health Savings Account for Retirement
How Physicians Can Use a Health Savings Account for RetirementMost 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
Insurance Coverage Every Private Practice Needs
Insurance Coverage Every Private Practice NeedsWhen 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.
How To Use A Credit Card (And What to Look Out For)
How To Use A Credit Card (And What to Look Out For)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
Why Doctors Need Disability Insurance – And Why Workers Comp Isn’t Enough
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,
What the Tax Cuts and Jobs Act Means for Doctors
The Tax Cuts and Jobs ActThe 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 tax break.Let’s