Provider Protection

Is a Luxury Good?

Your Odds of Dying versus Becoming Disabled During Your Working Years
Death: 8% Risk
Disability: 25% Risk

If you bought just life insurance and don’t have disability coverage, you’ve been misreading the odds.

“People buy a whole lot more than , right? Yet the kind of scenario they follow when they do that — they think they might die before age 67 but not become — the odds of that are less than 10%!”

You can purchase disability insurance on your own or through advisors and associations, and not just at the workplace.

Is Disability Insurance a Luxury Good? - Council for Disability Awareness Blog Fred Schott and Carol Harnett Editor’s Note: It’s springtime and that means it’s the season for talking about income protection and products like disability insurance that help you protect what’s one of your greatest assets – your income. And that’s what The Council for Disability Awaren...

DO YOU HAVE ADEQUATE COVERAGE?!

As a provider, especially if a , it is critical that you take and very seriously! Hospitals have been under attack for many years, and hackers are aware that may not take this as seriously as larger corporate organizations.

This can be a HUGE liability and to you and your business! You are legally obligated to offer credit protection services to all of the patients in your database who may have their private information exposed, a cost ranging from $25 - $200 per patient, active and inactive!

Cyberattack rocks ADA, paralyzing its operations The ADA was hit with a cybersecurity attack, which has caused technical difficulties, including disrupting its email, phone, online chat, and membership software systems, according to a press release issued April 25 from the Nebraska Dental Association.

Here's an idea...

Collateral assignment split-dollar (CASD) plans, where key personnel receive ownership of a life insurance policy the premiums for which are paid by the employer, but are repaid to it as interest-bearing loans, and until repaid such loans are collateralized by the insurance policy.

CASD plans achieve incentive/retention objectives, enable the employer to recover the cost of the plan, if properly structured are tax-free to the executive and also avoid the 21% employer-side excise tax on certain compensation paid to a tax-exempt organization’s most highly compensated employees, and place the financial risk of underperformance of the plan-funding insurance policy on the executive rather than the employer, whose only legal obligation is to advance the agreed premiums rather than guaranteeing a specific retirement benefit amount.

Split-dollar executive compensation plans: Doing it right | BenefitsPRO Collateral assignment split-dollar plans offer a unique incentive to retain top company execs.

A 6-Step For Young Physicians

Step 2 - Get yourself a good :
Disability insurance helps replace a portion of one’s if they can't perform their job. If someone were unable to work due to or , a disability policy can help pay for their expenses.

While is important for everybody, it’s especially important for physicians who spent years, and lots of money, training to attain their current position. Being unable to continue earning their salary can be financially devastating to them and their loved ones.

More specifically, should get a true disability policy. With this coverage, if a doctor becomes disabled they will receive the full policy benefits if they can’t perform the specific duties of their specialty. For example, a trained neurosurgeon who can no longer perform surgery due to a , but can still practice as a neurologist or as a professor in a medical school, can receive benefits from this type of policy because they can’t continue to perform the job for which they were trained. In that example a regular disability policy wouldn’t kick in since the doctor was still capable of working.

It would be a shame to spend years training for a certain specialty only to get and not be able to earn the of your chosen profession. A proper disability policy can help protect against that risk.

Perspective: There are many companies that offer disability insurance. It makes sense to take the time to evaluate multiple options to find the best policy, from a highly rated insurer, to meet your needs.

Step 3 - Buy appropriate coverage:
After graduating medical school, one of the first financial products that many physicians purchase is life insurance. This is a reasonable decision if the doctor has family members depending on their income for financial stability or they anticipate starting a family in the near-term. What is not always reasonable is the type of life insurance the physician is sold. In fact, the top request I receive from physicians is to help them find a more suitable life insurance policy so they can drop the older one that was not appropriate for their needs.
For physicians right out of training, it’s common to have a mountain of and a young family. Maintaining a suitable to pay all their may be challenging. In such a scenario, tends to be the best solution. If you are young and healthy, you can obtain a high level of term life insurance coverage for an affordable price. Policies can cover the insured for three decades or more. Plus, the premiums can remain level over the life of the policy, which is helpful from a cash flow perspective.

A 6-Step Financial Checklist For Young Physicians Due to their high income, financial planning needs, and lack of financial education, many doctors may be an easy target for unscrupulous salespeople looking to make a quick buck. Fortunately, understanding a few simple principles can improve the financial trajectory for many in the medical field.