Articles related to FINANCE

The No Surprises Act, which went into effect on January 1, 2022, serves patients by legally protecting them from unexpected bills after receiving “emergency care, non-emergency care from out-of-network providers at in-network facilities, and air ambulance services from out-of-network providers.” But there are some doctors, like this acute-care surgeon, who believes the act is unconstitutional and is taking the federal government to court.

In an editorial published in KevinMD.com, a neurosurgeon discusses the myriad reasons she chooses to stay in clinical practice when many of her colleagues are leaving. The reasons range from job satisfaction from treating patients to family and financial considerations.

Just because they are highly educated and high-income earners does not mean physicians are immune from making bad financial decisions. Poor investment decisions, failure to plan for taxes, and escalating debt loads are just a few of the financial issues that plague doctors across the US.

Some positive news. The 2022 contribution limits for health savings accounts (HSAs) have been increased. This year, the maximum HSA contribution limits have been set at $3,650 for an individual and $7,300 for family coverage. People who qualify to make HSA contributions can lower their current-year tax bill. The more money you contribute to an HSA, the bigger your tax break. But not everyone qualifies to contribute. Check out the latest rules and qualifiers.

Only about half of doctors in America identify themselves as “millionaires.” Like the rest of us, many physicians need to invest their money to grow it and build a retirement fund. And, increasingly, doctors are following the lead of the super-rich and investing in art. One-percenters are increasingly putting their money into art, which offers superior returns to the stock market averages with less risk and stress. Over time, the price of art tends to move in one direction — upwards — whereas stock prices can gyrate wildly and are prone to extreme volatility.

Although the 2020 numbers will likely look MUCH different, the Merritt Hawkins survey from 2019 showed increased gains from previous years. Of the 62 responses representing 93 hospitals, cardiovascular surgery drove the most revenue. Still, the outlook remains bleak post-pandemic.