Jamie Malone, CFA, CFP®, CPA recently published an article in Medical Economics about the many financial decisions young doctors face.

Medical Economics subscribers can view the article here.


Disability – More Common Than You May Think

Data from the Social Security Administration suggests that about one in four of today’s 20-year-olds can expect to be out of work for at least a year due to a disabling condition before they reach retirement age. Disability can be caused by many factors, including accidents, illnesses, and painful conditions such as back injuries. Employers often offer disability insurance to their employees, but this coverage may not be sufficient for a young doctor (who may still have significant educational debt).


Life Insurance – How and How Much?

Term life insurance is often a good option for young doctors because it’s usually less expensive than permanent life insurance, allowing you to focus resources on things like saving for retirement as well as paying down debts. It’s usually more economical and easier to qualify for life insurance when you are young. To save on insurance premiums, you may want to “ladder” term life policies. By “laddering,” we mean to simultaneously purchase several term life policies with varying term dates. A trusted financial advisor can help you analyze your situation to help you determine appropriate coverage.