Cash Balance Plan

As a physician who owns your own practice, having an experienced, dedicated, and talented staff is vital for growing your business.

One way to attract top talent is to offer a higher-than-average salary. Another way is to provide sign-on bonuses and excellent employee benefits. This may include high-quality health insurance and life insurance.

A third way to attract qualified physicians, nursing professionals, and great support staff is to offer retirement plans to help employees build their savings and establish future financial security.

That’s where the cash balance plan comes into play.

Unlike traditional pension plans and 401k retirement plans, cash balance pension plans offer a unique savings opportunity for employees. They also offer significant benefits for the employer who provides the plan.

Looking for a new way to attract employees, increase earnings, and make a greater return on your investments?

Physician practice owners can do all those things with a cash balance plan.

Cash Value

The savings component of life insurance in which a portion of each premium payment is applied. In life insurance policies, the cash value is allowed to accumulate tax-free. Over time, the cash value growth will have the effect of lowering the amount at risk for the insurer because, at the death of the insured, the … Read more

Catastrophic Coverage

A typical long-term disability policy will only replace about 60% of a physician’s lost income. However, with a catastrophic disability rider, you can automatically receive a higher benefit amount (up to 100% in some cases) for lost salary in the event that you suffer a catastrophic disability. Usually, a catastrophic disability is defined as a … Read more

Chief Resident

What is a Chief Resident? A Chief Resident is a senior medical resident who takes on additional leadership, administrative, and teaching responsibilities within a residency program. Typically appointed in the final year of training, the Chief Resident acts as a liaison between residents and faculty, helps coordinate schedules, mentors junior residents, and ensures the smooth … Read more

Child Protection Rider

Another rider choice offered by many life insurance companies is the Child Protection Rider (also known as a Child’s Life Insurance Rider). For an additional cost, Child Protection Riders offer value in two key ways: First, a financial cushion in the event that a child passes away. Second, when a child ages out of coverage, … Read more

Chronic Illness Riders

Similar to a Critical Illness Rider, a Chronic Illness Rider is another provision offering accelerated death benefits in the event of a serious medical diagnosis. A Chronic Illness Rider allows the policyholder to receive benefits from their policy while still living, in the event that they suffer a disabling illness that prevents them performing at least two of the … Read more

Compensation Benchmarks

What are Compensation Benchmarks? Compensation benchmarks are standardized salary and compensation data points used to evaluate a physician’s earnings in comparison to peers within the same specialty, geographic location, practice setting, and level of experience. These benchmarks are derived from surveys conducted by organizations such as the Medical Group Management Association (MGMA), American Medical Group … Read more

Concierge Medicine

What is Concierge Medicine? Concierge medicine is a healthcare model in which patients pay a membership fee—either monthly or annually—for enhanced access to their physician. This fee typically covers extended appointment times, direct physician access (including phone and email consultations), and a more personalized level of care. Concierge physicians often maintain smaller patient panels, allowing … Read more

Conditional Receipt

An acknowledgment by the life insurer of a premium payment made by an applicant that also provides interim coverage while the application is being processed in underwriting. A conditional receipt can be revoked should underwriters uncover any medical conditions that might change the rating of the policy.

Contract Review

Key Takeaways What is Contract Review? Contract review is the process of examining a legal agreement before signing to ensure its terms are fair, clear, and legally sound. This is particularly important for physicians and other professionals entering employment, partnership, or service agreements, as contracts dictate key aspects of their career and financial stability. Why … Read more

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