Keeping More of What You Make

Part 4 - Insurance Coverage

Instructors:

Garrett Gunderson

Garrett Gunderson

Garrett B. Gunderson is a financial advocate to dentists.  Through the value of Soul Purpose, he empowers people to build sustainable wealth consistent with their passion, purpose and knowledge. Last year, his firm saved doctors over 7,800,000 dollars in recovered cash through his Financial FastTrack program.

Garrett discusses how reviewing your insurance coverage is a must to make sure that you have the right structure and coverage and to make sure there is no duplication of coverage.

So let's move on to insurance and I'll try, you know, I know it's towards the end and I don't want to bore you now that I use the word insurance. You better not turn this off cause I got a good gift for you at the end. But here's the thing with insurance. Why do you have it in the first place? For me, I have insurance for the catastrophic things. I'm not going to insure the meniscal things, the things that don't mater. I don't go get crazy supplemental policies that if my foot is in a bucket and I fall off my a bridge and I bruise my hip, I'm going to get some hospital coverage. I just want to make sure that the major things are taken care of and I want to minimize the meniscal so I can keep those premium dollars in my pocket and in my account rather than with the insurance company. So look at where deductibles are. If they're low and you wouldn't want to claim start upping those. Look at your elimination period. If you got the liquidity that can handle a few more months before your disability type stuff kicks in increase the elimination period, save the dollars. It's going to lower your premiums. Or, use those dollars for more important coverage like catastrophic coverage like an umbrella policy. And if you don't have uninsured, underinsured on you umbrella, you probably have major exposure that you don't need. You better look into that and find out what I'm talking about there. Because uninsured, underinsured as a doctor says that if some other driver doesn't have coverage or just doesn't' have much or they harm you in an accident your insurance will cover you since theirs won't be or they don't have assets to cover. Huge thing that we find 90% of the dentist don't have and an excess liability or umbrella policy can prevent you from having duplicate coverage where you got high limits on your car, high limits on your home. You can lower your limits to liability have the umbrella cover both a lot more effectively. We've had a situation where doc had $10M additional coverage and still save $240 a year just year just because of restricting and staying with the same company. So I'm not telling you to go talk to the cave man or the lizard or whatever commercial is telling you it's easy and they can save you money. I'm saying right structure, right coverage because insurance is meant to handle the catastrophic things and part of your insurance is keeping some cash in your business, some cash in your safe, some cash in your bank so you have peace of mind and you're not worried from month to month about making payroll or not being able to take time off if you're feeling well. Take care of yourself. You are your greatest asset. It's not a stock. It's not a bond. It's not a home. It's you. You're the one that produces. You're the one that if you remain productive can earn the most within your business and that allows you to serve more people have a greater impact, have better clarity. I don't want money to be your primary reason or excuse for doing or not doing things. I want it to only be a secondary consideration. I want you to have the freedom to make choice in the moment and then say what does that impact us for money, not can we afford that first, right. Cause if you're the type of person saying you can't afford it that's a bad mantra, that's a bad declaration. Ask instead how can I afford it? And here's part of the way you do it. You do the things I'm teaching here. You plug these leaks. You improve your finances from that standpoint and here's the gift I want to give you. On behalf of HDiQ, I want to give you a complimentary copy of Killing Scared Cows because you've invested yourself in your education. You spend the time learning about this. I want to take you to the next step. I want to help you remove the financial decay that's out there. I want to do a little do financial checkup by reading the book and finding out all the myths and misinformation that had kept dentist captive and held them back from being more financially free and being prepared for retirement. The book is an enjoyable read. It's got multiple colors. It's got nice little stories. It's got good statistics and you know what I want you to have a copy that I'm even going to personally sign. So you go to freebookfordentists.com/hdiq. No strings attached. I'll cover the shipping and handling. I'll sign the thing and get it in your hands. If you like it you can reach out to us. We can have a further discussion. We can talk about a cash recovery and see how you can have a customized and tailored position with what we're talking about today so we can help you with more ease and efficiency to get this type of things implemented. But my objective and goal was for you to have real strategy to improve your cash flow, to look through all these different components with your insurances, with your cash flow, with your taxes, with your corporate structure, with your investment and have take-home ideas that you can put on the ground and improve your lifestyle. Look I want you to be able to serve your patients better. I mean I got to tell you I didn't realize the importance of dentistry until 2005. I was in a place called [0:39:51][inaudible]. It's kind of health institute. You might have heard of Canyon Ranch and all these kind of things. We're there. We're doing all sorts of task. We're meeting with all sorts of doctor. And the longest dedication was toward the dentist. It was half a day. Like half a day of a dentist. But they were talking about when there's a problem in the gum how that is an indication of some much more problems of the body and the connection to sleep apnea and cardiovascular disease and all these kind of things. And I was like holy cow. And what was interesting is my wife had some problem with one of her mercury filling. It was actually breaking and leaking and she was getting some mercury problems. They were harming her memory. I was looking for the word memory. Maybe I got to check mine out. But it was the only reason we went back to this place and I'm telling you her life is totally different ever since she had that fixed. She has not had the short term memory loss issues. Her health has been better. So I get how important dentistry is at a whole different level from personal experience. I don't want money to constrain you or be an obstacle from you performing as the best dentist, having the practice that you want. Loving your life and living better and ultimately having wealth today. Benjamin Franklin said it best when he said wealth is not the man who has it but the man who lives it. I want you to live wealthy. I want you to be prepared for the future but also have the peace of mind today and we go out and we do the things that you love to do and have a great practice. Let's not have finance ever be that excuse. This is Garrett Gunderson I hope you enjoyed!