4 Lessons from Successful Physicians on Building a Stable Financial Future
Practicing medicine continues to excel as time progresses. The focus on patients and quality of care, however, can sometimes take a toll on a physician’s financial preparedness.
Physicians over the age of 60 acknowledge the need to budget not only finances, but also the time for personal financial planning action. Here are their four most important lessons.
Lesson #1: Make the time to spend on your personal finances.
Physicians over 60 spend more time on their personal finances, and are more likely than young physicians to feel the time they spend is adequate.
Sixty percent of physicians work on their finances quarterly or monthly, versus the 25 percent of physicians under 40 who work on their finances every few years or as the need arises.
Lesson #2: Review and update your estate plan.
Wise physicians advise on having an updated will and end-of-life and medical directives, at the least. Other elements can be added as your career progresses.
Did you know that 68 percent of physicians under 40 don’t have an estate plan at all?
Lesson #3: Understand and review your disability insurance coverage.
Know if your coverage is “own-occupation” or “own-specialty” and what that means. Also be aware if your benefit is taxable as it can make a big difference in your disability payout.
In general, if your employer pays your disability income insurance premium, your disability benefit will be taxable.
Lesson #4: Work with a trusted financial advisor.
Get help early in your career to build your knowledge base and comfort level about personal finances and how to reach your goals. Successful physicians advise paying off your medial school loan first and then saving for retirement immediately after.
Information sourced from AMA Insurance 2013 Report on U.S. Physicians’ Financial Preparedness©.
Dexcom: changing the lives of people with type 1 diabetes
It is estimated that 9.3% of adults around the world are living with type 1 diabetes, which amounts to a total of 463 million people. A further 1.1 million children and adolescents under the age of 20 are living with the condition.
Unlike the more prevalent type 2 diabetes, where the body still produces insulin and symptoms develop slowly, people with type 1 diabetes need regular insulin injections or pumps, and must monitor their sugar levels frequently.
In recent years a number of remote glucose monitoring systems have become available that patients can use at home. These work with a sensor, usually placed under the skin, that measures glucose levels every few minutes. This information is then transmitted wirelessly to a device like a smartphone or tablet, which can then be shared with their clinician.
British actress Nina Wadia's son Aidan, 14, has type 1 diabetes, and has been managing his condition using Dexcom, a glucose monitoring system used by patients all over the world. Here Wadia explains how Dexcom has improved their lives.
As a parent of someone with type 1 diabetes, what is your day-to-day life like?
Being able to take a breath, think and pivot constantly without getting frustrated becomes an essential mindset because sometimes it feels like each day is determined to be different from the day before. Whatever worked yesterday is going to misfire today.
Which areas of yours and Aidan’s life are most impacted by diabetes?
The one thing that you have to fight hard to reclaim is spontaneity, especially when it comes to food and exercise. It’s only when this is taken do you realise how essential each one is. You can be flexible and there are no real limits, but only in the sense that a great athlete can be flexible without limits because they’ve trained super hard to be that way. So we’ve all had to become athletes when it comes to being spontaneous.
How has Dexcom helped you and Aidan?
Dexcom has brought future science fiction to real life today. The continuous glucose monitoring system is tiny, sits discreetly on his body and gives him a ten-day breather between sensor changes, so it's goodbye finger-pricking seven times daily.
Dexcom is totally active at a grass roots level and for Diabetes Awareness has pledged to donate £2,000 if #DexcomDiabetesStories and/or #DexcomWarriorStories is shared 200 times! I’ll be sharing more on social media and would love to hear how other families are winning their fights.
Maybe most importantly Dexcom is trying to introduce a reimbursement programme for type 1 diabetes patients which will give greater access to modern, life changing hi-tech. I want to spread the word on the importance of accessing it through this campaign.
If you compared your life today with how it was before Aidan was using Dexcom, what has changed?
It's always working, which lets him take his mind off diabetes for longer stretches. It also lets me get off his back. We both receive alerts so I no longer have to pester him by asking him what his number is, and especially importantly, I don’t have to wake him at night to prick his finger if I’m worried. Dexcom gave us back our sleep!