10 Financial Wellness Issues Graduating Residents and Fellows need to Consider
#1
Your new level of income is going to create a new level of expenses.
#2
Be sure to have an “emergency cash” fund capable of paying for at least 3-6 months of expenses.
#3
While you’re likely to receive long-term disability insurance from your new employer, you can expect at least a 40% reduction of your pay if you become sick or hurt and can’t practice.
#4
If your employer provides long term disability coverage for free, you’ll have to pay taxes on whatever benefit you receive.
#5
It is highly unlikely that your loan obligations will be insured by your new employer’s disability coverage.
#6
Most employer provided long term disability insurance coverage lasts only during your employment.
#7
Any attempt to purchase an individual disability policy to improve your financial wellness will take into consideration any current or pre-existing medical condition and your application can be denied.
#8
Your teaching hospital may have secured for its graduating residents and fellows an opportunity to obtain additional protection without having to satisfy any medical underwriting requirements.
#9
This coverage can fill in any immediate coverage gaps and guarantee your ability you protect future increases of income you can expect during your practice years.
#10
The opportunity to obtain coverage under these special terms expires soon after you graduate.
Take the next step to protect the income and success you’ve worked so hard to achieve.
We’re here to help you find the coverage that fills in the gaps in an employer’s coverage and get you the protection you deserve.
