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Financially Prepared Women Physicians Have Disability Insurance and a Financial Planner

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A recent report from AMA Insurance, which is a subsidiary of the American Medical Association (AMA), titled “2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment©” examined “Six Traits of Financially Prepared Women Physicians.”

The first two were: Financially prepared women physicians have adequate retirement savings for their age and career stage, and they also keep a liquid emergency fund adequate for their current lifestyle.

The third trait is: Financially prepared women physicians feel adequately prepared in the event of a disability.

According to the study, “Most (81 percent) of ‘financially prepared’ women physicians feel adequately prepared in the event that they become disabled and unable to practice medicine.”

These physicians know what’s in their policy, having revisited it recently, the researchers write, and they’ve also ensured that their disability insurance is enough to equal their current financial expenses.

Among those women physicians who are “behind schedule,” a little more than half—52 percent—“do not feel adequately prepared and 42 percent of them are only ‘somewhat prepared.’” Nearly 70 percent of those surveyed are given disability insurance as part of their benefits package.

Finally, these women physicians also know the particulars of their disability insurance. As the researchers write, “Financially prepared women physicians are more likely to know whether their employer pays the premium and if their benefit would be taxable or not.”

And one survey participant urged her colleagues to “[g]et a real education about disability insurance, long-term care insurance, etc.”

The fourth trait is: Financially prepared women physicians use a professional financial planner as a trusted advisor.

In fact, 66 percent of those who said they were financially prepared engage such services, while fewer than 50 percent of those who are “behind schedule” financially have any sort of professional advisor.

The study acknowledges the difficulties entailed in finding a trusted financial advisor, however, since many women physicians named lack of trust as the primary reason for not securing one. “Most women physicians found their planner through a referral and say their planner is an associate or advisor with a national wealth management firm.”

According to Robin Robertson, CLU, “…young women physicians choose a young financial advisor they like so they can grow together. Make sure, though, that the advisor focuses on comprehensive financial planning.”

As women physicians who are looking for a job, have you used a financial planner before? Are you currently using one? What advice would you give to your colleagues in seeking out a financial planner who can be trusted?

Finally, does your employer provide disability insurance? What kind of coverage are you looking for at your next job?

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