Q Super Income Protection Expensive

Posted by Neal Durling on 21 October 2014

Inspiration for my blog this week came from a Specialist working for Queensland Health who is not particularly keen on insurance and happy to rely on the Income Protection cover provided through his Q Super fund.

Whilst this might seem sensible providing you can live on a taxable income of 75% of your base pay, have no pre-existing medical conditions which could cause problems at claim time and understand your benefit ceases after 2 years there were other areas to consider for this particular client.

My client had accumulated significant sick leave which you might think was a positive. Unfortunately, as his Q Super policy requires that accumulated sick leave is exhausted prior to the 14 day wait period, his Q Health income protection policy effectively became a 90 day wait policy. A quick comparison quote showed a 90 day wait / 2 year benefit period policy without the limitations of Q Super was significantly cheaper!

This got me to thinking. If you are a specialist working for Q health earning in excess of $300kpa and paying 30% contributions tax on your concessional contributions what is the true cost of your income protection through Q Super, given premiums would be deductible to you outside of super? You need to divide the Q Super premium by 0.7 to provide the comparison thereby turning a $1,000 premium outside of super into a $1,428 premium inside super.

My client was also thinking about moving into private practice shortly so of course his Q Super Income Protection cover would cease then anyway. A real risk given one’s health can change at any time making medical underwriting more difficult but that’s another story.

Posted in: News Tax   0 Comments

Want To Enhance Your Return?

Posted by Neal Durling on 15 October 2014

Today I received an email from a client who is following a low risk wealth creation strategy based on regular investment of surplus income into a diversified, low cost fund. His email came at a good time as it prompted me to write this short blog. 

He asked what many might be wondering at the moment with the current economic news and rumors. Was there a strategy to better time his investment deposits?

Its a nice thought of course, investing at the low point and selling at the next high. Prehaps we could keep doing this, just imagine what the returns might look like! Unfortunately of course, the difficulties are many....

Some professional Fund Managers use all the experience, time, information and money (yours) at their disposal trying to do just this but usually fail to provide returns above the index over the medium to long term. Some DIY "investors" have a go too, often damaging their personal wealth in the process, but why is this?

In the absense of information that is not already known (and legal in nature!) or an expertise that is significantly better than the professionals who do this for a living, a DIY investors best hope is to sell at the time when they feel most optimistic (greedy) and buy when they feel the most dispondent (fearful), which is the oposite of what they feel like doing.

Successful investing is about having a financial roadmap that provides you certainty for the future. The good financial behaviours that result from this means market cycles become your friend and those who are trying to time the market unsuccessfully, will actually enhance your return outcome!  


Posted in: Wealth Creation   0 Comments

Property "Investment"

Posted by Neal Durling on 22 August 2014

Recent rumours again suggest that the federal Treasury might be considering the removal of negative gearing on property or limiting it to new build housing only.

Experts appear divided as to the impact any change might have, with some believing rents would rise and others feeling house price affordability would worsen, presumabely with a resultant effect on values especially in the property segments affected.

I have always beleived an investment is something that pays you, not something that costs you money, year in year out, in the hope of eventual capital gain. The way Negative gearing is currently structured in Australia can indeed encourage the later investment behaviour.

The process of Investing in Property should be no different than investing in any other asset class. Understand what you want to achieve, consider the various options, identify and understand all of the risks involved and when happy, implement efficiently being mindful of the transaparent and not so transparent costs involved. Sounds simple but mistakes can be made when overestimating one's knowledge and experience in this respect.

If in doubt it's wise to take advice from a trusted adviser with a non conflicted fee structure. At Medical Financial Planning we help Doctors make good financial decisions leading to financial independence, whatever that means to you.

Posted in: News Tax   0 Comments

Know anyone thinking about Private Practice?

Posted by Neal Durling on 21 August 2014
You may have already heard that Medical Financial Group are hosting their “Into Private Practice” event on Sat 13th September at Victoria Park Golf Club in Brisbane.

Listen to Sean, Neal & Matt discuss why they organized the event and how delegates can expect to benefit from the day.



Please share with friends and colleagues’ who you think might benefit as soon as possible as numbers are limited.

The link below provides further content information and can be used for registrations:

Posted in: Into Private Practice Event   0 Comments

Healthcare marketing: why it matters

Posted by Damien Edmonds on 21 August 2014

Healthcare services in Australia have changed dramatically over the last 20 years. Two decades ago, practices didn’t necessarily need to communicate their offering in an ongoing capacity.

However, in an increasingly noisy marketplace, various kinds of practices must now market their businesses to remain competitive.

Several trends contribute to this phenomenon:
• the rise of online information sources
• patients’ increasing willingness to travel for care
• patients’ increasing self-direction and self-guided research
• increasing competition among medical practitioners.

These factors foster the need for marketing strategies that bring patients to general and specialist service providers.

One of our clients recently said that referrals to their practice came down to three things:
• location
• availability
• reputation.

It’s fair to say that patients are interested in working with the most capable medical experts available. However, no matter what the illness, it’s unlikely that patients or their close family (unless they’re doctors themselves) can competently evaluate the knowledge and capabilities of the practitioners they’re seeing.

This means that patients have to rely on other resources to inform their medical-care choices. This decision-making process makes building a good reputation and strong relationships an extremely effective way to bring in new patients and, when appropriate, to ensure patients continue to return.

For specialists, building a reputation in a strong medical niche area and demonstrating thought-leadership in this space is also a powerful way to engage with patients.

Many factors come into play when a patient seeks a high-quality care-provider: financial situation, increasingly busy lifestyle, range of health insurance options, geographic location and the seriousness of their condition.

Where patients do have choices, those options can become the deciding determinant. In fact, the more options patients have, the more marketing and reputation-building can make a difference.

We are finding that a growing number of medical practitioners are now adopting marketing activities. Through effective branding, educational websites, newsletters, webinars and other such tools, practitioners seek to communicate their standards of care and actively manage patient expectations.

Edmonds Marketing has experience of developing marketing and communications campaigns and will be speaking at Medical Financial Groups Into Private Practice event on Saturday 13th September.

For more information and to secure your seat click on the link below.


Posted in: Into Private Practice Event   0 Comments

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

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