When physicians seek a job, they consider each healthcare organization’s benefits package. They want to know what the organization provides beyond standard compensation. The benefits package may decide whether the doctor takes a job or continues looking. What are some common benefits offered today?
Medical and Dental Insurance
Most healthcare organizations offer employees medical and dental insurance as part of the physician benefits package. These plans often have a high deductible and low premium to ensure they are affordable while covering the physician. PPOs and HMOs are usually offered, allowing the doctor to choose a plan that fits their needs. Physicians typically pay a portion of the premium, while the employer covers the balance.
These plans often include prescription and vision coverage. Large healthcare organizations frequently offer dental insurance as part of the benefits package. However, smaller practices might forego this coverage.
Physicians should ask about COBRA benefits. If the physician leaves the practice, they may receive continued healthcare coverage for up to 18 months with these benefits. The physician won’t feel pressured to take another job to have healthcare coverage again.
Life Insurance
Every physician needs life insurance to protect their loved ones in the event of their untimely demise. The family often relies on this income, so the physician should ensure they can maintain their standard of living and follow through on their dreams. Research different policies and providers to find the right fit.
Disability Insurance
Physicians receive excellent compensation for their services. According to the Bureau of Labor Statistics, physicians and surgeons earn a median wage of $239,200 annually. Imagine becoming ill or suffering an injury and not being able to work. That money will be gone instantly. Disability insurance protects the physician until they can return to work.
Healthcare organizations typically offer short-term disability insurance to physicians. This insurance replaces a significant portion of the physician’s salary. However, a physician might also look into individual long-term disability insurance, as these policies pay out for several years, depending on the coverage selected. This policy goes with the physician if the switch jobs.
Require ‘own-occupation’ coverage. This coverage will pay the physician if they can no longer work in the same field. With this coverage, they may work in another field and still receive full benefits.
Retirement Plans
Many employers offer retirement plans to help employees save for the future and make contributions to the employee’s account. Common plans include 401(k) and 403(b), but other options are available. Medical practices frequently offer money-purchase or profit-sharing plans.
Student Loan Repayment Plans
Physicians know the high cost of medical school. They may spend years paying back student loans. Today, many healthcare organizations contribute to loan payments so that physicians can pay them off sooner. The organization may pay up to $30,000 annually on these loans, although many organizations cap how much they contribute.
Additional Benefits
Healthcare organizations may offer additional benefits to attract top talent. Paid time off and flexible work schedules are popular among employees. Prepaid legal services and wellness programs are others.
When searching for a job, a physician should learn what benefits are offered above and beyond their pay. Doing so will help them find an offer that meets their needs. If certain benefits aren’t offered, it never hurts to negotiate with an organization. They may begin offering that benefit to all employees.
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