Risk Management

Insurance plays a vitally important role in a comprehensive financial plan for physicians as they have higher earning potential as well as greater liability risk than the average American family. Insurance protection should allow physicians to live life knowing that if something happens to them, their families can maintain the lifestyle they’re accustomed to. In other words, the decision to purchase insurance should be viewed from the perspective of seeking to trade a small known loss, to avoid a big unknown loss.

UMAFS provides intelligent choices for the type of insurance, coverage amount, and provider, so that you can obtain this essential protection for your family. Our experts can guide you through all the different choices and help you select the right coverage to give you peace of mind. If you already have a policy, we’d also be happy to review it. It is our belief that no financial plan is complete without a comprehensive risk and insurance analysis.

Longevity and long-term care (LTC) planning is a significant concern for many people across a broad range of demographics. The personal nature of health care, the inability to predict how much care will be needed in the future or how the care will be delivered, and longer life expectancies can make for a challenging and sometimes uncomfortable planning topic. Furthermore, costs for custodial care are not covered by Medicare or traditional health care insurance. As such, early planning and an effort to coordinate the issue with other important financial planning areas are vital.
 
In an effort to improve our planning and better analyze the risks associated with retirement and potential long-term care needs, we are using a tool called HALO. With HALO, we are able to be much more specific in our planning, utilizing long-term care and life expectancy data from your subset of the population, those who relate closest to your personal and direct family situation. 
 
Please take a few minutes each and click on the secured link below to answer the subsequent questions (you’ll find the Halo assessment quiz on the webpage under the header “Get Started,” then click the box labeled “Take the HALO Assessment”). After the quiz, you will see a snapshot of your analysis and which we can use to update your retirement plan. As always, your responses and personal assessment will remain completely private and will only be used together as we plan for your future goals.