personal finance
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:
Opt-In to Blended Retirement System NAVADMIN
Below is the Blended Retirement System (BRS) NAVADMIN that just came out. If you are one of the people who can choose between the current system and the BRS, you can read what I think about it here. Active duty are opt-in eligible if their Date of Initial Entry into Military Service (DIEMS) is on or before 31 December 2017 and they have less than 12 years of service as of 31 December 2017. You can find your DIEMS on your LES on the right-hand side. Here is an image of my LES where you can see my DIEMS is February 21, 1997:
Because I have more than 12 years of service, I am not opt-in eligible and have to stay with the current system (thankfully).
Bottom line…stay with the current system if you are staying in for 20 years.
UNCLASSIFIED
ROUTINE
R 281546Z NOV 16
FM CNO WASHINGTON DC
TO NAVADMIN
INFO CNO WASHINGTON DC
BT
UNCLAS
PASS TO OFFICE CODES:
FM CNO WASHINGTON DC//N1//
INFO CNO WASHINGTON DC//N1//
NAVADMIN 259/16
MSGID/GENADMIN/CNO WASHINGTON DC/N1/NOV//
SUBJ/NOTIFICATION OF ELIGIBILITY TO OPT-IN TO THE BLENDED RETIREMENT SYSTEM//
REF/A/DOC/NDAA/13APR15//
REF/B/MSG/CNO WASHINGTON DC/271444ZSEP16//
REF/C/MSG/COMNAVPERSCOM MILLINGTON TN/151015ZAUG16//
NARR/REF A IS SECTIONS 631 THROUGH 635 OF NATIONAL DEFENSE AUTHORIZATION ACT,
SUBTITLE D – DISABILITY PAY, RETIRED PAY, AND SURVIVOR BENEFITS.
REF B IS NAVADMIN 217/16, ANNOUNCEMENT OF THE BLENDED RETIREMENT SYSTEM FOR
THE UNIFORMED SERVICES.
REF C IS A GENADMIN, PAY AND PERSONNEL INFORMATION BULLETIN 16-12.//
RMKS/1. This NAVADMIN is the official notification of eligibility to opt-in
to the Blended Retirement System (BRS) in accordance with references (a) and
(b).
2. Reference (a) states all Service members with a Date of Initial Entry
into Military Service (DIEMS) on or before 31 December 2017 are automatically
grandfathered under the current retirement system. However, some Service
members are eligible to opt-in to the BRS.
(a) Active component members are opt-in eligible if their DIEMS is on or
before 31 December 2017 and they have less than 12 years of service as of 31
December 2017, based on their Pay Entry Base Date.
(b) Reserve component members, to include Full-Time Support members, are
opt-in eligible if their DIEMS is on or before 31 December 2017 and they have
accumulated fewer than 4,320 retirement points as of 31 December 2017.
(c) United States Naval Academy, Reserve Officer Training Corps
Midshipmen and Delayed Entry Program members are opt-in eligible if their
DIEMS is on or before 31 December 2017.
3. The window for opt-in eligible members to enroll in BRS will be open from
1 January 2018 until 31 December 2018. Opt-in eligible Service Members must
be in a paid status at the time of enrollment. Service Members who meet the
criteria above but are not in a paid status during the election window, will
be given an opportunity to enroll during their first period of paid status.
Hardship extensions to the enrollment window for opt-in eligible Service
Members who are unable to enroll in BRS during the 2018 enrollment period
will be considered on a case by case basis in line with reference (a). If a
Service Member chooses to opt-in, their decision is irrevocable. Whether you
choose to opt-in or not, all Service Members who are opt-in eligible must
complete the Blended Retirement System Opt-In Course.
4. Commands must notify all opt-in eligible Service Members within their
command. Command administrative departments should also contact their
personnel support divisions on a regular basis to access a list of all opt-in
eligible Service Members within their command. Additionally, those opt-in
eligible Service members who have an up-to-date email address in Navy
Standard Integrated Personnel System in line with reference (c) will receive
notification of opt-in eligibility via e-mail.
5. All Navy commands must ensure that opt-in eligible Service Members
complete the Blended Retirement System Opt-In Course. This course will be
available in January 2017 on Joint Knowledge Online and Navy E-learning.
Although this course will be accessible by all Service Members, completion no
later than 31 December 2017 is mandatory for all opt-in eligible Service
Members. Additionally, command financial specialist can provide support for
unit-level basic financial literacy and BRS education. More robust financial
counseling services are available through personal financial managers at your
local Fleet and Family Support Center or online via a Military OneSource
personal financial counselor.
6. The importance of the decision to enroll in BRS or remain in the current
retirement system cannot be overstated. This decision is among the most
important financial decisions an opt-in eligible Service Member may make. I
am depending on an all-out leadership effort to ensure that the training is
completed and Service Members are making the most informed financial decision
possible.
7. This NAVADMIN remains in effect until superseded or cancelled, whichever
comes first.
8. Released by Vice Admiral R. P. Burke, N1.//
BT
#0001
NNNN
UNCLASSIFIED//
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