It’s important to get coverage while you’re still young.
As a young professional, you’ve worked hard by applying yourself to everything you do. You thrive by embracing the changes you know life brings. Yet having a job is only the first step toward achieving stability–because not all of life’s events can be predicted. As you […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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