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Savings, Savings, Savings

Savings, Savings, Savings

Up to now, we have talked a lot about having the right disability insurance policy to protect your income.  Today lets shift gears look ahead 30 or so years toward the time your retirement from the practice of medicine.  Probably not something you have given much thought to right?  You are not alone, the reality that most doctors are not saving enough or anything at all for retirement.  Just like making certain you have disability insurance, you also have to make sure your bank account is padded enough to support you when the day comes that you decide to hang up your scrubs. You want to retire someday right?  As a doctor you spend most of your life catering to the needs of others, retirement is a time for hobbies, travel and doing all sorts of activities that you probably don’t have time for now.  Whether your specialty is anesthesia, neurosurgery, facial plastics, dentistry or any medical profession there will come a day when you think to yourself, I want to slow down or maybe do s[...]
Don't Miss The Boat

Don't Miss The Boat

Disability insurance is most affordable while you are young and healthy.  Every year you wait the cost to protect you as an Anesthesiologist increases along with the possibility of needing that protection.  It's not just the job that can get you into trouble, but everyday life. What if you fall off that ladder while changing a light bulb?  Now you've got a broken arm and a back injury the prevents you from working.  How do you pay your bills once the nest egg (and I hope you have one) is empty?   What if that back injury is permanent?  Do you have a back up plan?   Now you understand the real reason you need this.  Remember this type of insurance protection is to provide you with an income while you hopefully recover or figure out what to do next. So if you have been putting off purchasing disability income protection because you just don't think you need it think again.  We have provided protection that is specific to specialists in Anesthesia for almost 30 yrs.  and trust me w[...]
Buyer of Association Disability Insurance Beware

Buyer of Association Disability Insurance Beware

If your employer provides group disability coverage and you also purchased additional protection through a professional association then this article is a must read. In a recent court case, a policyholder filed suit against the disability insurance carrier who provides the group protection their employer for failure to provide the full benefit illustrated in the policy. Why you ask?   The insured had also purchased coverage through a professional association and thought it to be individual protection.  In the suit the Group Carrier for the employer claimed that the association benefits actually constituted group disability benefits (not individual protection) and for that reason they did not have to pay the full benefit amount offered from the employer contract.  The Federal Court agreed with the Group carrier and allowed them to lower the injured individual’s benefits according to contract provisions. This ground breaking decision will impact any individual looking to supplement[...]
Before You Jump

Before You Jump

Your career is on track and you’ve got control over your finances now what?   It’s time to start thinking about all of those adventures you’ve always wanted to take.  Perhaps an African Safari or Shark diving in the Great Barrier Reef.  Whatever the case, it is important to have a grasp on your personal insurance coverages before checking those items off your bucket list. There is a product available and should most likely acquired prior to taking the leap.  It is called Accidental Death and Dismemberment. This type of policy provides coverage for those who are killed or loose a limb due to an accident.  It can include ancillary benefits such as emergency airlift and the bringing of ones remains back to your home country. This type of coverage is inexpensive as compared to traditional life insurance because it only covers accidents.  If travel plans for climbing mountains, deep sea cave diving or any other potential hazardous activities are in your future, then I would strongly u[...]
Disability Income Protection and The Anesthesiologist

Disability Income Protection and The Anesthesiologist

The field of medicine has evolved so much in recent years that no one simply identifies themselves as a doctor anymore.  There are specialties and subspecialties that categorize the particular service that is being provided.  Take Anesthesia for example.  In the past when one mentioned that he/she was an anesthesiologist the general consensus was that he/she worked in operating rooms and in layman’s terms put people to sleep.  That has all changed.  Now an anesthesiologist can specialize in pain management or focus on a particular aspect of the field as it relates to areas such as emergency rooms, or hospice.  Of course this is nothing new to you as a professional in the field but what are the ramifications as it relates to obtaining quality disability coverage for yourself in your area of specialty? Put simply it all depends upon the risk of claim within that subspecialty.  For example there is a high incidence of drug abuse among certain types of anesthesiologists.  That being sai[...]