By: Gary Fegan
Ask yourself the following questions. If you answered yes to any of them then you mostly likely need the coverage:
1. Do you depend on your income to survive financially? How would you pay the bills if your income stopped? Another way to answer this question honestly for yourself is, am I able to take a 6-12 month unpaid vacation tomorrow. That’s really what experiencing a disability could be like. It is like having an extended period of time with no more income coming in because you are too sick or injured to work. One can only hope that should you become disabled it is only for 6 months, the reality of a long term disability could be much worse.
It's human nature - most of us don't want to think about getting sick or injured, or about struggling financially because we are unable to work. Yet it's a possibility we all must consider. The 1985 Commissioner's Individual Disability Table A provides data on the probability of an individual becoming disabled. These are only probabilities and actual results will vary on each individual's characteristics (Le. age, gender, occupation, health status, etc.).
Doug Mitchell, CLU
Ogletree Financial Services, LLC
Every physician who opens a practice either on their own or with partners has invested significant time, money, and sweat to get there and finally realize their vision and get their doors open. The debts are substantial but manageable and over time, if you grow your patient list, you'll understand that it was all worth every dime and every minute.
This article is for those physicians with a brand new practice. Here, we’ll discuss managing your everyday financial risks and explain the insurance products that will be necessary to mitigate your risk and implement a legitimate business continuation plan. After all, once you’re licensed to practice, getting to this point is all about the money and you are going to need financial protection every step of the way.
Never have there been so many options for physicians seeking a mortgage. Banks have come out of the woodworks to offer doctor or physician mortgages as they are so often called. In a nutshell, these loans make it easier for doctors to qualify for mortgage financing.
How does a physician mortgage make it easier to qualify?
As compared to a conventional mortgage or a jumbo mortgage, the physician mortgage has more malleable underwriting guidelines.
Generally speaking, most doctor mortgages will allow you to:
Gary Fegan, Disability Insurance Specialist, DisabilityQuotes.com
Are you a physician looking for disability insurance? If so, are you confused yet? If you have done any research you probably are.
How do you know which company to work with? How long of a waiting and benefit period should you choose? What riders do and don’t you need? How much is this going to cost me? These are all things to consider, but with all of the companies out there, it can be a little stressful. I will help make the decision as simple for you as possible.
What are the main points to look at when picking a policy?
Two physicians I am working with are leaving their employment with a large group, dissatisfied with the back office operations and billing situation. Years ago they had their own practice and did everything in-house. Now, three years later they want to recreate the practice of their past.
These docs are experienced and operated a successful private practice in another market before coming my way. After a lot of discussion it’s apparent they are not only strong clinicians who know what kind of support they need from their clinical staff, but also have the characteristics of good leaders who know how to motivate a small staff and engender a healthy “family business” type environment for their employees.
We’ve found them a great IPA to work with, one that provides good in-network rates and a slew of value added services and vendor connections to help make their return to private practice successful. In fact, we’ve only got one real issue to deal with.
Billing. What did you expect?
By: Gary Fegan
We are all living longer and must save for retirement on our own. Another possible retirement stream of income is Social Security- but will that really be there for you when you need it in 25-35 years? As we are working and earning money, we can shave off some of our income to go into an account for use during our retirement years. What would happen to that funding if you were to become disabled and your income stopped coming in? How would you continue to fund your retirement account? Chances are you will not have saved enough to retire at that age (you may become disabled at age 35, 40, 47- anytime?), but most everyone will not have saved enough to retire at that young age. Most individuals have an age in mind when they expect to retire. I plan to retire by the age of 60; everything I do is part of a plan for me to retire at age 60. What would happen if I had to retire today due to a disability? My retirement dreams would be shattered! This is not something most people will accept as a possibility, but it happens all too frequently. Without a plan, a disability could financially devastate you, your family, and any hope for a happy and financially stable retirement.
Here's a great article from MD Preferred member, Chris Wimberly. I'm only sharing the beginning part and I encourage our readers to jump over to #Lifeofamedstudent to read the article in its entirety.
As a 4th year medical student, you are within months of celebrating a major accomplishment in your life. Years of sleepless nights and cram sessions will finally start paying off. Congratulations!
In the next couple months, you will be transitioning from student to trainee. And, finally, you will be earning an income. Granted, it is a relatively low income compared to what you will be bringing in once you are an attending physician, but nonetheless, it is revenue.
As a student, you may have attended some sort of financial seminar. You’ve likely been informed of the value of emergency savings, managing debts, planning for long-term savings, and disability insurance. If you have not attended one of these financial sessions yet, as a resident you will undoubtedly have financial advisors showing up at your residency program ready to give you advice and even recommending certain products or strategies.
When it comes to disability insurance, here are five things you need to be aware of before you graduate medical school........