If you are a Texas physician about to turn 65, or you are already enrolled in Medicare, you probably know 20% of your medical expenses aren’t covered, nor are most prescription medicines. That is where a Medicare Supplement plan and a Medicare Part D Prescription Drug plan can contribute – to help cover the costs that Medicare does not.

However, there are many Medicare Supplement and Medicare Part D choices on the market. The options available may seem overwhelming, and making the wrong choice can be costly.

If it’s not broken, don’t fix it. A good strategy for some things – like your vacuum cleaner, or lawn mower. But maybe not for everything – like your Medicare prescription drug plan.

It’s that time of year again – the Medicare Annual Enrollment Period (AEP) – when you can make changes to your Medicare coverage, including your prescription drug plan (Medicare Part D).

What a terrible feeling it is to be locked into an agreement when the terms do not suit your needs … and how much worse when those needs are related to your health. Over the past year, you may have found that your Medicare prescription drug coverage is not meeting your needs anymore. That is why it is so important to take action during the Medicare Annual Enrollment period.

Have you ever wished you had a personal connection to a trusted advisor in a particular field? Someone you could easily talk to, say, about your computer, your car, your finances, or maybe even your tennis swing? What if you could pick their brain absolutely free of charge?

As a physician, your income puts you in the top 5% of all Americans. Your earning potential makes you a target for every financial advisor and insurance agent in the business. However, not all advisors have your best interests at heart. Insurance advisors do not take a Hippocratic oath and even many well-intentioned agents do not understand the unique needs of physicians. As a result, some physicians end up without enough coverage in the areas they really need and too much of the types they don’t need. How can you be sure if an agent is recommending what is really best for you?

Physicians are among the highest earners, but many don’t feel like it. Having already managed large debt burdens on compressed budgets by the time they pay off their student loans and build up to a sizeable income, many physicians learn the value of setting financial goals and seeking professional advice early on.

As retirement age approaches, many physicians begin thinking about whether to retire early or continue working, full- or part-time. Many who choose the former are responding to changes in the healthcare system.

You are about to retire from a long career in your practice, your children are self-supporting and you have paid off your house. That leaves no reason to continue carrying a life insurance policy, right?