Career and Life Planning Guidebook for Medical Residents

Residency Stipend: Occasionally, an employer may offer a candidate a residency stipend – a specific amount paid to the physician on amonthlybasiswhile he or she is in training. Most stipends are structured as a forgivable loan. Relocation Expenses: Many employers will provide reimbursement for relocation expenses. Most groups have a cap ranging from $2,500 to $10,000 or more. Some groups may not offer reimbursement upfront. BENEFITS: An employment agreement will typically provide for your eligibility in all health and welfare plans provided to other physicians and employees. The coverage and cost details of the various plans are covered under separate plan documents, including insurance contracts and summary plan descriptions (SPDs) which are provided by the employer. You should make sure you are provided benefit summary documents and that all your questions are answered regarding employee benefits. Retirement Plan: Similar to health and welfare plans, your employer may offer a retirement savings plan such as a 401(k) or its equivalent for some not-for-profit employers. The details of any retirement plan are provided in an SPD. Health Insurance: Employers often provide multiple health insurance options from which you, your spouse or significant other, and your dependents can select coverage at variable costs. Other welfare benefits include life, dental, and disability insurance options. Disability Insurance: Disability insurance is a very prudent and often elective benefit since you are more likely to be disabled than to suffer an untimely death. In obtaining disability insurance, it is imperative that disability is defined as your inability to perform the vital duties of your specific specialty. For instance, if you are board certified for orthopedic surgery, such should be included as your occupation and not a general description such as medical doctor. There have been cases of initial disability denial when a surgeon who could no longer perform surgery was said to be continuing involvement in ownership and management of the practice and also earned income as an expert witness in trials but which claimwas ultimately successful because, in fact, the policy indicated the occupation was “surgeon” and surgery was no longer possible. The surgeon’s disability premium was underwritten based on an occupation of surgeon and premiums were paid for many years, so when surgery was no longer possible due to disability well before retirement age, benefits were paid notwithstanding the ability to perform some level of services. Employment Law For Physicians 317 WWW.PHYSICIANCAREERPLANNING.COM