Physicians / Medical Professionals

Many medical professionals from a wide range of specialties come to us at different stages in their career. There are those getting started either just finishing medical school or starting residency. Likewise, those who have been in practice for some time or those nearing retirement also seek us out. They come to us with a wide range of concerns including, but not limited to:

Financial questions shared by these professionals just getting started:

• Now that I am finally seeing the fruits of my labor, how do I make sure my income is protected if I can’t practice? I am worried about the risk of losing my income due to a disability.
• The more I learn about income protection, the more questions I have. Who determines if I am partially or totally disabled? What if something happened and I could still teach, but could not practice? Would I still be considered disabled?
• With all the income protection options available to me through AMA, AANA, AOA, my employer, and individual plans, it is hard to determine which option is best suited to my situation.
• Am I better off focusing on student loan debt elimination or 401(k) participation?

Professionals at this stage of life should contact us to see if they are eligible for our exclusively discounted, endorsed income protection plans.

Concerns shared by experienced practitioners:

• You know, I have been practicing for some time, my student loans are paid off, and now I am interested in ways to build wealth in a tax efficient manner.
• What financial tools can I take advantage of in order to secure my current and future financial situation while minimizing the impact of taxes?
• What are the methods for accumulating assets that can provide tax-free income in retirement?

Issues facing medical professionals transitioning into retirement or already retired:

• What are the most efficient ways to convert these different assets that I have accumulated into income in retirement?
• What are the most significant risks in retirement, and what are the most effective ways to manage them?
• Leaving a legacy that impacts others is truly important to me, and I’d like to minimize the impact of taxes when I’m gone.  What are the best ways to reduce the impact of taxes while maximizing the good I can do for others, namely my spouse and children, and even charities, universities, and organizations that are important to me?

Regarding income protection plans, professionals should be mindful of the many gaps present in some plans. Those gaps can include: not paying full benefits if you are able to teach, but not practice, options may not have an own occupation definition of disability, and qualifying for the definition of partial disability on many plans can be troublesome.

There is also no shortage of financial professionals offering ideas on how to invest your hard earned income in a wide range of varied risk based investments. These types of investments can be very enticing leaving the impression that you are the only one who has access to them. The reality is that risks involved in some of these instruments are often times much greater than disclosed. A prudent investor should ask far more questions and be very thorough in their due diligence when considering unconventional investment strategies.

We understand that medical professionals have spent a great deal of time, energy, and money educating themselves to help others while affording the personal rewards their career provides. As they begin the financial journey up this metaphorical mountain peaking at retirement, we believe safety measures must first be put in place before the journey begins.

The safety measure of income protection is an area we have been helping with since our founding in 1957. Because of that experience, our clients gain exclusive access to discounted income protection plans endorsed by leading medical associations throughout the area. Our solutions address all of the concerns people may typically not know to ask about.

We believe in constructing a comprehensive and integrated solution, coordinated with professionals across the lines of legal, financial,  and tax matters, not only for climbing the mountain towards retirement, but to also get one safely down. We look forward to sharing strategies for avoiding the pitfalls and enjoying the journey both on the way up and down the proverbial mountain.