Money Meets Medicine Podcast
MMM #15: Top 10 Things Doctors Need to Know About Insurance
While disability and life insurance aren’t the sexiest topics, they may be the most important. Particularly, when you first start out. Making sure you get the right product in place is one is paramount to both your financial success and the financial success of anyone you love. If you want to know what’s most important when getting life and disability insurance, this episode is for you.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “Top 10 Things Doctors Need to Know About Insurance,” you’re going to learn all of these helpful tips, and more:
- My personal experience with trying to get disability insurance
- Why it’s so important to take the right notes as a physician
- My “listical” of the top 10 most important things to know about insurance
- Why you have to think of others when you get your disability insurance
- Some of the changes that are in effect during COVID
- And more!
Quotes to Remember:
“Is there anyone else that could depend on your income that you’re helping subsidize in any way?”
“The definition of disability insurance matters more than just about anything else in a disability policy”
“When you buy disability insurance, you need to buy from an independent agent”
“You should get disability insurance BEFORE you get disabled”
“You are your best asset and you need to protect it!”
Resources from the Episode:
The Top 10 Things Doctors Need to Know About Disability Insurance
6 Disability Insurance Riders You MUST Have
Comprehensive Guide to Disability Insurance: What Every Physician Needs to Know
What is Term Life Insurance and Why Doctors Need It
7 Reasons to Purchase Disability Insurance During Residency
This Episode’s Sponsor
This episode is brought to you by Robert Kaplan, CFP of Kaplan Financial which can be found at Kaplan Financial . Robert specializes in serving the unique disability insurance needs of over 2,500 physicians nationwide. Robert, who has been married to a practicing physician for over 25 years founded Kaplan Financial in 1990. Kaplan Financial is the place to go for objective and experienced financial advice, discounted rates on individual disability insurance, and a long-term commitment of superior service.
So, if you are in need of disability insurance, don’t hesitate to reach out to Robert at KaplanFinancial.net or if you prefer email or phone you can email Robert at [email protected] or call him directly at 818-783-6620.
Listener Question of the Week:
Today’s listener question comes from Mike Valdez. He asks:
What are the significant impacts on taxes when transitioning from a resident to attending salary? (besides most likely the tax bracket shift).
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
TPP
You might also be interested in…
Show Me the Money (In the Financial Industry)
The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.
Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?
Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Charitable Giving for Physicians
Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Making the Most of Your Paycheck
You’ve done it – your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”
Famous last words. If you’re not prepared, that is.
Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.
You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”
Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.
Are you ready to live a life you love?
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