According to the American Medical Association’s 2013 Report on U.S. Physician’s Financial Preparedness, nearly half of the physicians surveyed were “somewhat” or “very” concerned about the amount of life insurance they own. Nearly 6 out of 10 physicians were “somewhat” or “very” concerned about the amount of disability insurance they own. And nearly 70 percent don’t have long-term care insurance.
Physicians younger than age 40 are especially concerned; more than a third rank having enough life and disability insurance among their top financial concerns. This remains true even for those who have some kind of coverage through their employer.
Further, female physicians trend behind their male counterparts in many areas. According to the report, female physicians have less financial knowledge and less confidence abaout their financial situation. More than half admit to being “behind where I want to be.”
Taking the time to review one’s financial situation isn’t easy—more than half of all survey respondents admitted that the time they spend on personal financial planning is inadequate, even though they realized that such planning is key to the future security of their families.
If you are among those who haven’t reviewed your life or disability income insurance plans in the last 5 years, you may want to check out the American Association of Orthopaedic Surgeons (AAOS) Member Insurance Program. AAOS members have access to the following benefits:
- up to $1 million in term life insurance for members ($500,000 for spouses)
- “own occupation” definition of disability
- access to a long-term care calculator that can help you work through possible financial scenarios and receive suggestions on how to best fund your care needs
- Personal consultation
For more information on insurance coverage available to AAOS members, contact with an AAOS Member Insurance Program Representative by calling toll-free, 1-866-679-0888. Email firstname.lastname@example.org with any questions, or to request a call from a representative when it’s convenient for you. For complete details and informative downloads, visit www.aaosinsurance.com