Are You A Physician? Here Are Some Benefits You Will Want To Hear About

Are You A Physician? Here Are Some Benefits You Will Want To Hear About

Daniel Hall 28/10/2021
Are You A Physician? Here Are Some Benefits You Will Want To Hear About

Doctors spend so much time in medical school and residency training to be the best doctors they can be.

But what about their own lives? The world of medicine is changing so quickly that it can seem like a breath of fresh air to take a pause and think about one's own future and well-being. Benefits for physicians are not part of most people's thought process, yet there actually are some pretty awesome perks that come with being an M.D. Here are some major benefits  worth considering.


Home Loans For Physicians

One of the most common physician home mortgage programs involves physician home loans. These are mortgages given out by banks and other lending institutions with favorable terms for physicians, specifically in regards to closing costs and interest rates. Often one can borrow up to $1 million dollars on a physician's salary, making this great for new grads who do not yet have an established income stream coming in every month. Having the comfort of knowing you will be able to live where you want, using physician home loan benefits, allows you to begin your independent practice without worrying about whether or not your living will be covered each month.

Low Or No Down Payment Loan

Another type of physician home loan is the no or low down payment loan. As explained by the professionals from Physician Banks, at its core, this is a traditional mortgage, with one major difference: you do not need to put any money down on your house. While most buyers are required to put at least 3% of the purchase price toward closing fees and other associated costs, physicians who work in certain parts of the country can purchase a huge piece of real estate for just $0 out-of-pocket. As anyone knows, even small monthly payments can add up over time, so having these costs paid off by the bank is definitely something worth considering!

Special Benefits For Military Physicians

If you have ever wanted to serve our country as a physician,  you should know that you are entitled to some unique benefits. One of the greatest incentives is the availability of on-the-job training in different fields, which can make you more marketable when you finally leave the service. You will also receive free medical school education for your children and this includes pre-kindergarten through 12th grade. This means that if your child decides to attend college, later on, they may be able to waive or reduce some costs for their tuition. You could also be entitled to a low-interest rate mortgage while serving in the military. If you ever want to buy a home while you're still on active duty, this benefit can help with saving money for closing costs and escrow fees.

Free Health Care For You And Your Family

Finally, as a physician, you and your family are entitled to free health care for life. Have an old sports injury or have chronic back pain? Go see your doctor-it would be covered at no cost. It's also great because not only does this cover you, but it also covers all of the people who depend on you. Whether it's the kids you want to take care of or other members of your family that have medical needs, being a physician is one way to get out of paying large amounts of money for services that could potentially save your life.

Receive Tax Breaks On Your Primary Residence

Another great benefit you get as a physician is the ability to write off the interest on your loan for up to a million dollars. For example, if you buy a home for $600,000 and put down 20%, you could potentially reduce your tax liability each year by approximately $12,000. The actual amount saved will depend on what tax bracket you fall into, but regardless of that number, this is an advantage that most people will never see in their lifetime!

If this sounds like something that interests you, there are some requirements that must be met. First of all, you have to have a primary residence that is considered as such by the IRS. This means it is your main place of living and not just a vacation home or rental property. In addition, as mentioned above, the interest on your mortgage can't exceed $1 million for this write-off to apply--this includes both first and second mortgages. If you're purchasing a home with your spouse, this limit is $2 million.


As you can see, there are many great benefits associated with being a physician-especially if you are thinking about buying real estate within the next several years! Make sure to research all of the different options available-it could save you thousands each year and help protect yourself and your family in the process.

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Daniel Hall

Business Expert

Daniel Hall is an experienced digital marketer, author and world traveller. He spends a lot of his free time flipping through books and learning about a plethora of topics.

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