SENIOR HEALTHCARE PROFESSIONALS: Transportation and Travel Discounts

By Staff Reporters

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For those those senior healthcare professionals that like to get out of town, vacation, or visit the grandchildren, be sure to always ask for discounts from the various travel providers. This is especially true for all travelers age 55 years and over. Here are a few we know about … for you to consider post pandemic:

  • American Airlines: There are various senior discounts that apply to various trips. Call to find out which are available.
  • Amtrak: Senior pricing is available for most Amtrak locations. This ranges from 10 to 15 percent off.
  • Alaska Airlines: Seniors can save a significant amount with discount plane tickets. However, discounts vary from one time frame to the next. Most commonly, seniors can save 10 percent.
  • Southwest Airlines: Seniors over 65 who are traveling with Southwest Airlines may be eligible for Senior Fares. These are available online and for international and domestic travel. You can also purchase Senior Fares through a customer service representative at the airline or a travel agency. You will need to arrive early at the gate to be able to prove your age in order to be checked in for your flight.
  • United Airlines: United offers discounted prices for flights for seniors over 65. Seniors need to select the Over 65 category when purchasing tickets online or with a customer service agent. Discounts vary depending on the flight and location.
  • CITE: https://www.r2library.com/Resource/Title/082610254
  • TRAVEL ADVISORIES: https://www.msn.com/en-us/travel/news/15-key-travel-advisories-announced-in-january/ss-AATjrBD?li=BBnb7Kz

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PODCAST: Hospitals to Sell De-Identified Patient Data

TRUVETA

http://www.Truveta.com

By Eric Bricker MD

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Data Platform: Their health provider members care for tens of millions of people and operate thousands of care facilities, providing more than 15% of all care in the United States. Clinical data from this care is de-identified daily and brought together in the Truveta platform to advance patient care and accelerate development of new therapies.

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PHYSICIANS BEWARE: Traditional Financial Planning “Rules of Thumb”

DOCTORS AND MEDICAL PROFESSIONALS BEWARE?

We ARE Different

By Dr. David E. Marcinko MBA CMP®

SPONSOR: http://www.CertifiedMedicalPlanner.org

CMP logo

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  • While financial planning rules of thumbs are useful to people as general guidelines, they may be too oversimplified in many situations, leading to underestimating or overestimating an individual’s needs. This may be especially true for physicians and many medical professionals. Rules of thumb do not account for specific circumstances or factors occurring at a particular time, or that could change over time, which should be considered for making sound financial decisions.
  • Great Health Industry Resignation: https://medicalexecutivepost.com/2021/12/12/healthcare-industry-hit-with-the-great-resignation-retirement/

For example, in a tight job market, an emergency fund amounting to six months of household expenses does not consider the possibility of extended unemployment. I’ve always suggested 2-3 years for doctors. Venture capitalist lay-offs of physicians during the pandemic confirm this often criticized benchmark opinion of mine.

As another example, buying life insurance based on a multiple of income does not account for the specific needs of the surviving family, which include a mortgage, the need for college funding and an extended survivor income for a non-working spouse. Again a huge home mortgage, or several children or dependents, may be the financial bane of physician colleagues and life insurance.

CITE: https://www.r2library.com/Resource/Title/082610254

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EXAMPLES: Old/New Rules

  • A home purchase should cost less than an amount equal to two and a half years of your annual income. I think physicians in practice for 3-5 years might go up to 3.5X annual income; ceteras paribus.
  • Save at least 10-15% of your take-home income for retirement. Seek to save 20% or more.
  • Have at least five times your gross salary in life insurance death benefit. Consider 10X this amount in term insurance if young, and/or with several children or other special circumstances.
  • Pay off your highest-interest credit cards first. Agreed.
  • The stock market has a long-term average return of 10%. Agreed, but appreciated risk adjusted rates of return..
  • You should have an emergency fund equal to six months’ worth of household expenses. Doctors should seek 2-3 years.
  • Your age represents the percentage of bonds you should have in your portfolio. Risk tolerance and assets may be more vital.
  • Your age subtracted from 100 represents the percentage of stocks you should have in your portfolio. Risk tolerance and assets may still be more vital.
  • A balanced portfolio is 60% stocks, 40% bonds. With historic low interest rates, cash may be a more flexible alternative than bonds; also avoid most bond mutual funds as they usually never mature.

There are also rules of thumb for determining how much net worth you will need to retire comfortably at a normal retirement age. Here is the calculation that Investopedia uses to determine your net worth:

Compensation in the Physician Specialties: Mostly Stable - NEJM  CareerCenter Resources

RULES 72, 78 and 115: https://medicalexecutivepost.com/2022/01/30/the-rules-of-72-78-and-115/

INVITATION: https://medicalexecutivepost.com/2021/05/08/invite-dr-marcinko-to-your-next-big-event/

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