My prior post was about, Choosing Your First Job. Before we move on to Physician Contracts, I think it’s important to talk about Malpractice Insurance. Physicians in general dislike talking about this because we don’t like to think about the possibility of being sued. For the most part, this is covered during residency under your institutional policy, which is almost always occurrence meaning that you don’t have to worry about it. However, now that you are […]
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Umbrella insurance is “non-occupation” liability. Occupation-liability (in our case) would be your malpractice insurance. I didn’t really discuss Umbrella Insurance as a necessity because for most residents and young attendings it isn’t really necessary yet as it falls into more of the “asset protection” category. Until you have assets to protect (such as a house) then you really don’t need this. However: You want your non-occupation liability insurance to be approximately equal to the assets […]
Umbrella Insurance
I touched upon disability insurance on my intro post of “Why do I need insurance?“ I think disability insurance is actually more important than life insurance from a risk management standpoint. Warning, incoming morbid real talk about death and disability: If you die without life insurance then someone has to pay for your funeral costs, burial or cremation, etc. This varies widely, but for the most part, family members can usually help out with this […]
Disability Insurance
Ok, so the last post of “Why do I need insurance?” might have seemed a bit backward since I told you all what to buy, and not why to buy it. That was intentional. As physicians we are so busy making big decisions day in and day out about things we know about… that when it comes to things we don’t know about, we tend to just throw money at it to make it go away. Trust […]
Life Insurance
Why do I need insurance? This is a common question among young physicians. It should be a question you ask yourself during residency or internship, but unfortunately, like many things it is of low priority during that time period. It is brushed off into the “I’ll get to it later” pile of things to do. I hope this article reaches more residents so that they will be aware of just how important insurance is for […]
Why do I need insurance?
Hey everyone, it’s Finance Fridays again. Today is just a short post to remind myself that I am meeting my CPA to do my 2019 Taxes this Tax Weekend. I’ll need to get all that necessary information together for the meeting. In general, not too much happened tax wise for 2019. Just the normal maxing of 401ks (TSP), Backdoor Roth IRA, and Mortgage Interest Deduction. For me, my Health Savings Account and Dependent Care Account […]