peepsbaz

2+ Year Member
Sep 16, 2016
2
0
Status
Medical Student
I'm a graduating PGY3 and planning on working locum tenens for a few years after graduation, and I've come across some questions, mostly financial. Any help would be greatly appreciated. For reference, I am currently in Arizona but hoping to work in a number of states and abroad. I have no dependents and am planning on medium-term (3-6 month) placements in FM, UC, inpatient, ER or a combination of all the above.

  1. Any preferred sources of information that are more specific than SDN?
  2. Taxes
    • S-Corp or LLC
    • Preferred retirement savings strategy
  3. Insurance
    • Any recommendations for health insurance if I will be in various states?
    • Recommendations for car insurance if I plan to depend entirely on rentals provided by the locums agencies and will not be keeping my own car or the current insurance plan on it?
    • Umbrella liability policies that do not require you to have homeowners or car insurance with the company?
  4. Any major pitfalls that you can warn a newbie about?
Thanks again.
 

cabinbuilder

Urgent Care Physician
10+ Year Member
Nov 21, 2005
4,565
2,404
Texas
Status
Attending Physician
Here is the link to my locums how to guide. The LOCUMS how to guide

Not much locums right now due to COVID. Been trying to suppliment my perm job and there is nothing right now.

Stick with 2-3 companies only since they all are vying for your time and want to contract you. I recommend Comphealth, Delta locums, and Global Medical Staffing.

I did LLC for taxes. Get used to putting aside 33% of your paycheck otherwise you will get hit with a high amount you will owe at the end of a year. Get a good tax accountant and pay your taxes quarterly.

Health insurance is tricky. Unless you have a lot of chronic medical problems, I would just get a catastrophic policy in case of severe acccident/ICU admission. Just pay for your yearly exam out of pocket - cheaper.

Locums jobs pay your rental car. If you are not keeping your car why would you need insurance? Locums company covers that.

Unclear why you wound need a home or car insurance policy if you are solely doing locums? Do you have a house?
 

peepsbaz

2+ Year Member
Sep 16, 2016
2
0
Status
Medical Student
Thanks! Lot of good info in your guide. Have you found that LLC is better than S-Corp for tax purposes?
 

cabinbuilder

Urgent Care Physician
10+ Year Member
Nov 21, 2005
4,565
2,404
Texas
Status
Attending Physician
Thanks! Lot of good info in your guide. Have you found that LLC is better than S-Corp for tax purposes?
That would be a question for your accountant and may be state dependent. Mine did my paperwork for me.
 
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