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For the medical professional who is responsible for providing his or her own benefit plan, you can rely on our experience in finding the right combination of benefits to suit your needs. We tailor each benefit plan to custom fit your specific situation, thus removing the unnecessary frills that can drive up costs. Click each link below for more information.
To have a Financial Designs, Inc. professional contact you regarding any of our services for medical professionals, click here.
Health Savings Accounts (HSA)
Individuals and families with a qualified HSA health plan can make maximum contributions into their Health Savings Account of $3,050 for individuals and $6,150 for families. Your HSA contributions can be withdrawn tax-free for prescriptions, doctor's fees, lab and hospital charges, dental expenses, vision charges, and other similar medical costs.
How HSA's Work
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HSA Deposits |
100% deductible from gross income.
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Medical Withdrawals |
TAX-FREE. |
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Non-medical Withdrawals |
Income tax +10% penalty unless over age 65 or disabled. |
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Interest Earned |
Tax-deferred, or Tax-free if used for medical expenses. |
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To enroll in an HSA, individuals must first secure an "HSA qualified" health insurance policy which adheres to the federal guidelines. Click here for a list of items for which HSA funds can be withdrawn tax-free.
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Health Insurance
The continuing escalation in health care costs makes a well designed health insurance program essential to your financial security. With semi-private room rates averaging over $800 per day, a "few days" in the hospital could equal thousands of dollars in expenses. You can tailor an individual plan to provide essential protection by eliminating unnecessary features and costs. For this reason, an individual plan is often more cost effective than a group plan.
When reviewing your health insurance coverage, consider the following:
Deductibles - Calculate the long-term premium savings achieved with a higher deductible versus the larger premium associated with a lower deductible.
Co-insurance - Beyond the deductible, what percentage of the expenses must you pay...0%, 10%, 20%? More importantly, how long do you pay this co-insurance percentage before the plan begins to pay 100%? Is there a "Stop-loss" provision?
Lifetime maximum - Many plans offer a per person limit of $3,000,000 or more.
Preferred Provider Organization Option - Premiums are generally lower when a PPO network is selected. With a PPO option, you are encouraged to seek treatment from network hospitals and physicians to receive the maximum benefits. If non-emergency care is received from non-network providers, benefits are usually reduced.
Routine Maternity Benefits -This is normally an optional rider. Complications of pregnancy are normally covered under the base plan. Consider the long-term premium savings of omitting this rider versus the maximum exposure to routine maternity expenses.
Insurability Issues:
Risk Pools - For the uninsurable without prior group coverage, many states offer a guaranteed issue major medical plan.
COBRA - Companies with more than 20 full time employees are required to allow their former employees to continue their group health insurance for up to 18 months. The employee is responsible for the full premium. For those in good health, an individual health insurance plan may be more cost effective.
HIPAA - The Health Insurance Portability Accountability Act made it easier for individuals with existing health insurance to change jobs and still maintain health insurance coverage. It guarantees the availability of individual health insurance to individuals who have exhausted their 18-month COBRA option. Specific benefits and requirements vary by state.
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Disability Income Insurance
Many physicians perceive that disability income insurance contractual provisions are fairly uniform. Unfortunately, this is not the case. One subtle difference in a definition or a benefit can potentially become significant in the event of a claim.
From a medical professional's point of view, the following are features to consider when reviewing your options. You need to know if your policy has the following features either as part of the contract or by an additional rider...
Non-cancelable and Guaranteed Renewable Coverage - The policy can't be changed (as long as premiums are paid on time) and your rates will not increase, until age 65. In fact, you should be able to keep your coverage for as long as you continue to work full time.
Coverage for HIV - If your employment is terminated due to being diagnosed HIV positive, benefits will be paid to you even though you are physically able to work at your occupation.
Liberal Definition of Total Disability - You are considered totally disabled when, due to injury or sickness, you are unable to perform the primary duties of your specialty. You can receive full benefits if you are unable to perform the primary activities of your current medical specialty.
Residual Disability Benefits - This provision ensures that you will continue to receive benefits even if you can perform some work and earn some income while partially disabled.
Indexing Pre-Disability Earnings - This benefit allows your residual benefits to keep pace with inflation.
Recurrent Disabilities - You are not subject to another waiting period for continuing illness or injury should a related disability reoccur within 12 to 18 months of the time you returned to work.
Presumptive Disability - This provision provides 100% of policy benefit for some conditions even if you are able to work in your occupation. These conditions are normally: loss of sight, speech, hearing, use of both hands, both feet, or one hand and one foot.
Waiver of Premium on Both Total and Residual Benefits - This provision waives premiums as they come due when you are receiving either total or partial benefits from your policy.
Guaranteed Increase Option - This feature allows you to increase your coverage, without proof of insurability.
Claims Paying Ability - When protecting your most valuable asset, you should prefer a top rated company.
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Life Insurance
Advisors with Financial Designs assist Medical Professionals in determining the amount of coverage that is required to help assure survivors are left in the same “Financial World” to which they are accustomed while the client is actively producing income. Current liabilities (e.g., mortgages, outstanding loans, etc.) and future liabilities (e.g. education for children) are considered. The professional will also provide you with rates from the most competitive insurance policies the industry offers and recommend the appropriate type of coverage for your current situation.
Click here for a quick life insurance calculator to help determine the right amount of coverage. While our analysis involves a more in-depth understanding of your financial situation, this calculator provides a quick reference estimate.
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Long-term Care Needs
Your Financial Designs Professional will assist you in devising a strategy and analyzing the numerous options available to address potential Long Term Care Needs that may arise.
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