KNOW THE VALUE OF YOUR BENEFITS PACKAGE
i IMPORTANT TIP:
LSMS has partnered with the law firm of Butler Snow LLP to offer LSMS members their expertise in contract review and negotiations. For more information on special rates exclusively offered to LSMS members, contact LSMS Vice President of Administration & Member Services, Terri Watson at terri@lsms.org.
Benefits can add substantially to both your base compensation and how content you are in your new position. Learning what benefits are included in your compensation is an important step in understanding your employment contract. Examples of benefits include payment of your licensing fees and dues to professional societies, time off, funding to complete Continuing Medical Education requirements, liability insurance, disability insurance and payment of student loans. It is important to understand how these benefits work and what may be required of you to access them. For example, in return for your employer paying your student loans, are you expected to live within the geographical area for a certain number of years? Another example is liability insurance—is it part of your benefits package, and what are the terms of the coverage?
CONSULT AN EXPERT
While hiring a lawyer to review a contract is an added cost, the consequences of signing a long-term contract you don’t understand can be much more taxing on your career and your pocketbook. An experienced health care attorney in the state in which you plan to work can help you identify and resolve problematic contract provisions before they become an issue. Pay particular attention to any noncompete provisions which may apply upon termination of your employment, forcing you to leave your community. Employers may be willing to negotiate such contract terms. You can also find a physician mentor who has been through this process. Their perspective may help you avoid common pitfalls.
LIFE INSURANCE
Everyone needs life insurance and no less so a new-to-practice physician. If you should die, you want to make sure your family is provided for financially, especially if you are leaving them with large educational loans for which they’d be responsible. The amount of life insurance and the type you need depend on your individual circumstances. It’s best to consult with a financial advisor to help you calculate life insurance into your overall estate plan.
HEALTH INSURANCE
If you become an employed physician or part of a group practice, health insurance will likely be part of your total compensation package. If not, you will need to find suitable coverage for yourself and your family. Options range from traditional indemnity insurance to Health Maintenance Organizations (HMOs) and Preferred Provider Organization (PPOs). You will want to evaluate cost versus flexibility and choose the plan that best suits your needs.
La State Med Soc NEW PHYSICIAN’S GUIDE 19
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