We may not know all the unique details of your life, but we do know many of the things that you have in common with other healthcare professionals and what makes you different.
- The cost of entry into the medical profession is extremely high, leaving most physicians with a significant amount of student loan debt. Because of your lengthy and extensive training, you arrive to the party several years later than your peers. The challenge is paying down the debt, while maintaining a comfortable lifestyle without hurting your retirement. The future is closer than you think and if you have a plan, you’ll be further ahead of the game.
- Unlike most other occupations, where employees receive a paycheck they can count on, federal regulations can have an impact on both the regularity of your reimbursements and the amount of your income. In other words, when the government sneezes, you get the cold. We have seen the impact that Medicare/Medicaid reimbursement changes have had on our clients’ income and the effect these changes have had on their long term financial plans.
- Most physicians rank among the top income earners nationwide. However a healthy income doesn’t always result in a healthy balance sheet. We would never imply that you aren’t entitled to enjoy the rewards of a financially success career. On the contrary, with a well thought out and well executed financial plan, you‘re far more likely to enjoy your success.
- Your profession also provides for opportunities to make significant changes in the way you practice medicine. For example, you may choose to participate in a multi-physician practice or become an employee of a hospital system. As a result, you may be giving up higher income for more predictable income, or vice versa. As a result, your responsibilities, liabilities, taxation and lifestyle will change. We can guide you through many of these potential changes and make the financial transition as seamless as possible.
- Compensation for employee physicians often comes in the form of salary and incentive pay. While salary may be used for calculating your benefits, incentive pay may be the biggest factor in determining your lifestyle. That makes it your responsibility to fill the gaps left by your employer’s life and disability insurance plans.
We can’t read your mind, but we do hear similar questions and concerns over and over again. That gives us pretty good idea of the things that may be most important to you.
Where do I begin?
You are very popular! Physicians are highly sought after by all sorts of industries. Real estate agents want to sell you a big home. Auto dealers want to sell you a luxury vehicle. And of course, financial service providers want your loans, your insurance, your savings and investment business. When it comes to financial services, where do you start? Who do you trust and what do you need? Perhaps we can help.
My employer provides disability insurance. Is it adequate?
While employer-provided disability insurance plans certainly have value, they don’t always provide the full protection that you would want if an injury or illness kept you from practicing your specialty. However, you can often supplement your employer plan with a personal disability policy. For example, personal policies can offer long term “specialty coverage” that most employer groups do not provide. As a group, physicians understand the value of disability insurance more than most other professions. However, they do not always understand the subtle differences in policy language or how that language can significantly impact their lives should an injury or illness occur.
I want to pay off my student loans before I start planning for the future.
We hear this from newly practicing physicians all the time. So, is it a good idea? Maybe. Maybe not. We understand the rationale of starting out on the right foot by eliminating debt, but it can be counterproductive to put your financial decisions in a vacuum. It makes more sense to look at the big picture and then make decisions on how to manage the debt. If you are fresh out of residency or fellowship, going from $50,000 a year to four or five times that much, literally overnight, is a huge deal. Seasoned, professional advice is crucial at this point in your life and will help you to put things in perspective so that you can make better decisions. Remember the butterfly effect – every action has consequences – often unintended.
I don’t have a lot of spare time.
You want this to be easy, yet thorough. You want true value with minimum investment. You want a streamlined strategic process that you understand, but don’t have to spend a lot of time thinking about. Whether we are providing financial education programs through a hospital system or meeting one on one with you, our overall objective is the same – to provide information that is accurate, valuable and relevant. We cater to physicians. We know your challenges and concerns. It’s what we do best.
I have been in practice for 20 years. Is it too late for financial planning?
If I hadn’t exercised in 20 years, would you tell me it’s too late to start? Probably not. Starting an exercise program today may be more challenging because of age or physical condition, but it can still have a positive impact on your well being. Similarly, taking a “big picture” look at your financial life and your objectives, then creating and executing a comprehensive plan, even at mid-life or beyond, can have a positive impact on your financial well being. We have the experience of working with physicians at every stage of life; and our financial professionals are well equipped to take you through the planning process to find solutions that fit you.
Call today and find out why physicians nationwide choose Hurley Associates.
We are physician specialists. It should be clear that we have a very good understanding of the challenges that you face now, and will continue to face, as you advance through your career; transition to a lighter schedule; or contemplate retirement.