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Physician Cents

Physician Cents

Written by: Chad Chubb & Tyler Olson
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 Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 Economics Hygiene & Healthy Living Personal Finance Physical Illness & Disease
Episodes
  • The Disability Insurance Crossfire: Planners vs. Brokers and the Must-Knows for Docs with Michael Relvas, Ep #047

    The Disability Insurance Crossfire: Planners vs. Brokers and the Must-Knows for Docs with Michael Relvas, Ep #047
    Feb 15 2026
    As a physician, your most valuable asset isn't your car, your home, or even your impressive degree—it's your ability to earn an income through a unique skillset you've spent years (and sometimes decades) developing. We're discussing disability and term life insurance with special guest Michael Relvas, an expert who has spent nearly twenty years advising physicians on these crucial protections. We tackle complex decisions—like whether to include a COLA rider in a disability policy, how to prioritize insurance on a tight resident budget, and the pros and cons of graded versus level premiums. We also discuss scenarios for dual-physician households, review strategies for term life coverage as your family grows, and answer rapid-fire listener questions on applying for disability claims and updating older insurance policies. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [05:45] The cost of peace of mind[11:13] Pros and cons of COLA riders[16:31] Managing tight budgets in training[23:14] Evaluating perceived vs. real roadblocks[27:53] Choosing graded vs. level premiums[35:38] Dual high-earner disability insurance debate[47:30] Life insurance strategy insights[52:06] Clarifying occupational duties in claims[01:05:36] Questions from listeners on disability insurance Disability Insurance is the Foundation of Physician Financial Security Disability insurance isn't just another checkbox for your financial plan—it's a necessity. Disability insurance protects both your present lifestyle and the future earnings you've worked so hard for. Even young physicians, barely out of training, have invested major time and resources into their careers, making the stakes for an income-disrupting event extremely high. The Cost of Living Adjustment (COLA) rider is a feature that increases your monthly benefit during a disability claim to help keep up with inflation. Most young docs recognize its value, but some question whether the additional premium is worth it given the low statistical likelihood of long-term disability. It's essential to protect against catastrophic scenarios, and COLA is not the premium cost that will break your budget. Skipping COLA to save a few bucks is short-sighted when the risk, however unlikely, is devastating. Budgeting for Disability Insurance as a Resident or Fellow What if your budget feels impossibly tight? It's a common dilemma, especially for residents and fellows who are saddled with student loans and low stipends. We recommend getting coverage even if you have to reduce your benefit amount or opt for graded (lower initial) premiums that ramp up later. The key is to lock in coverage while you're still healthy and keep the door open for future increases without re-underwriting. Program-specific guaranteed standard issue (GSI) offers can offer flexibility without medical underwriting. However, these programs aren't guaranteed to last, and only you can determine when an apparent financial roadblock is truly immovable or just a matter of making difficult choices about your spending priorities. Graded vs. Level Premiums: Playing the Long Game As insurance carriers shift away from unisex pricing, especially for women, graded premiums are becoming more attractive for some. They allow physicians to pay much less in their early years by "grading" the cost up annually, but total costs level out over time. Switching from graded to level premiums later can raise your ongoing cost. Still, if graded premiums are the only way to afford coverage in training, it's a tool to use—just lock in level premiums as soon as your cash flow allows for long-term savings. Predictability and simplicity are best: level premiums are preferable if your financial plan assumes a long career horizon. Two-Physician Households: Should You Maximize Coverage for Both? Unless you're already financially independent, maximize coverage. Losing one income—even a high one—changes everything, from current expenditures to retirement and children's future opportunities. Term life insurance is important during your family-building years, especially when debt is high and kids are young. We recommend coverage that lasts at least until your youngest child is 18, but ideally extends through the end of college. Laddering term policies (stacking policies with varying durations and amounts) adds flexibility as your savings grow. As net worth builds, coverage can decrease, but most people keep policies active until family responsibilities are fully covered. Whether you're considering COLA riders, struggling to fit premiums into your budget, or wondering how much coverage to purchase, the advice remains consistent: Take action early, prioritize coverage in ...
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    1 hr and 7 mins
  • Taxes and Student Loans with Adam Markowitz, Ep #046

    Taxes and Student Loans with Adam Markowitz, Ep #046
    Feb 1 2026
    Physicians, medical trainees, and other healthcare professionals walk a uniquely challenging financial path. High educational debt, income variations throughout career stages, and complicated tax policies are just the start. We're joined by tax expert and Certified Student Loan Planner (CSLP) Adam Markowitz to tackle a complicated topic all physicians have to deal with: how taxes and student loans are intertwined. Adam brings a wealth of firsthand experience, and you'll want to listen to his strategies to help keep your payments low and avoid IRS headaches. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 04:09 Managing student loans post-COVID.10:24 Community property tax impact explained.16:59 Tax strategies for maximizing your benefits.19:19 Tax challenges amid the rising costs of living.23:57 IRS complexity and processes.28:03 The importance of taking expert tax advice. Why Taxes Matter in Student Loan Planning If you think your tax return is a standalone document, think again. Student loan repayment plans, especially income-driven plans like SAVE or IBR, use your latest tax filings to calculate monthly payments. As our guest, Adam Markowitz says, for medical residents and fellows earning lower salaries, it could be strategically advantageous to delay filing your next return if your income will soon increase. For instance, a trainee finishing residency in 2025 could benefit from an extension, resulting in their student loan payments for the coming year being calculated from their lower 2024 income. This maneuver buys them another 12 months of cheaper student loan payments, cushioning the financial leap into attending status. The Impact of Public Service Loan Forgiveness (PSLF) While PSLF aims to forgive student loan debt for those working at qualifying institutions, it can be tricky to get to grips with. Many residents, especially post-COVID, haven't made qualifying payments due to forbearances, so ensuring they're on the right repayment plan (rather than SAVE during a non-qualifying period) is so important. Even if you're not on PSLF, income-driven payments during lower income years can provide a fantastic financial runway with manageable bills, reduced stress, and preparation for larger payments as your income grows. Community Property States Marriage introduces another layer of complexity, especially in community property states. As Adam explains, that in the majority of situations, half of what you earn is technically money your spouse has earned, and half of the money that your spouse has earned is what you have earned. This can help or hinder student loan payment calculations, depending on who earns more within the couple. For example, a resident married to a high-earning spouse could see their payments jump since their incomes are pooled. We also touch on states with opt-in community property laws. While technically possible, opting in comes with wider legal ramifications, including asset division, so it's not a simple student loan hack. DIY Tax Filing Risks Missing Out on Big Benefits Many trainees opt for DIY tax apps, but this approach can be risky. Adam estimates that while about 60% of returns will come out fine, the other 40% can contain costly errors or missed opportunities, especially regarding student loan recertification, credits for retirement contributions, and unique deductions. There's also the peace of mind factor, receiving an IRS notice is universally stressful and having a professional to interpret these letters or catch tricky policy changes can be invaluable. The IRS is overstretched, and communication delays persist. From delayed EIN number confirmations to confusing notices, a simple mistake or missed 1099 can easily snowball. Now more than ever, having proactive, accessible financial and tax advice is essential for physicians and trainees. Seek Guidance, Save Stress Student loan repayment and tax filing go hand in hand, especially for physicians and medical trainees. From optimizing payments based on timing, navigating marriage and state laws, or simply surviving IRS quirks, consulting experienced professionals can mean the difference between financial ease and future headaches. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for ...
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    32 mins
  • How Doctors Can Achieve Financial Freedom: 12 Essential Steps - Part 3, Ep #045

    How Doctors Can Achieve Financial Freedom: 12 Essential Steps - Part 3, Ep #045
    Jan 15 2026
    Managing finances as a physician can feel overwhelming, especially when transitioning from years of intense training into the responsibilities and opportunities of attending-hood. In this episode, we wrap up our popular three-part series on building financial independence as a physician. We dig into some of the most critical, yet often overlooked, steps in financial planning: avoiding the all-too-common "doctor house" disaster, understanding the impact of your employment contract, and making sure your early career choices build both your future and your present. There's practical advice about buying (or waiting to buy) a home, keeping flexibility in your career and finances, why estate planning isn't just for the ultra-wealthy, and how splurges on Teslas and boats fit into a healthy financial plan. There's something in this episode for every physician who wants to set a strong financial foundation. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 00:00 Steps 9-12 in planning a successful financial future.02:27 Avoid the "doctor house" disaster.09:42 Get your adult paperwork in order.12:03 Update Beneficiaries on your 401(k)s and IRAs.13:10 Review and understand your employment contract.16:53 Build your future, not just your present.20:27 Build financial freedom through smart habits. How Doctors Can Avoid Pitfalls and Build Lasting Wealth Physicians fresh out of training often feel pressure to plant their roots immediately by purchasing a home. We caution against making such a significant commitment right away. The first year as an attending is full of transitions, and circumstances can rapidly change: your schedule might be less appealing than expected, or the city may not fit your lifestyle. Selling a home too soon can lead to emotional and financial losses, especially after accounting for closing costs, which can easily range from 2-5% of the home's value, plus the typical realtor sales commission. Our advice is to rent, stack cash, and wait until you're sure you're settled in both job and location. Being patient not only saves money but can prevent burnout by ensuring physicians aren't tethered to a job or area that isn't the right long-term fit. Estate Planning Isn't Just for the Ultra-Wealthy It's easy to overlook the need for estate planning documents, wills, healthcare directives, powers of attorney, especially early in one's career. But setting up these documents is an act of love for those you care about. No one wants to tackle the "living will" or contemplate worst-case scenarios, but doing so offers immense peace of mind. One critical detail you need to keep on top of is to always double-check beneficiary designations on accounts like 401(k)s and IRAs. These designations override your will, so keeping them updated can avoid major headaches for your loved ones later on. Read the Fine Print: Your Contract Can Make or Break You Negotiating a physician contract may seem intimidating, but it's a step you cannot afford to skip. Many accept "boilerplate" offers, but knowledge is power. Even if a contract can't be negotiated, understanding the details (RVU targets, call coverage, non-competes, tail coverage) means you know what you're signing up for. Organizations have a vested interest in swiftly finalizing contracts. Taking the time to have an expert review terms (even for several hundred dollars) can save tens of thousands, or shield you from future stress. Even if some elements are non-negotiable, you'll go forward with open eyes, better equipped to make smart decisions. Build for Tomorrow At the heart of long-term financial security is prioritizing the future. Directing your initial post-training income toward retirement contributions, debt repayment (especially those hefty student loans), and emergency reserves. It's okay to leave room for a "fun" spending budget, but big splurges, boats, luxury cars, should wait until you have a stable foundation. Building habits early, like automatic savings and clear budgeting, pays off handsomely thanks to compound growth. As time passes, those early decisions create financial breathing room in both the short and long term. Take it one step at a time. Don't feel compelled to do everything at once. Financial independence is a steady journey, not a sprint. By laying a solid groundwork and turning to professionals for help when needed, physicians can enjoy peace of mind, now and in the many successful years ahead. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more ...
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    23 mins
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