Articles related to FINANCE

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.

According to a study of 135,000 doctors by Doximity, male physicians made, on average, 28% more than females in 2020, a 3% increase from the 2019 numbers. The survey, along with Medscape’s poll in 2021 that showed male specialist physicians overall making 33% more than females, points to a few other large gender pay gaps, as well as some in which women doctors make salaries closer to those of men.

In this article/podcast from KevinMD.com, the author encourages readers to make some adjustments in their life to reduce the professional and personal risks associated with the stakeholders who target physicians, including corporate America, the government, patients, and the financial industry. The commentary is a response to President Biden’s multi-trillion spending plan, which targets rich corporations and wealthy individual Americans making more than $400,000.