Ensuring You're Insured | S4 Ep20

The best insurance policy is the one you never have to use—but the wrong coverage can become one of the most expensive mistakes of your career. Close out Season 4 by exploring the insurance strategies that help protect your income, your practice, and your family's financial future. Dr. Ash Patel welcomes back Larry Keller, CFP®, CLU, to explain the insurance strategies every plastic surgeon should understand. Together, they discuss disability insurance, life insurance, business coverage, policy features to evaluate, and common mistakes physicians make when purchasing or reviewing their insurance plans. Whether you're a resident, employed surgeon, or private practice owner, this episode provides practical guidance for protecting both your livelihood and your financial future. Topics Discussed The purpose of insurance and transferring financial risk Disability insurance fundamentals for physicians Own-occupation disability coverage Residual and partial disability benefits Employer-sponsored versus individual disability insurance Cost-of-living adjustment riders Term life insurance and permanent life insurance Laddering term life insurance coverage Insurance considerations for private practice owners Business overhead expense insurance Business interruption and cyber liability insurance Common insurance policy mistakes and red flags Guaranteed standard issue (GSI) disability insurance Key Takeaway Insurance should protect against financial catastrophe—not everyday inconveniences. Selecting the appropriate disability, life, and business insurance early in your career, while understanding the details of each policy, can help preserve your income, protect your practice, and provide long-term financial security. Bonus Resources Physician Financial Services https://www.physicianfinancialservices.com/ About Enhance Your Practice Enhance Your Practice is the official practice management podcast from the American Society of Plastic Surgeons (ASPS), featuring conversations with leaders in plastic surgery on practice management, leadership, innovation, and professional development. Each episode delivers practical insights to help plastic surgeons build successful practices and thrive throughout their careers. Explore more educational resources from ASPS at plasticsurgery.org.