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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with insurance issues.
It is common knowledge that women live longer than men.
As a physician, I think I have insight on why this may be true: Women seek medical attention at the first sign of an issue whereas men tend to put it off until they are at death’s door.
Granted that is an over-generalization based on gender, but my radiology practice often supports it.
Off the top of my head I would guess >70% of my studies are on female patients.
So it should come as no shock that out of pocket costs in retirement tend to be higher for women than men.
This makes an HSA even more valuable and is a topic HER MONEY addresses in, “This Account Can Help Women Save Their Retirement.”[Don’t worry guys, we are allowed to take advantage of the HSA benefit too.]
All too often we think of disability insurance as an afterthought.
As a doctor we may think the white coat gives us a shield of invincibility, but nothing is further from the truth.
Bad things can happen and often when you least expect it.
Disability insurance is just another tool we have to protect our household finances if something awful does happen to the main breadwinner.
But how much insurance should you get?
Look For Zebras sheds some light on this subject in, “Disability Insurance For Doctors: How Much Do You Really Need?”
Despite decades of schooling, nothing really prepares a physician to start “adulting” when he or she finally graduates residency and ventures out into the world as a fledgling attending.
One of the most adult things you can do is make sure all your i’s are dotted and t’s crossed when it comes to being adequately insured, especially if you have others relying on you.
If only there was a guide to show exactly what insurance products you need to make sure you are adequately covered.
Fortunately Financial Residency does just that in, “A Physician’s Insurance Checklist: The Definitive Guide.”
Hopefully the longer you live and work, the great your net worth becomes.
As your net worth increases, the amount of life insurance needed decreases.
One way to take advantage of this is to set up laddered life insurance policies so that your lower your premiums later on.
PolicyGenius has a great article dealing with this concept in, “How to Save Money On Life Insurance With The Laddered Strategy.”
Say the worst scenario does indeed occur and your heirs need to put in a life insurance policy claim.
This can be a turbulent time, both financially and emotionally for your dependents who may now find themselves having to pay for funeral expenses on top of the normal household finances.
A large life insurance payout during this time can indeed be a life saver.
So how long does it take to receive the funds and what factors can cause delays in the payout?
Financial Samurai addresses this in his post, “How Long Does It Take To Get A Life Insurance Payout?”
Hope you enjoyed the reading material.
Have a great rest of the week.
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