Steven Podnos MD, CFP

Steven Podnos MD CFP attended the University of Florida College of Medicine and trained in Internal Medicine, Pulmonary and Critical Care Medicine at UT Southwestern in Dallas Texas. He moved back to Florida with his physician wife (ENT) and raised a family while practicing Pulm/CC medicine for over twenty years. During that time, he also started and ran a Hospitalist program for several years. In 2002, Steve began a slow transition towards having a Fiduciary Fee Only Financial planning practice-at first just for friends and family. As the practice grew, he transitioned out of full time medical practice to full time financial planning. Dr. Podnos joined the US Air Force Reserve in 2008 as a critical care physician and flight surgeon. He deployed twice to Landstuhl Army Hospital in Germany as an intensivist during the Afghanistan war in 2009 and 2010, and as a critical care air transport (CCATT) physician in Okinawa in July 2018. His firm, Wealth Care LLC now serves approximately 100 physician families nationwide and another fifty non physician families with both financial planning and wealth management. He is a staunch advocate of independent medical practice, believing that the corporatization of medicine and Electronic Medical Records are both harmful to physicians.

Preparing for “Medicare for All”

As discussed in this article about “Medicare for All”, physicians should take note of possible coming changes to reimbursement and income. There should be no doubt that the imposition of national Medicare will drop physician and hospital income.  Medicare reimbursement is already at the bottom of most health care providers’ pay schedules, and removing private payors…

Financial Crimes Towards Physicians

The article “Escape the Fee Prison Now”  addresses the financial crime of high fee annuities with long surrender charges.  It reminds me that the vast majority of physicians (and non physicians) use commissioned salespeople for their investment “management.” And the favorite weapon of these stockbrokers and insurance salespeople are these very annuities.  They pay commissions approaching double digits and…

Did You Open Your Umbrella?

Smart Money MD has a column worth reading about buying Umbrella Liability insurance.   He properly states: Umbrella insurance can essentially be viewed as added protection onto your auto and home insurance.  For instance if your auto insurance covers $250,000 in liability and you lose a suit for $1 million, you may be liable for the difference.…

What Are Physicians Worth to Hospitals?

We work with dozens of physicians employed by hospital systems (a radical change from my practice years, when few physicians worked for hospitals).  In almost every instance of contract renewal negotiation, the physicians are told or shown on spreadsheets just how much money the hospital loses on them. You’d think that any rational hospital administrator would…

What Do Patients Want from their Physician?

It might sound strange, but I gave this some thought after a review of financial planning software. The overwhelming majority of financial planners use software that takes in financial data and then spits out reams of reports and charts that (in great detail) “predict” future accumulations of money and more. I don’t use this software in…

Planning for A Long Life

This graph is misleading-as with higher levels of education and healthy living (expected among a cohort of physicians and their families) we can expect to typically live into our nineties.  I remember that when I started in practice, seventy was “old”, and now it is not for most. I remember the ICU full of “heart attacks”, with…

The Target on Your Back

The Physician Philospher blog has a good article on why physicians seem to be targets for unscrupulous financial products-from brokers, insurance agents, and more https://thephysicianphilosopher.com/2018/08/15/financial-target/ The author points out five reasons why physicians seem to be easily bilked: They make high incomes They don’t know much about business and investing They are too busy to research…

Social Security Advice Might Be Wrong

The blogger Physician on Fire has a recent article on Social Security timing of benefits (https://www.physicianonfire.com/?s=social+security).  As with virtually every article on the subject that I’ve seen, he concludes: At full retirement age, I get 100% of my calculated benefit. But each year that I hold off nets me an additional 8% per month for life.…

Dual Income Insurance Conundrums

In his column “Financial conundrums of dual income doctor households” Smart Money MD discusses the unfairness of taxation for really any dual income family:  The U.S. tax system almost always “punishes” the spouse with a lower income.   The tax system is progressive, just like how the jackpot in those slot machines keep on growing.  The higher…

Don’t Be Fooled on Asset Protection

I constantly come across articles and information trying to scare physicians into buying complex asset protection schemes like at this site. I get calls periodically from physicians that attend medical conferences at which “asset protection specialists” detail expensive offshore trusts and “Nevada trusts” and “interlocking LLCs”. They want to know if they should be moving…