White Coat Campaign: Thank you!

Through the Wisconsin Medical Society Foundation’s White Coat Campaign, every incoming student receives their first white coat and a note of encouragement from the physician who sponsored their coat. Thanks to your generosity, every first-year student at University of Wisconsin-Madison School of Medicine and Public Health (UWSMPH) and Medical College of Wisconsin (MCW) Central, Green Bay and Milwaukee will receive their first white coat and a warm note of welcome.

All students attending MCW-Central Wisconsin and MCW-Green Bay are receiving their coats at white coat investiture ceremonies this week with a warm welcome by Wisconsin Medical Society (Society) President, Wendy Molaska, MD.

Ceremonies at MCW-Milwaukee and UWSMPH are scheduled for August. Society President-elect, Don Lee, MD, an alumnus of MCW-Milwaukee, is looking forward to greeting the students there. President Molaska will also be welcoming students at her alma mater, UWSMPH.

Wisconsin Medical Society Foundation President Jose Ortiz, MD, shared that “the white coat is simply not a garment to be used as a tool to provide care to our patients: it is a symbol. A symbol of each student's hard work and dedication to our profession. It is a great honor to be able to provide these coats to our future colleagues, and I am sure they will wear them with pride!”

The Foundation and Society are thrilled to play a role in assisting the physicians of Wisconsin to carry on the tradition of welcoming every student who attends medical school in Wisconsin to their new professional family. Together, the Society, Foundation, WisMed Assure and WisMed Financial are pleased to encourage students to take advantage of the support, networking and mentoring opportunities available to ensure their success in school and throughout their careers.

Follow the Wisconsin Medical Society on Facebook for photos from these ceremonies and other Foundation activities. Consider giving a recurring monthly gift to support the future of medicine in Wisconsin by donating to our Brighter Future campaign.

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How to Talk to Patients About Opioids webinar available on demand

Presented by Michael McNett, MD, Medical Director for Chronic Pain, Aurora Healthcare, who specializes in addiction and pain management, How to Talk to Patients About Opioids* is designed to address the challenges faced by physicians and other prescribers and to improve opioid prescribing practices without compromising the quality of patient care.

The Wisconsin Medical Examining Board (MEB) approved a rule requiring physicians with a DEA number to complete two CME credits on its Opioid Prescribing Guideline biennially. To help physicians comply with this rule, the Wisconsin Medical Society developed a series of on-demand webinars.

How to Talk to Patients About Opioids learning objectives:

• How to help a patient accurately assess the risk/benefit ratio of opioids for treating acute or chronic pain.
• Helping the patient have appropriate expectations about opioid therapy.
• Setting boundaries with opioid-seeking patients and helping them understand why opioids are not in their best interest.
• The use of scripting to maximize the potential for getting patients showing evidence of nascent opioid use disorder the treatment they need to prevent its worsening.

Click here to learn about other courses that have been approved by the MEB. Please contact education@wismed.org with questions or for assistance logging in.

*Accreditation Statement
The Wisconsin Medical Society is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.

2 MOC Part II Credit
Application for MOC Part II credit has been filed with the American Board of Medical Specialties (ABMS) for approval by ABMS Member Boards. See course description for more information.

2AMA PRA Category 1 Credit(s)™ (Enduring)
The Wisconsin Medical Society is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.

The Wisconsin Medical Society designates this enduring material for a maximum of 2 AMA PRA Category 1 Credit(s)™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.

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WisMed sponsors annual Resident and Fellow Section Picnic

On June 28 the Resident and Fellow Section held what’s planned to be an Annual Welcome to Wisconsin Picnic at the Camp Bar in Wauwatosa near the Medical College of Wisconsin campus. WisMed Assure and WisMed Financial sponsored pizza and drinks on the rooftop patio. Attendees heard an update of the current political landscape from Mark Grapentine, WisMed Chief Policy and Advocacy Officer. Wisconsin Medical Examining Board Chair Sheldon Wasserman, MD, also attended and encouraged physicians to be active in leadership roles, pursue opportunities to have their voices heard and run for elected office.

WisMed staff visited with residents and shared how the Wisconsin Medical Society, Foundation, Insurance and Financial teams can support residents and fellows and give voice to the future of medicine. We hope to make this an annual event in both Milwaukee and Madison and find opportunities to do similar events in areas of the state where we are currently providing financial literacy and education for residents. 

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Residents without retirement

If you’re a medical resident without access to an employer retirement plan, that doesn’t mean you’re out of luck. You can open and add money to an individual retirement account (IRA) or Roth IRA.

What is the rate of return for an IRA or Roth IRA?

The accounts are just containers that hold your cash and investments. The investment performance determines your return.

What’s the difference?

An IRA is pretax money; the contribution is deducted from your adjusted gross income when you file your tax return. When you spend the money after age 59 ½, income taxes are due based on your tax bracket at that time.

A Roth IRA is the reverse. Contributions are not deducted, so the money is after tax. However, withdrawals after at least 5 years and age 59 ½ are 100% tax free. In addition, you can withdraw your contributions, but not the investment growth, at any age without any tax or penalty. That means the contributions to a Roth IRA could double as a backup emergency fund.

Can an IRA reduce my student loan payment?

It’s partially true. If you’re in an income driven repayment plan, like Pay as You Earn (PAYE) or Revised Pay as You Earn (REPAYE), your payment is based on discretionary income which is derived from your adjusted gross income (AGI). Since IRA contributions reduce your AGI, it can reduce your student loan payment. The most it can reduce your payment is 10% of your IRA contribution over 12 months.

Here’s an example. Someone who contributes the maximum $6,000 to an IRA for 2022 reduces their AGI and discretionary income by $6,000. Ten percent of the reduction in discretionary income is $600, and that is the PAYE or REPAYE payment adjustment over a year. Divide $600 by 12 monthly payments to equal $50 per month reduction of your student loan payment for your $6,000 IRA contribution.

Which is better: the IRA or Roth IRA?

Most residents are in the lowest tax bracket they’ll experience in their career, so it’s better to pay taxes now with the Roth IRA. Even those with student loans are better with the Roth IRA if their student loans will be paid off. Those anticipating loan forgiveness are generally the only group that might consider the IRA in residency.

Other key numbers:

• The maximum contribution for 2022 is the lesser of your earned income (wages) or $6,000. This amount is raised to $7,000 for those age 50 or older. The deadline for 2022 contributions is April 15, 2023.
• Eligibility for a Roth IRA is phased out when modified AGI reaches $129,000 to $144,000 single or $204,000 to $214,000 married filing joint. In this case, use a Backdoor Roth IRA.
• If your employer provides a retirement plan, deductibility for IRA contributions is phased out when modified AGI reaches $68,000 to $78,000 single, $109,00 to $129,000 married filing joint, or $204,000 to $214,000 if only your spouse has an employer provided plan.

Ready to start your own IRA or Roth IRA? Book 30 minutes with Mark.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®
WisMed Financial, Inc. part of the Wisconsin Medical Society.

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