JalaConsParticipantStatus: PhysicianPosts: 1Joined: 03/12/2019
I’m currently an associate at a large HMO in Southern California. Because I want more control over my schedule and time, I’ve decided to leave to pursue more self-driven healthcare opportunities, such as telemedicine/consulting.
In doing so, I would likely lose out on a few financial opportunities/benefits that come with being a part of a large organization (e.g. retirement).
I’m a financial novice, so I’m wondering: does anyone have any suggestions on how I can start to come up with a financial plan that at least starts to approximate the benefits being with a large organization? I’m meeting with a financial planner soon, but would be interested to see if there are alternative perspectives, so that I can try and make this transition as intelligently as possible. Thanks!March 12, 2019 at 12:16 pm MST #197889jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 6929Joined: 01/09/2016
Welcome to the forum! I’m afraid that your question covers a lot of territory. I would recommend that your planner/CPA is very familiar with physician planning and taxes. Other than that, it depends on what your goals are, what benefits you are replacing, and your priorities as to how to develop a plan that best approximates the benefits of a large organization. For example, if you have a 457b and 403b, you won’t be able to contribute the equivalent amount to a 401k, but you may be just as happy with a 401k+taxable account or a combo 401k/DBP if you are mid-career.
You’ll have to provide your own health insurance, but your spouse may have an available plan. Or you may be able to go with an HSA plan whereas one is not available at your current HMO. The ability to make more $$ will have to be weighed against the EWYK of going solo.
It’s all about balance and what you hope to achieve. If you’re married, it should be a joint plan, of course.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
https://fox-cpas.com/for-doctors-only/March 12, 2019 at 3:04 pm MST #197940