Advice from physicians...

[brewer12345]

And if you do not have the policy and one gets disabled... then it puts a huge strain on the other mostly because the costs of care will be high and they will not be able to save... so THEIR life is now ruined also... they will have to work until they die etc.... all to save a few bucks Doesn't add up to me..

I bet the policy would cost a touch more than that, given how often DI insurers have ben burned insuring physicians. But its not likely to be a crippling or even noticeable amount.

Its simple, Tex: you don't live in Az-land. It all makes sense there.

 

[azanon]

Let me try this another way. Why do most of us have auto and homeowners' insurance property coverage? Because the potential loss of a large assset would be too costly for us to bear. Now imagine an asset that took you most of a decade and upwards of $200k to acquire. Wanna take that risk? Not me.

Speak for yourself. I have a auto and homeowner's policy because i have no choice in the matter. In the state of Arkansas, it is illegal not to carry at least liability, and i usually drop full coverage by the 3rd or 4th year of the car's life (from brand new). I have a homeowner's policy because my bank is one of those weird ones..... you know, like every other bank, that requires you to have a homeowner's policy to protect their house because it isn't paid for yet.

Ive already answered whether or not id have the disability if both my spouse and i were doctors, so i see no point in going in circles. I see that you'd have the policy anyway. I wouldn't. Most likely (dang, used up my understatement already), i'd come out better.

 

[azanon]

I totally agree... a disability policy is 'cheap'... I have one that would pay $70k a year and cost about $35 per month... so say a bit more than $100 to $120 a month for him... peanuts considering his salary...

And if you do not have the policy and one gets disabled... then it puts a huge strain on the other mostly because the costs of care will be high and they will not be able to save... so THEIR life is now ruined also... they will have to work until they die etc.... all to save a few bucks Doesn't add up to me..

> So only 100-120 wasted per month.
> I see someone's never heard of health insurance. You think 2 medical doctors dont carry a solid health insurance policy? What an entertaining comment.

 

[azanon]

I bet the policy would cost a touch more than that, given how often DI insurers have ben burned insuring physicians. But its not likely to be a crippling or even noticeable amount.

Its simple, Tex: you don't live in Az-land. It all makes sense there.

You sided with someone who assumed the doctors didn't have health insurance. I like how, all by yourself, you tell on yourself.

Only nutcases and poor people dont carry health insurance. *

* If this insults someone i'm sorry. I'm just being truthful, you know.. like Kerry was yesterday. The two exceptions I listed cant help the sitation, and i'm not being unsympathetic. But if you 1. dont have health insurance and 2. you're not a nutcase/not poor - then consider my comment a wakeup call and get health insurance ASAP

 

[brewer12345]

> So only 100-120 wasted per month.
> I see someone's never heard of health insurance. You think 2 medical doctors dont carry a solid health insurance policy? What an entertaining comment.

He said "the costs of care" would be onerous. Little hint just for you: outside of Az-land (where everything is perfect and nobody gets disabled or dies prematurely), disabled people often have very long term care requirements that aren't covered by health insurance.

 

[azanon]

He said "the costs of care" would be onerous. Little hint just for you: outside of Az-land (where everything is perfect and nobody gets disabled or dies prematurely), disabled people often have very long term care requirements that aren't covered by health insurance.

Maybe not by your policy. My Fed blue policy would cover pretty much every major health issue indefinitely. In Brewer-land, you have substandard health insurance.

I see you continue to generalize the disability argument (comments about no one getting disabled) as if to suggest their situation isnt a "special case". You'll be naive until the day you are pushing up daisies, i presume.

 

[brewer12345]

You'll be naive until the day you are pushing up daisies, i presume.

I imagine I will leave the "naive" part to others to judge. But at least my wife and kids won't be picking out a new daddy just to make ends meet when I shuffle off this mortal coil.

 

[azanon]

I imagine I will leave the "naive" part to others to judge. But at least my wife and kids won't be picking out a new daddy just to make ends meet when I shuffle off this mortal coil.

Huh? Little bits about me; I have a generous dad worth over 3 mil now that loves my wife and child. My net worth just passed a quarter mil at just 35 (and growing rapidly; on track for one mil by 45). My wife has an LCSW and is working. And, i have life insurance. Who the hell do you think you're talking to?

I'd want her to remarry anyway. You want your wife to be lonely after you leave? Damn, you're cruel.

 

[Patrick]

Can't we all just get along?

 

[brewer12345]

Can't we all just get along?

Maybe if someone takes his meds. Don't hold your breath.

 

[FinanceDude]

You guys crack me up...........

Hey if Azanon wants to self-insure, why not? Just keep in mind Murphy's Law strikes everyone.

Maybe if I had $10,000,000 and lived on $30,000 a year, I'd self-insure............

Nah, for about $3000 a year, I have full coverage on 2 vehicles, a $5 million umbrella, replacement cost on my house and posessions, $2 million in life insurance, and a supplemental DI polic for DW and I.

$250 a month..........the HORROR!!!!!!!

 

[saluki9]

Maybe not by your policy. My Fed blue policy would cover pretty much every major health issue indefinitely. In Brewer-land, you have substandard health insurance.

I see you continue to generalize the disability argument (comments about no one getting disabled) as if to suggest their situation isnt a "special case". You'll be naive until the day you are pushing up daisies, i presume.

1. Most health policies DO NOT cover many of the aspects of disability such as home care

2. I have a friend who is an ER doc. Here in Chicago he makes $120/hour. Assuming the OP makes about the same that means he is making (2 Docs X 12 shifts x 11 hours x $120 x 12 months = $380,160 P/Y an individual non-cancellable DI policy on both of you is a total no brainer.

AZ the total cost both explicit and opportunity cost is probably around $500K for each of them (for the education part). The capitalized value of their potential incomes is probably around $6,000,000 or more. You're telling me you wouldn't spend $5-7K a year to insure that? Talk about foolish.

 

[brewer12345]

Talk about foolish.

Not in Az-land. The purple unicorns won't let anyone become disabled, so DI is a waste.

 

[donheff]

Maybe not by your policy. My Fed blue policy would cover pretty much every major health issue indefinitely. In Brewer-land, you have substandard health insurance.

Az - you better check the terms more carefully. I have a Fed Blue policy and I sprung for the Fed LTC insurance. BC/BS does not adequately cover long term care issues. It may not matter to you now but you will begin to tune in later. There is a whole nother argument about whether to buy LTC insurance or cover your own costs but that does not negate the fact that the issue applies to you.

 

[azanon]

You guys crack me up...........

Hey if Azanon wants to self-insure, why not? Just keep in mind Murphy's Law strikes everyone.

Maybe if I had $10,000,000 and lived on $30,000 a year, I'd self-insure............

Nah, for about $3000 a year, I have full coverage on 2 vehicles, a $5 million umbrella, replacement cost on my house and posessions, $2 million in life insurance, and a supplemental DI polic for DW and I.

$250 a month..........the HORROR!!!!!!!

Where did i say i self-insurse anything of significance? I have health, life, home, auto, and disability. I've got Murphy covered from every angle.

I have full coverage now on both vehicles (cause they're a near new 04' VW, and new 07' fit). I only drop full coverage after the FMV drops low enough that it minus my 1K dollar deductable is something i can cover in the worst case. Wanna guess how many "at-fault" accidents in a car i've had since i've been alive? (I'll give you a hint; think "goose-egg")

I assume your net worth is at least 5 million, if you have a 5 million dollar umbrella policy. if not, keep that to yourself cause you'd look pretty foolish.

2 million in life? You wife must not be a "9" like mine is or have a masters degree and working. I could (hehe, and probably would) be replaced by any number of men that would be more than willing to take on that hard job. (of course she's a 10 to me cause i love her, but just being strictly unbiased and going on physical alone - she's a 9. Semantics really since a hot babe is a hot babe)

Sure all that's only 250 a month? Just my family health insurance alone is 180 a month, and that's with the federal government paying 75% of it. I'm guessing your "math challenged". And that's a little scary given that i recall you're a financial advisor

 

[azanon]

Az - you better check the terms more carefully. I have a Fed Blue policy and I sprung for the Fed LTC insurance. BC/BS does not adequately cover long term care issues. It may not matter to you now but you will begin to tune in later. There is a whole nother argument about whether to buy LTC insurance or cover your own costs but that does not negate the fact that the issue applies to you.

Doesn't long term care insurance deal more with age related conditions, or does that also cover disabilities from accidents? Now i'll admit I dont follow LTC insurance too much due to my age, but doesnt that medicare/medicade stuff kick in at 65 which i presume also helps some along with regular health insurance.

I'm not arguing against LTC insurance, because i presumed that is for something entirely different than "disability insurance". An assumption i made, since they have their own names.

The squabble here is over disability, not LTC.

 

[saluki9]

Doesn't long term care insurance deal more with age related conditions, or does that also cover disabilities from accidents? Now i'll admit I dont follow LTC insurance too much due to my age, but doesnt that medicare/medicade stuff kick in at 65 which i presume also helps some along with regular health insurance.

I'm not arguing against LTC insurance, because i presumed that is for something entirely different than "disability insurance". An assumption i made, since they have their own names.

The squabble here is over disability, not LTC.

LTC covers anything that prevents you from completing tasks like going to the bathroom, feeding yourself, moving yourself etc (called ADLs) It doesn't matter whether it's from cancer, auto accident, stroke etc. The whole reason LTC exists is because health insurance does not cover them

Also, I have more than $2M in life insurance. I think my wife is a 10, but that has nothing to do with it. IF I check out early I want her TO HAVE THE OPTION of being very selective (and or consoling herself with a new SL500. )

 

[azanon]

LTC covers anything that prevents you from completing tasks like going to the bathroom, feeding yourself, moving yourself etc (called ADLs) It doesn't matter whether it's from cancer, auto accident, stroke etc. The whole reason LTC exists is because health insurance does not cover them

Also, I have more than $2M in life insurance. I think my wife is a 10, but that has nothing to do with it. IF I check out early I want her TO HAVE THE OPTION of being very selective (and or consoling herself with a new SL500. )

So, in other words, that's another insurance that, for now, i can probably do without. Even I know i cant prevent everything. I could get terminal cancer tomorrow and there's not a dam* thing i can do about it. I cover the reasonably foreeable risks, and dont sweat the small stuff. So far, life's working out just fine. Az-ism either consists of a LOT of luck, or maybe i'm doing some things right.

Re: the wife, per what ive already said, with a weathly father in law that loves her, a net worth of a quarter mil, life insurance for 200,000, and a job that (could) pay close to 50K (if she had to go full time), and a 33 year old hot body, she'd not be in any way forced to rush a new relationship.

I would want for her to eventually replace me though, and I presume that she would (as i made a point to tell her already, that's what i would prefer). She is very affectionate, and i'd want her taken care of by a deserving, and loving man if i weren't doing it.

 

[brewer12345]

I would want for her to eventually replace me though, and I presume that she would (as i made a point to tell her already, that's what i would prefer).

Wow, you really have faith in those purple unicorns, huh?

"Honey, I would want you to replace me if I croaked"

Spouse: "OK. Its time for you to get a new car. How about one of the smallest, lightest models on the road?"

 

[Mr._johngalt]

I would want for her to eventually replace me though

You're irreplaceable man.


JG

 

[azanon]

Wow, you really have faith in those purple unicorns, huh?

"Honey, I would want you to replace me if I croaked"

Spouse: "OK. Its time for you to get a new car. How about one of the smallest, lightest models on the road?"

LOL. I cant help but sort of like you now brewer because of the democrat support, so i'm taking a lot of your comments lighthearted, whether you want me to or not, lol.

Her comment about the Fit was "Are you sure you'd be happy with that" I was the one that wanted it. It got a 5 star safety rating, hehe. I admit I continue to be shocked how many positive comments i still get about it.

I do make her mad sometimes (I know that's believeable), but she loves me plenty and doesnt want me to buy the farm.

 

[azanon]

You're irreplaceable man.


JG

LOL. I dont know anyone quite like me, but even i admit i'm not sure if that's a good thing or a bad thing. I'm sure some of both.

 

[Patrick]

I assume your net worth is at least 5 million, if you have a 5 million dollar umbrella policy. if not, keep that to yourself cause you'd look pretty foolish.

I don't see your logic on this. Please explain.

The umbrella is a liability policy, right? As far as I can tell, it could make sense to have more insurance than your net worth, depending on your risk exposure. Let's say they have a lot of risk exposure and get a $5M judgement against them that's covered by a $5M policy. They get to keep all their assets. Now suppose they get a $5M judgement and only have a $3M policy. They have $2M of exposure against their assets. If they only have $1M of assets, they can lose those assets and have their wages ganished for the balance until it's paid off. What am I missing?

 

[P.S.]

My questions to you seasoned financially savvy physicians out there...Do you recommend maximizing shifts to 18-20/month to increase savings now and get the benefit of further compounding?...Since we have a good income and can save easily (and hopefully long term job security) would you go to part-time (8 shifts/month...simply max out our sep's and enjoy our 30's skiing, rock climbing, triathalons etc. (all the stuff we didn't have time to do in training, as money isn't everything)? Any other financial/life advice for us would be appreciated.

Hi Scout:

physician here but wouldn't call myself seasoned or financially savvy, but since not many (physicians) have replied, will put in $.02.
Am a couple more yrs older than you.
Background: was few yrs into neurosurg residency when I met and married DH and decided to resign, switching to primary care, thinking that was best for marriage, family, yadayada. For awhile it was a severe blow to the ego.
Last week, DS had his 1 year birthday.
Wouldn't trade all the money in the world and all the status achievable for this past year.

So my point is, do rock climb, ski, triathalon.
My guess is you've already sacrificed alot to make it this far.
Enjoy life. Enjoy your job.
Take time to appreciate colleagues and the people around you.
You've already got your ducks lined up, more so than 99.9% of the rest of Americans.
Take care now of the things that will build not just your nest egg, but your character, contribute to a whole, satisfying, contented life.
You'll always be able to make more money (disability discussions notwithstanding) and there will always be more sick patients.
LBYM, save, and compounding will do its thing.

 

[azanon]

I don't see your logic on this. Please explain.

The umbrella is a liability policy, right? As far as I can tell, it could make sense to have more insurance than your net worth, depending on your risk exposure. Let's say they have a lot of risk exposure and get a $5M judgement against them that's covered by a $5M policy. They get to keep all their assets. Now suppose they get a $5M judgement and only have a $3M policy. They have $2M of exposure against their assets. If they only have $1M of assets, they can lose those assets and have their wages ganished for the balance until it's paid off. What am I missing?

Usually, if someone's going to go after your assets, they go after just what you have, or something specific and not more than that. Maybe they think they're entitled to some of your assets for some reason, so they sue you. And if you dont have it to give, then it begs the question, what's the point in sueing you.

Most people know, that if someone owes a lot more than they own, that they're going to consider using the bankruptcy code to alleviate the problem. I know i'd rather have a net worth of 0 instead of negative 2 million!

Again, going too extreme on an umbrella policy is just another example of, IMO, overinsuring. Dont get me wrong, i like umbrella insurance policies cause they're so affordable, and I do recommend them for folks with considerable assets. But if it were me, i'd probably just get enough to cover the entirity of my assets, and maybe just a little more to grow into.

I'm simply not a fan of a lot of insurance out there. Take warranties on smaller items as another example; no, no, and on i dont want the stinking warranty. But people buy these and think its a good deal. I just dont get it.