Sun. May 5th, 2024

This is a boring topic. I get it. Also, you are so busy you have no time for this. Well, make time.

Do you need life insurance.

Yes.

Do you need disablity insurance?

Yes.

My friend Julie Gunther, MD has been very open about a time when her medical problems threatened her health, income, and livelihood. She has always been promoting that doctors get both life and disability insurance.

Here is a primer and some definitions from this article:

Life Insurance

Life insurance is a policy that will pay out to your loved ones (beneficiaries) if you pass away.

Disability Insurance

Own-occupation disability insurance for doctors is coverage that you pay into so that if you become disabled and cannot work anymore, the policy will pay you enough money such that you can keep living your life.

How much do you need?

The article says: “To find out, calculate your monthly expenses, minus tax (because the policy payout is generally tax free). Also, try to calculate a budget that is more of a shoestring budget. You need your policy to be able to cover at least this amount of monthly payment.”

I am no expert in this area but scan the article and GET BOTH. Do it now or you will forget!

Thank you for reading today’s public service announcement.

167460cookie-checkShould You Get Life and Disability Insurance?
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By Douglas Farrago, MD

Douglas Farrago MD is board certified in the specialty of Family Practice. He is the inventor of a product called the Knee Saver which is currently in the Baseball Hall of Fame. The Knee Saver and its knock-offs are worn by many major league baseball catchers. He is also the inventor of the CryoHelmet used by athletes for head injuries as well as migraine sufferers. From 2001 – 2011, Dr. Farrago was the editor and creator of the Placebo Journal which ran for 10 full years. Described as the Mad Magazine for doctors, he and the Placebo Journal were featured in the Washington Post, US News and World Report, the AP, and the NY Times. Douglas Farrago, MD received his Bachelor of Science from the University of Virginia in 1987, his Masters of Education degree in the area of Exercise Science from the University of Houston in 1990, and his Medical Degree from the University of Texas at Houston in 1994. His residency training occurred way up north at the Eastern Maine Medical Center in Bangor, Maine. In his final year, he was elected Chief Resident by his peers. Dr. Farrago has practiced family medicine for twenty-three years, first in Auburn, Maine and now in Forest, Virginia. He founded Forest Direct Primary Care in 2014, which quickly filled in 18 months. Dr. Farrago still blogs every day on his website Authenticmedicine.com and lectures worldwide about the present crisis in our healthcare system and the effect it has on the doctor-patient relationship. Dr. Farrago’s has written three books on direct primary care: The Official Guide to Starting Your Own Direct Primary Care Practice, The Direct Primary Care Doctor’s Daily Motivational Journal and Slowing the Churn in Direct Primary Care (While Also Keeping Your Sanity) are all best sellers in this genre. He is a leading expert in direct primary care model and lectures medical students, residents, and doctors on how to start their own DPC practice. He retired from clinical medicine in October, 2020.

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