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Should you buy short term disability protection?

Should you buy short term disability protection?

July 1st, 2014

Disability protection for the short-term, otherwise known as STD, is a product offered by employers to provide income replacement for, as the name says it short periods of time, typically for 180 days or less.  Most minor injuries or illnesses that would not commonly qualify for a Long Term Disability, LTD, claim would then qualify.   When you consider that most of minor injuries or ailments that result in a claim are resolved in short periods of time, the out of pocket expense to own this policy is very costly. For medical professionals, this sort of protection is typically not needed because of employment agreements and usually your employer will continue to pay you from 90 to 180 days.  When you are self-employed going without this type of protection is fine if you know you have receivables coming in the door for up to 180 days. The one exception, to which I would recommend short-term disability income protection, is if you are a female professional and you intend to have chil[...]

Disability Income Protection and Women in Medicine

Disability Income Protection and Women in Medicine

June 17th, 2014

While sitting here trying to get over my writers block, I began to wonder about the possible topics for this blog.  Of the numerous thoughts came to mind there was one that seemed to stick out above the rest, women and disability insurance as part of their overall risk management portfolio.  According to Pew Research, women account for almost half of the U.S. Labor force today that’s around 47%.  The employment rate of married mothers with children has increased from 37% in 1968 to 65% in 2011.  In another research that was gathering data on the percentage of Women graduating from medical school the findings showed much the same.  As of 2005, women accounted for 47.1% of all medical school graduates.  That was a large part of the medical population as of 10 years ago.  The stats are bound to be better today.  Many of these women have gotten married and now have children, which puts them into the Pew Research statistics.  This only drives home the point that the need for income protecti[...]

Congratulating Graduating Medical Students

Congratulating Graduating Medical Students

May 16th, 2014

Congratulations, to all graduating medical students.  The road was a long one but you have accomplished so much along the way.  As you enter into your residency new and exciting experiences await.  You will be challenged  but it will be an exciting and fulfilling step towards a rewarding career in your chosen medical specialty. As you enter your specialty training or even your transitional year there are a few things you must keep in mind. 1) The best financial plan for you right now is to live frugally. I know thats not hard to do on a residen'ts salary, but its imparative that you start good spending habits now. 2) Start interviewing as soon as possible. It never hurts to get a headstart, and who knows you may even lock up a stipend for the rest of your residency. 3) If you go on vacation make sure its to a place you think you might like to practice. While you are there get acquinted with the area and job opportunities available. 4) Finally, If you have not already thought abo[...]

What spouses of doctors need to know

What spouses of doctors need to know

May 16th, 2014

From the 1st day of Medical School a resident’s education is focused on either broad based general medicine or highly technical specialty training, all which is for the benefits others.   As altruistic as this  may be, there is more to life than patient care.  Protecting one’s family and future should be taught somewhere along the way.   However, as I have learned over the past 27 years this is not the case.  When it comes to preparing Doctors for the financial realities of life, both the medical schools and residency programs come up short.   Therefore, I want to shed some light on a number of issues that need to be addressed so that you are prepared for many of the financial matters facing young medical families today. Disability Insurance for the resident must be a #1 priority:  Considering a simple hand injury for a highly skilled professional can result in your resident’s total disability, this protection is crucial for not only protecting the resident but also those who depend[...]

May is Disability Awareness Month

May is Disability Awareness Month

April 22nd, 2014

The month of May is Disability Insurance Awareness Month, who knew?  Well now you do.  As with other types of awareness projects this one is specifically geared to the subject of disability coverage and the importance of having this crucial financial protection.  As stated by the council for disability awareness, “The typical American worker dramatically underestimates, or even ignores the risk of income loss that can be caused by illness or injury.”  Having the proper guidance from a qualified trusted professional is critical in making certain you are protected in the event of a disability. The council for Disability Awareness has a web-site that you can connect with to find all kinds of information the link is http://disabilitycanhappen.org.  You might take a moment to look through it.  They have valuable information that can answer questions and provide statistics about why you really do need to add this type of protection to your insurance portfolio. Stacia Musleh V.P. Inc[...]