In Residency or Fellowship
Planning should start as early as residency or fellowship. Starting the process early allows you to be ahead of the game. What are your goals? Are you staying local or moving to a different state after completion of program?
Early on, it is also extremely important to create some guarantees of your future potential income should you become ill or injured. The fact of the matter is one out of four individuals experience a loss of income at some point in their career before the age of 65. Therefore, the purchase of disability income insurance becomes one of the most important investments you can make early on in your career.
What type of Disability Insurance you obtain will also be fundamental. Although there are many different companies offering disability insurance, it is extremely important to know what is in the contract language, how you are being covered in your specific occupation or specialty, and how the insurance company has performed in relation to paying claims in the past.
Currently, student loan debt might be one of your biggest worries, so understanding the different student loan provisions, including but not limited to, loan forgiveness opportunities, conventional approaches, or private refinancing options, can make a big difference long term. Waiting until the last minute might lead you to make a rushed repayment decision, which could influence your practice goals in the future.