Last-Minute Money Moves for 2024 Taxes

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Last-Minute Money Moves for 2024 Taxes

By Mark Ziety, CFP®, AIF®, Financial Advisor, WisMed Financial

As the April 15 tax deadline approaches, physicians still have opportunities to adjust and improve their 2024 tax returns.

Contribute to a Health Savings Account

If you have a high-deductible health plan (HDHP), you may be eligible to contribute to a Health Savings Account (HSA). For 2024, the contribution limits are $4,150 for individuals and $8,300 for families. Contributions can be made until the tax filing deadline. Just remember to reduce your contribution by the amount your employer contributed. HSA contributions are tax-deductible, growth is tax deferred, and withdrawals used for qualified medical expenses are tax-free. This triple tax advantage makes HSAs a powerful tool for health care costs and reducing your tax burden. As a bonus, after age 65 you can use the HSA penalty free for non-health care spending too; you’ll just pay income tax on the withdrawals.

Max Out Your IRA Contributions

The IRS allows you to make contributions to your Individual Retirement Account (IRA) for the 2024 tax year until the filing deadline (April 15, 2025). If you haven’t hit the maximum contribution limits yet ($7,000 for those under 50 and $8,000 for those 50 and older or your earned income if less), this is a great way to reduce your taxable income while boosting your retirement savings. However, most physicians with access to employer retirement plans will find they cannot deduct the IRA contribution if their modified adjusted gross income (MAGI) exceeds $77,000 single or $123,000 married filing joint. If that’s your case, use the next strategy: the backdoor Roth IRA instead.

Backdoor Roth IRA Contributions

For higher-income earners, consider one of the most beneficial tax strategies: the backdoor Roth contribution. You can contribute to a traditional IRA by April 15 for 2024 (whether deductible or not) and then convert those funds to a Roth IRA. This move allows you to get money into a Roth IRA where your earnings will grow tax-free in the future. See the full Backdoor Roth IRA article for more.

Self-Employed Income? Max Your Retirement Contributions

If you’re self-employed or have 1099 income, you still have time to contribute to a SEP IRA or individual 401(k) for 2024. These plans allow for higher contribution limits compared to other retirement plans, and contributions are tax-deductible. You can contribute up to 25% of your income or $66,000 (whichever is less) into either plan, and the deadline to set up and contribute is the same as your tax filing deadline, including any extensions.

Contribute to a Wisconsin Edvest 529 Plan

Wisconsin taxpayers can deduct Edvest contributions up to $5,000 per beneficiary from their state income tax return. If you make the contribution for 2024 by April 15, 2025, be sure to request that Edvest code for last year. Tip! The tax deduction is per beneficiary and the beneficiary can be anyone in the family. Savvy savers open multiple accounts and name each member of the family as a beneficiary, including parents, to maximize the tax deduction. When the child is ready for college, simply change the beneficiary.

These last-minute moves, before filing your 2024 tax return, can help you reduce your tax bill and position yourself for financial success in the coming year. For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®

WisMed Financial, Inc. part of the Wisconsin Medical Society

Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!
Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!

Note: This article is for informational purposes only and should not be considered as financial or tax advice. Please consult with a qualified financial advisor or tax professional before making any financial decisions. Full disclosures.

2025 Volume 1

Working with WisMed Assure Helps Keep Medical Malpractice Rates Low in Wisconsin

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Clipboard with documents about medical malpractice and gavel.

Some good news for Wisconsin Physicians, Certified Registered Nurse Anesthetists (CRNA), and the hospitals and clinics that employ them. At the last meeting of The Board of Governors of the Injured Patients and Families Compensation Fund (IPFCF) in December 2024, the Actuarial Committee made the recommendation to keep rates the same for the IPFCF’s Fiscal Year July 1, 2025 to July 1, 2026. 

Read more…

Last-Minute Money Moves for 2024 Taxes

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Road sign that reads 'Smart Money next exit'

As the April 15 tax deadline approaches, physicians still have opportunities to adjust and improve their 2024 tax returns.

Contribute to a Health Savings Account If you have a high-deductible health plan (HDHP), you may be eligible to contribute to a Health Savings Account (HSA). For 2024, the contribution limits are $4,150 for individuals and $8,300 for families. Contributions can be made until the tax filing deadline.

Read more…

Hidden Tax Benefits of Long-term Care Planning

Documents on table for the premise of calculating the amount needed for retirement and Long Term Health Care.

By Tom Strangstalien, Insurance Advisor

We’re well into the tax season, filing our returns for 2024 and planning for the 2025 tax year, and this is a perfect time to explore the hidden tax advantages offered by diligent long-term care planning.

Read more…

Tenants Improvements and Betterments, Is Your Clinic Properly Insured?

Clinic renovation

By Laura Weber, Senior Large Account Director

If you rent space for your office, clinic, or even just for storage, it’s important to understand per the lease terms which party (lessee versus lessor) is responsible for covering property at the location. The agreement with the building owner should specify:  if a property damage occurs at the rented location, who is responsible for securing insurance to cover walls, flooring, permanent fixtures, including any updates you may have made to the property whether fixed or removable.

Read more…

WisMed Assure Implements Employee Navigator to Enhance Benefits Administration

Person presents employee benefits options on a digital interface.

By Martin Hurst, Insurance Service Representative

WisMed Assure is taking a significant step in modernizing benefits administration for our employee benefits clients by implementing Employee Navigator (a leading benefits management platform designed to streamline enrollment, improve efficiency, and enhance overall experience for both employers and employees). This cloud-based platform serves as a central hub for benefits management, integrating with insurance carriers, payroll systems, and HR software to create a seamless and efficient process.

Read more…

Good Samaritan Law

By Jensen Peck, Business and Professional Insurance Executive

person helping jogger in distress

Good Samaritan Laws in Wisconsin are vital for protecting physicians who provide emergency care outside of a clinical setting. These laws encourage medical professionals to offer immediate assistance in emergencies without the fear of legal recourse, allowing medical professionals to extend their care beyond hospitals and clinics. However, it is important to be aware of when the law protects you and when it may not apply.

Read more…

Common Moonlighting Scenarios – What’s Covered By Your Malpractice Insurance?

By Jensen Peck, Business and Professional Insurance Executive

As the insurance agency for the Wisconsin Medical Society, we receive calls often from members and client physicians who are considering supplemental employment (side gigs) outside of their regular scope of practice. They’re often told to “not to worry about” the liability because it’s either covered by the employer or “minimal exposure.” Fortunately, most physicians recognize this may not be true and it’s best to receive input from an insurance agency that specializes in health care liability. Let’s review a few of the more common scenarios and important questions that need to be answered to confirm potential malpractice exposures are covered.

Physicians serving in medical director or other supervisory roles in medispas, EMS services, nursing homes, and other new health care ventures have become common in recent years. While these positions can offer professional growth and financial reward, they also can present new and unprecedented risks. As a medical director, you are responsible for the overall medical practices within the facility, even if you are not directly performing the procedures. While the staff—typically non-physicians such as estheticians, nurses, and nurse practitioners—administers treatments, the medical director is accountable for ensuring that all procedures are performed according to the highest medical standards. If a patient suffers harm from a procedure such as a Botox injection requiring revision or an adverse reaction to treatment or medication, the medical director can be named in a lawsuit, regardless of whether they administered the procedure or were even on site at the time.

Another scenario is physicians who volunteer for Federally Qualified Healthcare Centers (FQHC) and free clinics. FQHCs are typically nonprofit organizations that provide primary care services to underserved populations, often funded by federal grants. Physicians who practice part-time at an FQHC are often covered for malpractice insurance through the Federal Tort Claims Act (FTCA). If a malpractice claim is filed, the FQHC will typically provide legal defense under the FTCA, meaning the FQHC will arrange and pay for legal representation in case of a lawsuit. If a claim results in a settlement or judgment, the FTCA ensures that the U.S. government will cover the financial responsibility up to the applicable limits. A free clinic is a community-based health care facility that provides medical services at either low or no cost to individuals who are uninsured, underinsured, or otherwise unable to pay for care. Physicians who volunteer at free clinics are not given coverage from the FTCA. Regardless of compensation, physicians are required to get traditional malpractice insurance to cover their work done at these clinics – whether it’s part-time or full-time. So, it’s very important to be aware if the clinic is a FQHC or not. A free clinic isn’t always an FQHC.  

There are many other questions you should ask yourself, your employer, and your malpractice insurance experts at WisMed Assure that are unique to your scenario. It’s important to have a clear understanding of your role and a written description of your responsibilities. These duties will likely fall in the category of either administrative or direct patient care. You must confirm if your or your employer’s insurance policies will cover all of your responsibilities. We urge you to reach out to us! Contact the WisMed Assure team at insurance@wismedassure.org or call 608.442.3810. We are here to serve the health care professionals who serve our communities. We will explore the application of Good Samaritan laws in a future issue of the Antidote.

Please note: Wisconsin Medical Society members have access to our legal assistance hotline for additional discussion about these topics.

Picture of Jensen Peck

Jensen Peck

Business and Professional Insurance Executive

Reach out to me to learn more. You can contact me at jensen.peck@wismedassure.org or 608.442.3731.

Send me an email!
Picture of Jensen Peck

Jensen Peck

Business and Professional Insurance Executive

Reach out to me to learn more. You can contact me at jensen.peck@wismedassure.org or 608.442.3731.

Send me an email!

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

Dental Benefits with Medicare Advantage

By Martin Hurst, Insurance Service Representative

Medicare provides essential health care coverage for individuals over 65, but it does not cover routine dental services such as cleanings, exams, fillings, or dentures. For those in need of dental care, there are a couple options to enhance your Medicare coverage. You can consider Medicare Advantage plans that include dental benefits or opt for a standalone dental insurance plan.

While Medicare Advantage plans can be beneficial, they aren’t the best choice for everyone. These plans often face criticism due to having limited provider networks, higher out-of-pocket costs, and a lack of transparency. These issues can restrict access to care and may provide fewer benefits than expected. It’s important to note that enrolling in a Medicare Advantage plan typically means losing your Medicare supplement plan.

When considering dental plans, we recommend assessing your individual needs and determining the total cost, (including premiums, deductibles, and potential copayments) as well as any waiting periods for certain procedures. Waiting periods for major dental procedures, like crowns or dentures, may apply, and it’s essential to understand these requirements when choosing a plan. For example, treatments like wisdom teeth removal may have waiting periods before coverage kicks in. For individuals with Medicare Supplement plans (Medigap), dental coverage can be added, or separate dental insurance can be purchased. However, it’s important to check whether your preferred dentists are included in a Medicare Advantage plan’s network, because some plans may limit which provider you can visit. As your dental needs increase, it’s vital to carefully consider all available options to ensure both immediate and long-term coverage.

I recently worked with a client who had been enrolled in a Medicare Supplement plan for several years. His dental needs had changed, and he needed his wisdom teeth removed in the near future, which is considered major dental surgery not typically covered by basic dental plans. After reviewing a variety of dental coverage options based on his specific needs, we found several plans that provided coverage for surgical extractions, each with different waiting periods and premiums. One plan had a 12-month waiting period before covering such procedures, while another had no waiting period, but came with a higher premium. By carefully weighing his options, we helped him find a plan that balanced cost with timely coverage, ensuring he was prepared for his dental needs.

To learn more about Medicare and dental insurance options, please contact Martin Hurst at martin.hurst@wismedassure.org or call 608.442.3728.

 

Picture of Martin Hurst

Martin Hurst

Insurance Service Representative

Reach out to me to learn more. You can contact me at martin.hurst@wismedassure.org or 608.442.3728.

Send me an email!
Picture of Martin Hurst

Martin Hurst

Insurance Service Representative

Reach out to me to learn more. You can contact me at martin.hurst@wismedassure.org or 608.442.3728.

Send me an email!

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

PAYE & ICR Plans Reopening for Student Loan Borrowers

By Mark Ziety, CFP®, AIF®, Financial Advisor, WisMed Financial

The Pay As You Earn (PAYE) and Income Contingent Repayment (ICR) plans will reopen in mid-December under an Interim Final Rule. For borrowers forced into forbearance under the Saving on a Valuable Education (SAVE) repayment plan, should you switch plans? Let’s find out.

Focusing on SAVE vs. PAYE only

ICR is typically only used by parent borrowers with Parent Plus loans or consolidated Parent Plus loans. Income Based Repayment (IBR) is also available for borrowers, but the payment amount and treatment of interest are equal to or substandard to PAYE and SAVE plans. Therefore, this article will focus on SAVE vs. PAYE.

Problems with SAVE

As of this writing, borrowers in the SAVE plan have been placed in forbearance with no interest, no payment, and no progress toward loan forgiveness. It’s anticipated this forbearance will last well into 2025.

Making progress toward loan forgiveness

There are two options currently.

  • Switch from SAVE to a different payment plan, like PAYE, with required payments and progress toward loan forgiveness.
  • Anticipate using the PSLF Buyback program later to complete the 120 payments needed for forgiveness (assuming this program can be used to buyback months for the current forbearance.)

Comparing SAVE vs PAYE

  • Payment: Monthly payment under SAVE is typically lower than PAYE. The exception is at high income levels. The PAYE payment rises with higher income, but it is capped at the 10-year standard payment. The SAVE payment rises with higher income uncapped.
  • Interest: For those with relatively low income compared to their debt, the SAVE plan is often better than PAYE. The SAVE plan prevents interest from accruing when the monthly payment does not cover the interest. In contrast, unpaid interest accrues under the PAYE plan until it accumulates to 10% of the loan amount.
  • Length of Repayment: Loan forgiveness for borrowers that don’t qualify for Public Service Loan Forgiveness (PSLF) takes 20 years under PAYE. Under SAVE, forgiveness takes 20 years for undergrad loans, 25 years for graduate loans, or 10 years if the original amount borrowed was $12,000 or less.

Should you switch?

Everyone needs to run their own calculation to see what makes sense for their situation. Many borrowers will benefit by sticking with the SAVE plan if they are working for a government or 501(c)3 non-profit organization, assuming the PSLF Buyback program can be used to gain credit for the current forbearance later. For those with high income and/or their employer doesn’t qualify them for PSLF, switching to PAYE might be worthwhile.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®

WisMed Financial, Inc. part of the Wisconsin Medical Society

Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!
Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!

Note: This article is for informational purposes only and should not be considered as financial or tax advice. Please consult with a qualified financial advisor or tax professional before making any financial decisions. Full disclosures.

Don’t Wait for Disability Protection: A True Story

By Tom Strangstalien, Insurance Advisor

When you’re in your twenties and thirties, you can feel invincible. Despite the extraordinary odds of a disability, you might think, “why not wait until later in my career when my income increases?” After all, disability insurance can be expensive and impact your budget. Avoid the mistake of taking your health for granted – as resident and fellow physicians, you witness this every single day. To put it simply, life happens!

Did you know that you can get disability protection with an increasing benefit for as little as $25 to $50 per month? Put disability protection in place as early on in residency or fellowship as you can at as much as your budget allows. Also include a “future increase benefit” that allows you to increase your coverage as your income increases with no medical underwriting to protect your income throughout your entire career. Doing so protects you from the risk of financial ruin.

At WisMed Assure we are experts at designing these plans and work with physicians every single day to place this valuable protection for them. With permission, I’m sharing a story from one of our resident physicians verbatim.

“Hi Tom – this is quite a delay in my response, but I’ve unfortunately had some medical issues pop up in the past few months. I’m still very interested in disability insurance, but these medical things might have changed my situation, and I’ll let you be the judge. I’ll outline the events below. Please feel free to use my story as an example of why residents should do this as soon as possible during residency.

I woke up on a Sunday in mid-April with significant hearing loss in my right ear. I was diagnosed by an ENT provider with sudden-onset sensorineural hearing loss due to a viral infection. I took steroids for two weeks, and my hearing has returned to normal. From a long-term standpoint, there isn’t any increased risk of long-term hearing loss as a result of the condition, and I’m doing well!

As a part of the medical work-up, however, we obtained a brain MRI to ensure that an acoustic neuroma wasn’t causing my symptoms. Thankfully, that wasn’t seen. However, the MRI did find two incidental white matter lesions in my deep right parietal lobe. I don’t have any neurological symptoms and am feeling fine. I just saw a neuroimmunologist at Froedtert in late July, and thankfully, it isn’t likely to be anything clinically significant. These types of spots are typically associated with dementia in elderly patients, but they’re being found in younger patients (as MRI scans are being used more frequently in younger populations) and aren’t associated with any long-term issues. We will get a repeat MRI in one year to make sure it’s stable, and then I won’t require any additional monitoring.

So, QUITE a change in my health status. I’m feeling fine, and I’m not taking any medications at the moment. I also didn’t miss any time with these conditions. Otherwise, my answers to your initial list of questions haven’t changed. It wouldn’t take a genius to guess this would increase my monthly cost for disability insurance. Do you have any other insights or recommendations? Could you get some quotes again?”

Life truly does happen, and we don’t know what our future holds. I encourage all of you to obtain individual disability protection as soon as possible. Do not wait until it’s too late. My team and I are here to help and will passionately search for you and design a plan that is suitable for you. We exist for your benefit and it’s what we do.

For help with your insurance planning, contact Tom Strangstalien at 608.442.3730 or the WisMed Assure team at insurance@wismedassure.org, or call 608.442.3810.

Picture of Tom Strangstalien

Tom Strangstalien

Executive Director Individual Insurance Planning

Reach out to me to learn more. You can contact me at tom.strangstalien@wismedassure.org or 608.442.3730.

Send me an email!
Picture of Tom Strangstalien

Tom Strangstalien

Executive Director Individual Insurance Planning

Reach out to me to learn more. You can contact me at tom.strangstalien@wismedassure.org or 608.442.3730.

Send me an email!

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

2024 Volume 4

Don’t Wait for Disability Protection: A True Story

By Tom Strangstalien, Insurance Advisor

MRI Brain Scan of head

When you’re in your twenties and thirties, you can feel invincible. Despite the extraordinary odds of a disability, you might think, “why not wait until later in my career when my income increases?” After all, disability insurance can be expensive and impact your budget. Avoid the mistake of taking your health for granted – as resident and fellow physicians, you witness this every single day. To put it simply, life happens!

Read more…

PAYE & ICR Plans Reopening for Student Loan Borrowers

Pay As You Earn Repayment PAYE Plan paperwork

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

The Pay As You Earn (PAYE) and Income Contingent Repayment (ICR) plans will reopen in mid-December under an Interim Final Rule. For borrowers forced into forbearance under the Saving on a Valuable Education (SAVE) repayment plan, should you switch plans? Let’s find out.

Read more…

Common Moonlighting Scenarios – What’s Covered by Your Malpractice Insurance?

Free Medical Clinic sign

By Jensen Peck, Business and Professional Insurance Executive

As the insurance agency for the Wisconsin Medical Society, we receive calls often from members and client physicians who are considering supplemental employment (side gigs) outside of their regular scope of practice. They are often told to “not to worry about” the liability because it’s either covered by the employer or “minimal exposure.” Fortunately, most physicians recognize this may not be true and it’s best to receive input from an insurance agency that specializes in health care liability. Let’s review a few of the more common scenarios and important questions that need to be answered to confirm potential malpractice exposures are covered.

Read more…

Dental Benefits with Medicare Advantage

Dentist or dental hygienist in operation with patient.

By Martin Hurst, Insurance Service Representative

Medicare provides essential health care coverage for individuals over 65, but it does not cover routine dental services such as cleanings, exams, fillings, or dentures. For those in need of dental care, there are a couple options to enhance your Medicare coverage. You can consider Medicare Advantage plans that include dental benefits or opt for a standalone dental insurance plan.

Read more…

Lifetime Term Life Insurance. Does It Exist?

By Tom Strangstalien, Insurance Advisor

Last month was life insurance awareness month, but we should be aware of the value of life insurance and the opportunities it offers all year round. A relatively new concept in life insurance is guaranteed no-lapse universal life. So, what exactly is this new form of life insurance, and does it potentially serve a purpose in your life?

Term insurance is the least expensive and most common form of life insurance. You choose a term period of one year (annual renewable term), ten years, twenty years, thirty years, or in rare instances even 40 years. If you pay your premiums on time, the coverage is guaranteed to be in place if needed. At the end of the term period, you are now older and while you can potentially renew the coverage for another term, because you are older, the cost will be substantially higher. Alternatively, you could pay the current premium for our attained age each year until it reaches the point where it simply isn’t affordable anymore. Lastly, depending on the product that you purchased, you may not have the option to renew the coverage, and the policy simply lapses, so the coverage goes away.

The major question with term insurance is, “What if I need the coverage after the end of the term period?” As outlined above, it can create a situation that is not ideal. Life happens and there are numerous scenarios where you might want life insurance coverage for a lifetime and not just a specified number of years. A no-lapse universal life insurance policy can address these concerns. With universal life insurance, you pay more into the policy than you would with term insurance. It has a cash value component where excess funds are deposited in the earlier years of the contract. Those funds then assist in paying premiums in later years when you are older and premiums are more expensive. You can “cash out” your account at anytime if the coverage is no longer needed. If funded properly, the premiums will not change, however it must be carefully reviewed each year if anticipated interest rates (or the performance of the cash account) do not perform to the expected standards. If it’s not earning sufficient interest, premiums and/or the amount of coverage may need to be adjusted, or the policy can be in jeopardy of lapsing in the future since it’s not properly funded. It simply can run out of money.

With guaranteed no-lapse universal life, you pay more at your attained age [EW1] than you would with term insurance. However, like traditional universal life, it does have a cash value account. Yet, as long as you pay the no-lapse premium, the coverage is guaranteed to be there for life! Unlike traditional universal life, the contract is never in jeopardy. The cash account may or may not perform as anticipated, however this has no bearing on the life insurance coverage. It will always be there! It’s essentially a pseudo lifetime term insurance program!

What will your future hold? How will your health be? Will you want to create a legacy, a charitable endeavor, or a scholarship fund? Will you want to create wealth for your future generations? As you consider term life insurance, what term limit will you choose? Or maybe you should explore coverage for your lifetime in the form of guaranteed no-lapse universal life.

The WisMed Assure team would be happy to provide you with quotes from several companies. Our allegiance is always to you, and as always thank you for all that you do!

For help with your insurance planning, contact Tom Strangstalien at 608.442.3730 or the WisMed Assure team at insurance@wismedassure.org, complete this quick online form or call 608.442.3810.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

Residual Disability Rider Provides Financial Protection

By Martin Hurst, Insurance Service Representative

Martin Hurst

The Residual Disability Rider is an essential addition to a physician’s disability insurance policy. It provides financial protection in the event of a disability that limits your ability to work at full capacity. Unlike standard policies that only pay out when the policyholder is completely unable to work, this rider ensures partial benefits if a physician can still perform some duties but earns less due to reduced hours, fewer patients, or other limitations. By covering the income gap during partial disability, it offers crucial financial stability and flexibility throughout a physician’s career, even during recovery periods.

I worked with a physician who injured his wrist while playing tennis. Although he could still see patients for office visits, his ability to perform procedures – which was critical to his practice – was significantly impacted. Thankfully, he had chosen a Residual Disability Rider as part of his disability insurance policy. This rider provided partial benefits, helping to offset the income lost due to his reduced capacity to work. With this coverage, he was able to stay financially stable, cover his expenses, and focus on his recovery.

For physicians, whose income often depends heavily on their ability to perform specific tasks or maintain a certain patient load, the Residual Disability Rider provides a critical safety net. It offers peace of mind, ensuring that a partial loss of ability won’t lead to a total loss of income and helps maintain financial stability during challenging times.

To learn more about your disability insurance options, please contact Martin Hurst at martin.hurst@wismedassure.org or call 608.442.3728.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.