Michael C. Waters, CEBS, SVP. The Business of Medicine

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1 Michael C. Waters, CEBS, SVP The Business of Medicine

2 Putting Marsh To Work For You The Strength of Marsh & McLennan Companies Marsh Insurance Brokerage, Intermediary and Risk Advisory Services Guy Carpenter Reinsurance and Risk Advisory Services Mercer Consulting, Outsourcing, Investments and Human Capital Oliver Wyman Management Consulting and Advisory Services World s largest insurance broker Operates in over 200 countries Over 53,000 employees worldwide Annual revenue over $13 billion Ranked among the Fortune 500 1

3 Your Financial Plan Outline of Presentation Risk Management Cash Flow and Short-Term Strategies Investment Strategies Estate Planning 2

4 Pyramid of Financial Strategies Level 4: Investing Aggressively Speculative Investments for Greater Growth Potential Level 3: Financial Growth Wealth Accumulation, Overcoming Inflation Level 2: Financial Foresight Capital Accumulation, Saving for the Future Level 1: Necessary Foundation Risk Management 3

5 RISK MANAGEMENT PROTECTING YOUR INCOME AND EDUCATION 4

6 Risk Management Coverages to Consider Disability Insurance Life Insurance Medical Insurance Malpractice Umbrella Liability 5

7 Disability Insurance Insurance intended to cover all or part if a loss of income due to accident or sickness: Total Inability to work in any occupation Residual/Partial Ability to work in your occupation, but with reduced capacity and earnings Own Occupation Inability to work in your occupation or specialty, but ability to work in another occupation As a doctor, own occupation coverage is the only coverage that can protect your income AND education. 6

8 How likely am I to file a claim? More than 25% of today s twenty-year-olds will be disabled before they retire. 490 People just became disabled in the past 10 minutes. 7

9 Post-Disability Income Disability income is typically broken into two categories: business and personal It typically takes multiple types of coverage to cover all your expenses through the duration of a disability Busine ss Revenue and Cash Flow Overhead Expense Disability Buy- Out Person al Sick Pay & Vacatio n Short- Term Disability Supplemental Individual Disability Group Long-Term Disability Point of Disability Retirement Age

10 Group vs. Individual Disability Insurance Typical Group Quality Individual Tax Free Benefit No Yes Non-cancelable by insurer No Yes Guaranteed Rates No Yes Portable to new job Own Occupation Benefit No Sometimes Yes Yes Benefit Amount % of Income Full Benefit

11 Individual Disability Insurance Insuring your Insurability Key Advantages $14,000 Physician-specific policy provisions Specialty protected up to age 67 $12,000 $13,000 $5,000 $10,000 Guaranteed, level premiums Locked-in premium at age of purchase $8,000 $7,800 $7,800 $6,000 Policy and discount are portable when you leave Vanderbilt $4,000 $2,000 Benefits paid in addition to typical group coverage $0 PreDisability Net LTD Benefits Only LTD and IDI Benefits Income (Monthly Estimate) PreDisability Take-Home Income LTD Net Benefit IDI Tax-Free Benefit Please note, this is for illustration purposes only and does not indicate a contract or guarantee of coverage. 10

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14 Term vs. Permanent Life Insurance Term Permanent Term of Coverage Limited Term Lifetime Premiums Dependent on Contract Level for Lifetime Cash Value No Yes (tax advantaged) Convertible Yes No Cost/Benefit Low Cost for Large Benefit High Cost for Lower Benefit Level Term Universal Life Types Annually Increasing Term Variable Life and Indexed Life Decreasing Term Whole life 13

15 Medical Insurance High Level Considerations If self-employed or a partner in the future, employers over 50 employees are required to offer this coverage Individuals are mandated to have coverage starting January 2015 Requirement to report on annual tax returns If not provided by your employer, consider options on exchange (including options for dependents) Review contributions from employer Tax advantages through employer, not on exchange 14

16 Malpractice High Level Considerations Usually provided by your employer Important to understand how tail coverage works on your policy when transitioning employers 15

17 Umbrella Liability Additional Protection Considerations Adds layer of liability protection to your personal coverage Sold in $1 million increments; very low cost Available alongside homeowners, renters, car insurance, etc 16

18 DEBT MANAGEMENT STAYING AHEAD OF THE GAME 17

19 Debt Management Summary of Topics Long Term Perspective Emergency funds Investing Amidst Debt Rate Reduction Methods Deductions and Credits 18

20 Pay Yourself First Emergency Funds Liquid First Financial Goal Financial Goal: 3-12 Months of Expenses Saved Consider Insurance 19

21 Rate Reductions Incentives From Lenders Consolidation Auto Pay Timely Payment Many companies have incentives to help you reduce the rate you may be paying 20

22 Student Loan Deduction Tax Advantages for Student Loans Deductions Deduct interest for life of the loan Maximum deduction is $2,500 per year Income Phase-out Ranges Single: $65,000 - $80,000 Married: $130,000 - $160,000 Note When phased out, consider using a home equity loan or consolidate to lower interest rates 21

23 INVESTMENT STRATEGIES PLANNING FOR YOUR FUTURE 22

24 Key Investment Questions What rates do I need to expect to surpass the rates I am paying on my loans? What are your long-term/shortterm investment goals? How liquid does the investment need to be? How much money is available to be invested? What is the impact of income taxes? What is your risk tolerance? 23

25 Retirement Options Things you should know 401k/403b Option Roth IRAs Deferred Compensation (457) Contribution to Roth vs. 401k/403b 24

26 How a Roth IRA Works Overview Establishing an Account Contributions & Income Distributions Financial Institutions Timeframe Multiple Accounts Contribution Limit: $5,500 Income Limits: Single Filer - $133,000 Joint Filers - $194,000 Typically during retirement or at death Option for first time home buyers up to $10,000 Note Take advantage of Roth IRA contribution allowance while your income is below IRS limits 25

27 Financial Planning How to Select a Planner Fee/Commission Structure Investment Philosophy Client Base Frequency of Review 26

28 ESTATE PLANNING IMPORTANT CONSIDERATIONS 27

29 Estate Planning, Will & Trust Estate Planning Will and Trust for Spouse and/or Children Power of Attorney Healthcare POA Living Will 28

30 Contact Us : Please take some time to give us some feedback and fill out the response card in your packet : 29

31 Thank You! Contact us for a personal consultation or with any questions. Michael C Waters Senior Vice President Phone: ext

32 Legal/regional regulatory statement to be added here if required. 31

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