For those pursuing a career as a Doctor of Osteopathic Medicine (DO), understanding the compensation structure, especially during residency, is crucial. This guide provides a detailed overview of the salary and benefits package for osteopathic medicine residents, offering insights into what you can expect financially during this critical training phase.
The salary for a Doctor of Osteopathic Medicine in residency, often referred to as a resident stipend, varies based on the Post-Graduate Year (PGY) level. As residents gain experience and progress through their training, their compensation increases accordingly. Here’s a breakdown of the annual salaries for residents in this program:
- PGY 1 – $59,924
- PGY 2 – $62,207
- PGY 3 – $64,490
- Chief Resident Stipend – Additional $2,000
Beyond the base salary, Doctors of Osteopathic Medicine in residency also receive a Continuing Medical Education (CME) and Administrative Expense Allowance. This allowance is designed to offset the costs associated with professional development and essential administrative fees. It can be used for various expenses, including:
- Application and activation fees for the Florida state medical licensure training permit, which is a mandatory requirement for all residents commencing their training.
- Testing fees and the cost of one board examination – either the COMLEX Level 3 or the USMLE Step 3. Passing one of these examinations is necessary for promotion to the PGY-3 level.
- Membership dues for professional organizations.
- Permanent medical license and DEA registration fees.
- Continuing Medical Education expenses to further their knowledge and skills.
The CME and administrative expense allowance amounts are tiered by PGY level, reflecting the increasing professional development needs as residents advance:
- PGY 1: Up to $1,500
- PGY 2: Up to $2,500
- PGY 3: Up to $3,000
Professional membership is also supported, with dues covered for organizations such as:
- American Academy of Family Physicians (AAFP) or American Osteopathic Association of Family Physicians (AOAFP)
- Florida Academy of Family Physicians (FAFP) or Florida Osteopathic Academy of Family Physicians (FOAFP) resident memberships
Employee benefits form a significant part of the overall compensation package for a Doctor of Osteopathic Medicine resident. These benefits are designed to support the health and well-being of residents and their families, and include:
- Health, Dental, and Vision Insurance: Available to the resident and their family members at a subsidized, low monthly cost, ensuring access to essential healthcare services.
- Health Savings Account (HSA): Evara Health contributes $1,000 annually to your HSA, with $500 deposited in the first quarter and the remaining $500 linked to wellness initiatives, helping residents save for future healthcare expenses.
- Flexible Spending Account (FSA): Allows residents to set aside pre-tax dollars for eligible medical and dependent care expenses.
- Life and Accidental Death & Dismemberment (AD&D) Insurance: A $15,000 life and AD&D insurance policy is provided at no cost. Residents can also purchase additional coverage for themselves, their spouses, and children.
- Voluntary Short-term and Long-term Disability Insurance: Offers income protection in case of unexpected illness or injury that prevents residents from working.
Additional allowances and resources are provided to support residents in their daily responsibilities and professional activities:
- Cell Phone Allowance: Residents receive $1,200 annually to help cover the costs of maintaining a cell phone, essential for communication in a medical setting.
- Company Laptop: A laptop is provided for use during the residency program, facilitating access to resources and completion of tasks.
- Professional Liability Insurance: Coverage under the Federal Tort Claims Act (FTCA) is provided for activities directly related to residency program assignments, offering protection against liability claims.
Retirement planning is also considered with a 403(b) plan:
- 403(b) Retirement Plan: Residents can start contributing to a 403(b) retirement plan at any time. Evara Health contributes 4% of the resident’s gross pay per pay period after one year of employment, helping residents build long-term financial security.
Time off is crucial for well-being and professional development, and the program offers:
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Paid Time Off (PTO):
- Vacation: Up to 20 days of vacation per year for rest and personal time.
- Continuing Medical Education Days: Up to five days per academic year dedicated to CME activities.
- Paid Holidays: 11 paid holidays per year are provided.
- It is important to note that unused PTO days do not roll over to the next year.
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Leave of Absence (LOA): Residents are eligible for up to six weeks of approved paid leave for medical, parental, and caregiver reasons, consistent with applicable laws. This paid LOA is available for the first instance of such leave taken during the academic year.
It’s important to note that to be eligible for the American Board of Family Medicine exam, the maximum allowed time away from residency for vacation, sickness, or emergency leave is 20 workdays or 30 calendar days per academic year. This limit does not include approved Leave of Absence. An additional week of leave is permitted for approved Continuing Medical Education activities.
In conclusion, the salary for a Doctor of Osteopathic Medicine during residency is not just about the numbers. It’s a comprehensive package that includes a competitive stipend, substantial benefits, and allowances designed to support residents’ professional growth, financial well-being, and overall quality of life during their training. This detailed overview aims to provide prospective residents with a clear understanding of the financial aspects of pursuing osteopathic medicine residency.
