Insurance

[Gladiator2020]

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Hello,
I need an advice on health, disability and life insurance. Since leaving a job causes loss of benefits that are provided by the job. What would be best options to have such insurances without having to worry about losing them after leaving a job. Same goes to retirement plan as well. Thank you

 

[charlestweed]

Hello,
I need an advice on health, disability and life insurance.

If you are a young (25-26yo), healthy (without any preexisting medical problem), single person and don’t have to support anyone, I don’t think you need to buy any of these insurances. I didn’t buy my own health insurance until I was 29….when I completed my ortho residency and had a real job.

Since leaving a job causes loss of benefits that are provided by the job.

Don’t quit your job (even if you really hate it) or find another job that offers similar health benefit. The reason many companies offer you good benefits is they want you to stay with them for a long time. Unfortunately, most places hire associate dentists as independent contractors (1099) and not as employees (with a W2). Another way to get health insurance is to marry a person, who can get health coverage for the entire family through his/her job.

What would be best options to have such insurances without having to worry about losing them after leaving a job. Same goes to retirement plan as well. Thank you

Have a written monthly budget that includes all the living expenses + all the debt repayments + all the insurance (health, disability, life, car, home etc) payments + retirement contributions (401k, Roth etc). Don’t just guess….write every single item down. And then forget about living a “YOLO” lifestyle……work as hard as you can to save at least 6 months' worth of expenses for an emergency fund. With a stable profession like dentistry, you should never have to touch this fund. In 20+ years of working, I only had to touch this emergency fund once….and that was during the 2-month Covid shutdown.