Family Medicine

Setting up your financial stability after residency

As residency comes to an end, it’s time to start planning your financial future.

Sources:
1. Physician salary report 2021: Compensation steady despite COVID-19
2. What medical residents are paid—and what they really think about their bosses
3. Education Data – Average Medical School Debt
4. Nerdwallet – How to Save for Retirement
5. Doctor Disability – Disability Statistics
6. Empowering […]

Direct Primary Care and Physician’s Insurance Needs

Today, many physicians are moving toward the Direct Primary Care business model. As they do, they are leaving their employers who have until now handled many of their insurance needs.

If you’re making the transition from fee-for-service care, you can forget about dealing with the hassles of your patients’ health insurance. However, while direct primary […]

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    How the AAFP Foundation Helps Improve Health Around the World

How the AAFP Foundation Helps Improve Health Around the World

With a vision of improving the health of all people, the American Academy of Family Physicians (AAFP) Foundation’s programs include humanitarian, educational, and scientific initiatives. Along with the donations from family physicians, corporations and others, dividends received from the AAFP Foundation’s subsidiary, AAFP Insurance Services, Inc., make these initiatives possible. The 501(c)(3) organization supports […]

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    The Handy Guide to Refinancing and Consolidating Medical Student Debt

The Handy Guide to Refinancing and Consolidating Medical Student Debt

While the experts talk about the need to lower the financial burden associated with attending medical school, the reality is that student loan debt is higher than ever. Add together undergraduate loans with medical school debt, and some have calculated the total average student loan debt for graduating physicians to be as high as […]

The Quick and Easy Guide to Medical Malpractice Insurance

The good news for healthcare professionals is that medical malpractice claim frequency is lower than it has been in the past(1). Also, of the malpractice cases pursued, only seven percent make it to court. Of those, about one in five rule in favor of the plaintiff.

The bad news, however, is that the few cases […]

8 Financial Tips for Medical Residents

After years of education, you are finally earning money. However, you are not yet bringing home a doctor’s income. In 2017, the average salary for a medical resident was $57,200.[i] So you have to manage it wisely. Here are eight tips to get you on the right track financially.

1. Create a Budget and Live […]

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    Should Young Single Residents Buy Life Insurance? The Answer May Surprise You

Should Young Single Residents Buy Life Insurance? The Answer May Surprise You

Young single residents often believe there is no reason to buy life insurance. After all, most people buy it to protect their spouse and children financially in case they pass away. Since single residents don’t have a wife or husband to protect, and they also usually have an edge on life expectancy, why would […]

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    5 Questions Physicians Should Ask to Find Out How Much Disability Insurance They Need

5 Questions Physicians Should Ask to Find Out How Much Disability Insurance They Need

How much disability insurance do you need to protect you and your family?

It’s an important question because if you overdo it, you’re paying for something you do not need. If you skimp on your protection, however, you risk financial troubles should you become disabled. Like Goldilocks, you want to get it “just right.” To […]

Have Student Loans? Why You Need Life Insurance

Like other newly minted physicians, you are likely facing a mountain of debt.

The median debt incurred for medical education is $180,000.[i] And that’s not all. The median figure for pre-medical education debt is $25,000. Plus, on average, post-grads have $4,000 in credit card bills and $12,000 in residency/relocation loans.[ii]

That’s a total of $221,000 of […]

Insurance at Different Life Stages

The decisions you make at every stage of your life shape your need for protection.  That need starts early and changes with you.  The following guidelines can help you protect what you’ve worked so hard to achieve.

Your 20s and 30’s.

A long career ahead.
The rule of thumb is that you should set aside 2% of […]