In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals.

00:00 Introduction to Income Protection and Insurance

00:32 Meet the Expert: Richard Heap

04:09 The Importance of Income Protection

09:40 Understanding Own Occupation Cover

11:23 Wealth Protection, Creation, and Preservation

14:50 Income Protection vs. Critical Illness

16:37 Navigating Sick Pay and Deferred Periods

21:16 Choosing the Right Financial Advisor

23:51 Independent vs. Restricted Advisors

26:13 Determining the Right Amount of Protection

29:46 Understanding Variations in Payouts

30:38 Tax-Free Payouts and Life Cover

31:21 Defining Incapacity in Policies

33:50 The Importance of Deferment Periods

36:32 Mental Health and Preexisting Conditions

39:51 Review Periods and Premium Adjustments

44:18 Critical Illness Definitions and Payouts

52:46 Mortgage Protection Options

59:37 Final Thoughts and Contact Information

This podcast provides an in-depth explanation of the NHS pension scheme, featuring insights from Andy Pow, a specialist medical accountant with 30 years of experience. Topics discussed include the tax efficiency of NHS pensions, the differences between the 1995, 2008, and 2015 sections of the scheme, retirement age variations, and comparisons between NHS and private pensions. The video also covers additional benefits such as death in service and ill-health retirement benefits. Essential yearly checks for maintaining an accurate pension record are highlighted, alongside practical examples and detailed calculations.

00:00 Introduction to NHS Pension Queries

01:07 Understanding the Basics of Pensions

01:52 Tax Efficiency of NHS Pensions

02:49 Employer Contributions and Tax Bands

04:33 Differences Between NHS and Private Pensions

05:35 Sections of the NHS Pension Scheme

09:29 Additional Benefits of NHS Pensions

11:31 Calculating Your NHS Pension

16:22 Importance of Regular Pension Checks

20:18 Conclusion and Further Resources

Extra resources:

https://www.medicsmoney.co.uk/

https://www.medicsmoney.co.uk/free-guide/

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/

In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system.

00:00 Welcome New FY1 Doctors!

01:29 Meet the Hosts: Ed and Cyra

02:49 Navigating Your First Payslip

04:07 Understanding NHS Pay Structure

04:38 Breaking Down the Payslip Components

07:01 Tax Codes and National Insurance Explained

16:21 NHS Pension Insights

24:19 Claiming Tax Relief on Professional Expenses

25:24 Understanding the Tax Year

26:09 Setting Up a Personal Tax Account

27:43 Making Your Tax Relief Claim

28:48 Common Tax Issues and Solutions

31:52 Emergency Tax Codes Explained

44:18 Resources for Checking Payslips

47:23 Conclusion and Final Tips

Use code 'FIGSUK' at wearfigs.com for 15% your order.

In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.

00:00 Welcome and Introductions

01:17 Tony's Journey from Radiologist to Pension Expert

01:47 Understanding the Pension Crisis

03:22 The Brown Envelope Shock

04:51 Developing Pension Tools and Political Advocacy

11:17 Taxation and Pension Growth Explained

15:52 The Impact of Tapered Annual Allowance

19:31 Recent Changes and Future Challenges

28:46 The Importance of Staying in the NHS Pension Scheme

30:14 Private vs NHS Pensions: A Comparison

31:18 Understanding the Career Average Scheme

31:53 Current Issues with NHS Pensions

32:12 The McCloud Remedy Explained

39:20 Challenges in Pension Administration

53:08 Advice for Doctors on Managing Pensions

56:58 Final Thoughts and Resources

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.

00:00 Introduction and Guest Introduction

00:22 Emma's Journey into Money Blogging

04:03 Mindset and Habits for Financial Success

05:30 Saving Strategies and Tools

08:25 Favourite Budgeting Tools and Techniques

11:40 Money Saving Apps and Cashback Tips 1

9:00 Diversifying Income Streams

24:02 Building a Website for Income

27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.

takeaways

Chapters

00:00

Introduction to Resident Doctors' Financial Concerns

01:05

Student Loan Forgiveness vs. Pay Restoration

07:00

Pension Swapping: A Controversial Proposal

11:40

Generational Perspectives on Strikes

16:52

Economic Crime and Transparency Bill

26:25

The Debate on Cash ISAs and Investment Education

Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/

In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.

00:00 Introduction to Retirement Planning

00:45 Meet Dennis Hall: Financial Expert

01:24 The Evolution of Financial Planning

02:26 Pensions and Retirement Strategies

06:04 Financial Mistakes and Missed Opportunities

09:17 The Importance of Personal Financial Goals

11:52 Frameworks for Retirement Planning

18:47 The Emotional Side of Financial Planning

24:16 Advice for Younger Professionals

26:58 The Importance of Active Financial Planning

27:35 The Cost of Inaction and High Fees

29:16 The Rush of Last-Minute Investments

29:42 Tailored Financial Advice for Medics

30:16 The Pitfalls of Uncoordinated Portfolios

30:55 The Simplicity of Effective Investing

31:20 The Influence of Online Financial Advice

31:39 The Dangers of Unregulated Investments

32:33 Procrastination in Financial Planning

35:11 Addressing Financial Blind Spots

37:53 Unexpected Life Events and Financial Planning

38:46 Over-Insuring in the Medical Profession

40:23 Engaging with Your Finances

44:01 The Value of Long-Term Planning

46:37 Final Thoughts and Contact Information

Resources to help:

https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj

https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ

Reforming the NHS Pension System: A Manifesto for Change

In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.

00:00 Introduction to the GP Pension Crisis

00:21 Presenting the Manifesto for Change

00:52 Meet the Expert: Andy Pow

01:08 Current State of GP Pension Records

01:43 The Annual Return Process

02:12 Challenges with PCSE and Systemic Issues

03:09 Complexity of Pension Forms

05:19 Proposed Solutions: Early Form Availability

05:39 Abolishing GP Solo

06:43 Automating the Pension System

08:33 Regular Updates Between PCSE and NHSBSA

09:48 The Issue of Annualization

12:50 Investing in System Improvements

15:03 Resources to Navigate the System

16:34 Final Thoughts and Additional Suggestions

17:34 Conclusion and Call to Action

Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.

00:00 Introduction to Financial Family Planning

00:24 Meet Cyra: Doctor and Chartered Accountant

01:55 Understanding Occupational Rights During Pregnancy

06:45 Navigating Maternity Leave

14:41 Statutory Maternity Leave and Pay

17:25 Understanding Maternity Allowance

18:00 Maternity Allowance for Self-Employed Individuals

19:42 Maximising Your Maternity Allowance

20:43 Maternity Pay for Salaried GPs

21:40 Recap of Maternity Pay Tiers

23:15 Introduction to Paternity Leave

24:25 Eligibility and Details of Paternity Leave

26:31 Adoption Leave Explained

28:10 Shared Parental Leave: An Overview

30:59 Maximising Shared Parental Leave Benefits 3

6:38 Conclusion and Next Steps

In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.

00:00 Introduction to Dr. Hannah Allen's Journey

01:26 Welcome to the Medics Money Podcast

01:48 From Doctor to Chief Medical Officer

02:09 Early Career and Initial Challenges

03:44 Venturing into Health Tech

05:19 Founding Tinto: A Digital Health Startup

08:12 Joining Heidi and Initial Impressions

10:13 The Impact of AI Scribes in Healthcare

11:43 How Heidi Enhances Medical Practice

17:43 Addressing Common Concerns About AI in Healthcare

27:38 Future of AI in Healthcare

34:03 Advice for Aspiring Health Tech Professionals

39:16 Conclusion and Final Thoughts