personal finance
Military Times Article – Blended Retirement: Should I Make the Switch?
Here’s a link to another article about the new blended retirement system (BRS):
Guest Post: Important Update Regarding Disability Insurance for Active Duty Military Doctors and Dentists
[Editor’s Note: This is a guest post/update from the company that was able to get me supplemental disability insurance (DI), which can be a challenge when you are Active Duty. I have no current financial relationship with them and they did not pay for this post, although in the past I received some restaurant gift cards when referring people to them. I asked them to provide it so they could explain recent changes in the disability insurance market for Active Duty personnel. If you want to read about DI, you can go to my Personal Finance page or some other posts like this one or this one.]
As you are likely aware, as a physician/dentist, your greatest asset is your ability to practice your specialty. Military physicians and dentists are not completely protected in the event they become disabled. Those who are informed of this risk exposure have been able to insure themselves by establishing individual disability insurance. Currently, there are two companies offering specialty specific coverage to military physicians/dentists; MassMutual and Lloyd’s of London. Of the two, MassMutual is the only one which offers a non-cancelable and guaranteed renewable policy to age 65. This type of policy cannot be canceled by the company, have its premiums and/or contractual provisions modified, exclusions added, etc. This is the type of policy we recommend to all physicians and dentists regardless of military status. MassMutual has eliminated this policy’s availability in all states except the following:
- California
- New York
- Florida
- Connecticut
- Montana
If you reside in one of these states and wish to protect yourself by obtaining the type of policy that will protect your medical career in the event of disability while you are in the military and while you are out, it is highly advisable to act now. To protect your medical career in the event of disability, please contact us below:
Andy G. Borgia, CLU (andyb@di4mds.com)
D.K. Unger (dku@di4mds.com)
10505 Sorrento Valley Rd., # 250
San Diego, California 92121
888-934-4637
858-523-7511 after 5pm
858-622-1883 fax
Blended Retirement Opt-In Course on Joint Knowledge Online
I might be the only person who reads his entire LES every month, and I noticed this on May’s LES:
THE BLENDED RETIREMENT SYSTEM OPT-IN COURSE (2 HRS) (COURSE #J3OP-US1332) IS NOW AVAILABLE VIA JKO AT HTTPS://JKODIRECT.JTEN.MIL/ THE COURSE IS DESIGNED TO PROVIDE ELIGIBLE SERVICE MEMBERS INFORMATION FOR MAKING A DECISION ABOUT WHICH DOD RETIREMENT SYSTEM BEST MEETS THEIR NEEDS. THIS IS MANDATORY FOR ALL OPT-IN ELIGIBLE SERVICE MEMBERS.
Tricks for Long-Term Asset Protection
Here are the slides and a screencast of a lecture I recently gave at a national conference on tricks for long-term asset protection:
Tricks for Long-Term Asset Protection
Beta Test of the DoD’s Blended Retirement System Calculator
Here is a link to the beta test of the Department of Defense Blended Retirement System Comparison Calculator:
Blended Retirement System Comparison Calculator – Beta Version
Personal Finance for the New Attending
Here is an audio podcast of a 30 minute lecture I gave at Naval Medical Center San Diego’s Transition to Practice Symposium that they put on last week for all the graduating residents and fellows. I hope you enjoy it.
Long-Term Care, Disability, and Umbrella Insurance: Do I Need All of This?
This video podcast/screencast is a recording of a talk I gave at a national Emergency Medicine conference two months ago. Bottom line up front:
- Long-Term Care Insurance – You probably don’t need it if you’re financially disciplined.
- Disability Insurance – You might need it.
- Umbrella Liability Insurance – You definitely need it.
Where can you get disability insurance as a military provider?
PhysicianFinancialServices.com
NOTE: I have no financial relationship with these sites, and there is more information on insurance on this page.
Here are the slides:
Playing the Odds – Long-Term Care, Disability, and Umbrella Insurance – Do I Need All of This?
Here is the screencast:
2017 Medscape Physician Compensation Report
Medscape does a large annual survey that examines the physician marketplace. Everyone eventually gets out of the Navy, so I wanted to post a link to it. You may have to register for a free Medscape account to see it:
Navy Implements SGLI On-Line
From Navy Personnel Command Public Affairs
MILLINGTON, Tenn. (NNS) – The Navy announced in NAVADMIN 085/17 that Servicemember’s Group Life Insurance (SGLI) will be available online for Sailors to verify, update and change their insurance coverage amount and beneficiaries starting April 6.
To view or change information, Sailors may access SOES through My Navy Portal at https://my.navy.mil, by choosing the milConnect tab and logging into milConnect system. Once logged into milConnect, Sailors select the “SOES” option under the “Benefits” tab and follow the prompts. Users may access milConnect with a Common Access Card (CAC), DFAS (myPay) account, or DS LOGON account.
“Moving from paper to electronic beneficiary forms will provide a faster, easier method for Sailors to make changes to their coverage and beneficiary information,” said Ann Stewart, Assistant Chief of Naval Personnel for Pay and Personnel.
Using SOES, service members may manage coverage amounts and name and update their beneficiaries. Members may also elect coverage for their dependent children and nonmilitary spouses under the Family SGLI program.
The paper form will still be accepted if a change to beneficiaries must be made and the Sailor has no access to internet, but it is recommended that the change be made online at the first available opportunity.
If a married service member declines coverage, elects other than the maximum amount of coverage, or designates beneficiaries other than the spouse or a child of the member, the spouse is automatically notified by an SOES generated notification.
“This change will help Sailors more effectively manage their insurance needs,” said Alan Gorski, acting deputy director, Navy Casualty Office. “We encourage all Sailors to login and make sure that their SGLI information is uptodate to prevent unexpected stress on their loved ones should something happen to them.”
SGLI is a program of low cost group life insurance for service members on active duty, ready reservists, members of the National Guard, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the four service academies and members of the Reserve Officer Training Corps. SGLI coverage is available in increments of $50,000 to a maximum of $400,000. SGLI premiums are currently $.065 per $1,000 of insurance, regardless of the member’s age.
For more information about SOES visit: www.dmdc.osd.mil/milconnect. For more news from Navy Personnel Command, visit www.navy.mil/local/npc/.
USAA Launches New Online Calculator to Assist with Changes from DoD’s New Blended Retirement System
Here is a link to an article about this tool:
USAA Launches New Online Calculator to Assist with Changes from DoD’s New Blended Retirement System
Here is a direct link to the tool:
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