HCPLive Network

Physicians Don't Spend Enough Time on Financial Planning

TUESDAY, June 11 (HealthDay News) -- Physicians do not spend enough time reviewing their finances, and half are behind in their retirement planning, according to a report published by the American Medical Association (AMA) Insurance Agency.

Researchers from AMA Insurance surveyed 2,365 physicians to examine the prevailing attitudes and behavior of U.S physicians in relation to their financial preparedness for retirement and critical income disruption.

The researchers found that only half of the physicians reported reviewing their personal finances on a quarterly basis, while 29 percent reviewed them annually and 14 percent reviewed them as the need arose. Although the majority felt that disability coverage was essential, nearly half had not reviewed their policies since they were purchased. A lack of estate planning was noted, with only 57 percent of respondents having an updated will. Only 6 percent of physicians reported being ahead of schedule in retirement planning, and nearly half were behind in retirement finances. Physicians aged 40 years and younger were very concerned about a wide range of issues, including having enough money to retire, paying off their medical school debt, funding children's college expenses, taking care of their parents, and having enough life insurance.

"It makes sense that physicians would have little time to spend on their own financial situations," J. Christopher Burke, MBA, president and vice chair of the AMA Insurance Agency, said in a statement. "However, the survey results indicate a deeper awareness by them that they should be spending more time on their financial preparedness overall."

More Information

Copyright © 2013 HealthDay. All rights reserved.

Further Reading
In this segment, Dr. Peter Salgo asks Dr. Alfred Deluca to "talk about some of the assurances about Ebola we’ve heard from public health officials, versus some of the truths as you see it."
In this segment, Dr. Peter Salgo talks about the potential for an Ebola vaccine to be developed in the near future, and Dr. Alfred Deluca discusses ongoing efforts to increase awareness and preparedness among hospital staff.
By some estimates, the number of cases of Ebola in an area can double as quickly as every 2 weeks.
Turning to the topic of Ebola risk in the United States, Dr. Peter Salgo says that people here are obviously concerned, especially those in the health care field.
Ebola has been the subject of a constant drumbeat on every television station, every radio station, and every newspaper in America. How effective has the news media been in conveying the reality of Ebola vs. the terror of Ebola?
In this final segment of "HCPLive Practice Brief: A Focus on Ebola for Practitioners," Dr. Peter Salgo and Dr. Alfred Deluca talk about "damping down the panic" surrounding Ebola while also communicating the potential severity of this disease.
One specific criticism leveled at the CDC is that it did not ask fast enough after the first Ebola case appeared in Dallas. Are we now taking adequate measures to defend the public health, or should we taking additional preventive action, like banning travel from affected nations in Africa?
More Reading