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The Incomplete CRNA Financial Plan

The Incomplete CRNA Financial Plan

July 20, 2023

Most of the financial conversations we’ve had on the podcast recently have been geared toward retirees, but today we want to focus on the financial planning process. Whether you’re a new graduate or a CRNA with 20+ years of experience, we want to share some planning elements that everyone needs to make sure aren’t left incomplete.

In the world of financial planning, it can often feel like you're navigating stormy seas with no compass in sight. But with the right guidance, CRNAs can steer their financial ship with confidence. Let’s dive into some of the areas that are often overlooked or not given enough attention.

  1. Do you have too much cash on hand?

    Whether due to the anxiety of investing during a pandemic or the fear of not having enough cash in the bank, incomplete financial planning can have detrimental effects on your financial health. One critical aspect we discussed is the role of FDIC insurance. It provides coverage for up to $250,000 per account title, offering peace of mind in times of financial crises. However, it is crucial to understand the implications of having too much cash in the bank and invest strategically to make the most out of the current financial climate.

  2. Decoding Disability and Life Insurance

    The significance of disability and life insurance cannot be overstated. These financial tools are often overlooked and misunderstood by many. We can help you break down the complexities surrounding these insurance types, exploring topics like tax implications, alternatives to workplace policies, and the often-ignored aspect of pregnancy coverage. Understanding the different options for insurance policies as well as their benefits can be a game-changer in your financial plan.

  3. Managing Debt and Understanding Opportunity Costs

    Debt is a common stressor for many individuals, especially for recent CRNA graduates burdened with hefty student loan debt. You need to understand the importance of managing debt and analyzing opportunity costs. So many people, CRNAs included, spend more money as their earnings increase, but managing your cash flow can pay huge dividends later in life.

  4. Planning for Taxes and Healthcare Costs

    Two final areas to which many people don’t pay enough attention are taxes and healthcare costs. With the potential for tax increases on the horizon, it's essential to plan strategically to reduce your tax liabilities, both now and in the future. Most CRNAs understand how quickly medical costs are rising so failing to have a plan to keep up with those increases could put a big strain on your money in retirement.

Mastering your finances doesn't have to be a daunting task. With the right knowledge and insights, you can navigate through the complexities of insurance, manage your debt effectively, and strategically plan for your future.

With decades of experience working exclusively with CRNAs, CRNA Financial Planning® has the knowledge to help you save more of your hard-earned money and plan for life after anesthesia. Schedule an introductory phone call to discuss your current situation and needs. You can also call our office at 855.304.3748 or email us at


The opinions voiced in this material are for general information only and are not intended to provide specific financial or tax advice or recommendations for any individual.
Investment Advice offered through Private Advisor Group LLC, a Registered Investment Advisor