Mid Career

Protection from the financial risk of a malpractice suit requires appropriate malpractice insurance.  Be sure that you are sufficiently covered, both in dollar value and in the scope of coverage.  This insurance is often provided by your employer or group.  Do not be afraid to ask about the insurance and the  levels of coverage that the type of policy.  Important elements to pay attention include: "Retro date"  "Coverage Levels" and "Tail Provisions"  and if it's a "claims made" or "occurrence" policy.  

in your mid career, it's not too early to find out more about tail coverage, both for your future retirement, but also to help you facilitate transfer of your protection from one position to another, which is a common event in most physicians careers.  

WCRM can help you understand your policy.  Contact us for a review.

Your health is something that must be protected at all phases of your career.  It's important to fully understand the type of policy you have and the types of coverage provided, as well as any exclusions for pre-existing conditions.

If you have a family, it's also important to understand the level of coverage for them and any financial responsibility that you may have.   Even a minor medical issue can be a significant risk to your finances if you are not covered. 

Health Savings Accounts (HSA), specific "non-coordinating" policies, dental, vision and other tax savings vehicles are factors to optimize if they are available to you.  

You may also review various policy options for children who may be living away at college, or special needs for different family situations. 

When you are in your mid career, disability insurance is very important.  These are often your highest income years and disruption of your earning potential by a disability, temporary or permanent, can have a devastating impact on your finances. Protection from the income loss through disability is essential.  With the various options that are available, there are solutions for everyone.

You should plan for their financial security through the use of life insurance.  There are many options to choose from which can be tailored to your specific needs.  

Income preservation can be achieved from through a variety of vehicles from term insurance that protects against your death, or disability insurance.  Family plans that protect all members of your family in an economical manner are also options.  Even if your spouse may not work, it's important to have them covered to help protect any children or other dependents you may have.  In the event of the death or disability of one of the two partners in a household can result in significant financial stress on the family. 

Your malpractice insurance is likely provided by your employer or group.  However there is no guarantee that you are covered while "moonlighting" or other practice options.  The risk of malpractice in such a setting is real and ensuring coverage is of paramount importance.  It's likely that this can be included in your existing policy through simple reporting to the malpractice company.

In mid career, another important consideration is coverage for various different specialties, procedures, and allied health extenders.  It's also important to remember to keep your malpractice carrier informed of your state licenses including the states that you practice in, as well as newer multi-state practice patterns, such as telemedicine.  

Student loans can be a significant source of financial concern to young physicians.  But imagine if your spouse or family were to be responsible for those loans in the event of your death?  The financial burden could be catastrophic.  While there may be plans in place already to manage your debt in the event of your death, you should confirm that.  If it's not covered already, there are cost effective options to manage (or eliminate) this debt in the event of your death.  

Term insurance

Home/auto etc. DISCOUNTS

Some medical students, residents, fellows and new in practice may have already accumulated a significant financial estate.  This may be from a variety of sources, but regardless of the source...it can become an attractive target to a plaintiff attorney.  This could be from a medical malpractice (which should be covered by that specific insurance type) but also may be from your "private" life.  Slip and falls, auto accidents and other mishaps could put your financial savings at risk.  

If this sounds like you, then consider a supplementary "umbrella" liability policy that layers on top of your standard home/renter/auto policy.  This type of insurance is very cost effective, protecting your estate affordably. 

While health insurance can help protect you from current illness or injury, it's important to look at your entire medical situation.  Long term care needs and disability are items which have only limited coverage (if any) in your medical policy.  It's affordable to provide a basic level of coverage for these events, especially when obtained at a younger age.  As you get older, the cost of these policies increases.

Although you may not own your home, you often do have a significant amount of money invested in your home furnishings, clothing, electronics, computers and other items.  Renters insurance can provide coverage for those items economically.  Additionally, if you have individual items which are expensive, it's a good idea to have a "scheduled items" rider, which specifically lists those items and provides coverage which is less limited than a standard policy.  
It's also a good idea to ensure that you have property liability insurance for injuries or property damage that occurs on your specific rented property, which may not be covered by your landlord.

If you own a boat, RV, motorcycle or other type of expensive toy, it's a good idea to discuss this with your insurance risk manager to help provide coverage for these "special" items.