For aspiring osteopathic physicians embarking on their residency journey, understanding the financial aspects of this pivotal training period is crucial. This guide provides a detailed overview of the salary and benefits package for osteopathic residents, ensuring you are well-informed as you advance your medical career.
Resident Salary Breakdown (PGY 1-3)
Residency salaries are structured according to your Post-Graduate Year (PGY), reflecting increasing experience and responsibility. Here’s a clear breakdown of the annual Osteopathic Doctor Salary you can expect during your residency:
- PGY 1: $59,924
- PGY 2: $62,207
- PGY 3: $64,490
- Chief Resident Stipend: An additional $2,000 stipend is provided for those serving as Chief Resident, recognizing their leadership and added responsibilities.
This structured salary progression ensures a steady increase in compensation as you gain expertise and progress through your residency program.
CME and Administrative Expense Allowance
Recognizing the significant costs associated with medical licensure and professional development, the program provides a generous CME (Continuing Medical Education) and administrative expense allowance. This allowance is designed to alleviate the financial burden of essential fees and resources, covering:
- Florida state medical licensure training permit application and activation fees.
- COMLEX Level 3 or USMLE Step 3 testing fee (required for PGY-3 promotion).
- Membership dues for professional organizations.
- Permanent medical license and DEA registration fees.
- CME expenses for professional development.
The allowance amounts are tiered by PGY level, increasing as residents advance in their training:
- PGY 1: Up to $1,500
- PGY 2: Up to $2,500
- PGY 3: Up to $3,000
This financial support is invaluable in helping residents manage necessary professional expenses throughout their training.
Comprehensive Employee Benefits Package
Beyond the base salary and CME allowance, a comprehensive benefits package is offered, further enhancing the overall compensation for osteopathic residents. These benefits are designed to support the well-being and financial security of residents and their families:
- Health, Dental, and Vision Insurance: Subsidized, low-monthly cost health, dental, and vision insurance plans are available for residents and their families, ensuring access to quality healthcare.
- Health Savings Account (HSA): Evara Health contributes $1,000 to your HSA annually, with $500 provided in the first quarter and an additional $500 linked to wellness initiatives, promoting both financial and physical well-being.
- Flexible Spending Account (FSA): An FSA is available, allowing pre-tax savings for eligible healthcare and dependent care expenses.
- Life and AD&D Insurance: A $15,000 life and Accidental Death & Dismemberment (AD&D) insurance policy is provided at no cost. Additional voluntary life insurance options are available for residents, spouses, and children.
- Voluntary Short-term and Long-term Disability Insurance: Residents can elect to enroll in voluntary short-term and long-term disability insurance plans for income protection in unforeseen circumstances.
- Cell Phone Allowance: A $1,200 annual cell phone allowance is provided, recognizing the necessity of communication in modern medical practice.
- Company Laptop: A company laptop is provided for use during the residency, facilitating access to essential resources and technology.
- Professional Liability Insurance: Professional liability insurance is covered under the Federal Tort Claims Act (FTCA) for all residency-related activities, offering peace of mind and protection.
- 403(b) Retirement Plan: Residents can start contributing to a 403(b) retirement plan immediately. Evara Health contributes 4% of gross pay per pay period after one year of employment, helping residents build a secure financial future.
Paid Time Off and Leave Policies
Work-life balance and personal well-being are prioritized with generous paid time off and leave policies:
- Vacation: Residents accrue up to 20 days of vacation per year, allowing for ample time for rest and personal pursuits.
- Continuing Medical Education Days: Up to five days per academic year are dedicated to CME activities, supporting ongoing professional development.
- Paid Holidays: 11 paid holidays are provided annually, offering time off for national and significant holidays.
- Leave of Absence (LOA): Up to six weeks of paid leave of absence for medical, parental, or caregiver reasons are available once per academic year, aligning with applicable laws and supporting residents during significant life events. Unused PTO days do not roll over to the next 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 (30 calendar days) per academic year, excluding LOA. An additional week is permitted for approved CME activities.
This comprehensive overview of the osteopathic doctor salary and benefits package demonstrates a commitment to supporting residents financially and professionally throughout their training. For a detailed understanding of the terms and conditions, residents can refer to the sample contract provided by the program.
