Experienced doctors are making the move to employment over ownership, and young doctors are seeking the benefits for medical professionals that come with joining a hospital or healthcare system. More and more physicians are leaving private practices for hospitals. The Physician Practice Benchmark Survey conducted by the American Medical Association (AMA), in 2018 was the first year that showed more employed physicians than physicians that owned a practice. Healthcare systems come with competitive compensation and benefits packages, factors that are driving the trend.
If a new doctor in the process of finding starting your career, or an established doctor transitioning out of private practice, make sure to review the physician benefits package you are offered, it’s just as important as your salary and bonuses. This article will take a look at essential employee benefits for medical professionals in 2020.
Health Insurance Benefits for Medical Professionals
Basic health insurance will help you pay for some, but not all types of medical services. Major medical insurance, on the other hand, will cover everything from a routine check-up to major surgeries and disease treatments. Chances are your employer will have some kind of group health insurance plan for their employees.
Group Life Insurance Benefits
If you’re a parent or have beneficiaries that depend on your future income, you’ll want a good life insurance policy in your benefits package. If your employer doesn’t offer it, you should consider purchasing it separately.
Group Disability Insurance
Like all professionals, physicians are at risk of getting a disabling injury or illness. Disability insurance will ensure that you’re covered if you become incapacitated by an injury. Many employers offer group short-term disability coverage. Some offer long-term coverage, with partial payment from the employee. If you already have a long-term disability insurance policy, it’s wise to keep it in conjunction with whatever your new employer offers.
Student Loan Assistance
Medical school debt is a big burden for many working physicians. Many hospitals and healthcare organizations offer student loan debt assistance as part of their benefits package. Benefits vary, but most offer support as long as you’re employed. If you stop working within a certain time period some organizations will require you to repay whatever amount they funded towards your debt.
Vacation Policy
Practices not including paid vacation time in their employee benefits for medical professionals are at a disadvantage. When choosing an employer, make sure they have a vacation policy in place. Burnout is common among physicians, and one of the draws of employment is working in an environment that takes care of your well being. Typically, vacation days will range from 25 to 35 days per year. This time can be used for personal days, holidays, education, and sick leave.
Maternity Leave Benefits
The AMA says 40% of medical residents plan to have a child at some point during their training. The Family and Medical Leave Act obligate employers to give at least 12 weeks of unpaid family leave after an employee has worked for twelve months. If you plan on having a family it’s wise to choose an employer that includes paid maternity leave in their employee benefits package.
