Salary, Benefits and Insurance Information 2012-2013
2012-2013:
First year residents: $50,369.97
Second year residents: $52,708.18
Third year residents: $54, 485.09
Fourth year residents: $56, 692.10
BENEFITS
Insurance
Health, Dental and Vision Insurance
Hospital offers medical, dental and vision insurance. The plans are not contingent on each other and are offered individually. Coverage is effective on the first day of employment if Resident Physician elects to enroll in the program.
Life Insurance and Accident
Hospital offers group term life insurance. This benefit is given to you at no cost and the effective date is the first of the month following the date of hire. Benefits are as follows:
Life Insurance 1X annual salary
Accidental Life & Dismemberment 1X annual salary
Disability Insurance
Hospital offers disability insurance. Effective date is the first of the month following the date of hire. An elimination period of 90 consecutive days and a claim form filed with insurance company is required. Benefits are 66 2/3% of salary up to $10,000 monthly.
Professional and General Liability Insurance
The Resident shall be included in the coverage provided by the Hospital for professional activities directed by the Hospital. This coverage does not apply to activities by Resident which are not part of the Hospital’s training program. Limits of coverage exceed $50,000,000 per incident. While there is an institutional deductible, the coverage for the employed physicians and residents equates to first dollar coverage. The coverage is written on a claims-made basis. Under the program, extending reporting endorsement (tail) is the responsibility of the named insured, which is in this case Vanguard Health Management, Inc.
Workers’ Compensation
The Resident shall be included in the coverage provided for professional activities directed by the Hospital. This coverage does not apply to activities by Resident which are not part of the Hospital’s program.
Additional Benefits
Vanguard 401(k) Retirement Savings Plan
This program allows you to save money on a pre-tax dollars basis from your paycheck. You may contribute a combined maximum limit of 100% (2% or $25 minimum) of your compensation or $17,000, whichever is less for all retirement contributions, before taxes biweekly. You may enroll or change contribution elections on a monthly basis.
Vanguard Health Systems reserves the right to amend or term all plans.
Your contributions are 100% vested. Vanguard Health Systems’ contributions are subject to a 6-year vesting schedule.
Tuition Reimbursement
Tuition Reimbursement is available to Resident after 6 months of employment as long as they are receiving a degree related to the Hospital. The tuition reimbursement program will only reimburse for Associate, Bachelor and Master Degrees. Doctorate Degrees are not eligible for tuition reimbursement.
Educational Stipend
PGY-1: An annual stipend of $500.00 shall be provided to the Resident to be used toward continuing education activities. Distribution of the stipends will be made for educational requests with the approval of the Program Director.
PGY-2: An annual stipend of $1000.00 shall be provided to the Resident to be used toward continuing education activities. Distribution of the stipends will be made for educational requests with the prior approval of the Program Director.
PGY-3:
For Osteopathic PGY-3 Family Medicine Residents
An annual stipend of $3000.00 shall be provided to the Resident to be used toward continuing education activities. Osteopathic residents are required to use these funds to attend the American College of Osteopathic Family Practice Convention and to take the American Osteopathic Boards of Family Practice Exam. The Resident may not use CME funds for any expenses until after these two expenditures have been reimbursed. If there are additional funds available after these two expenses have been reimbursed, then the resident may use the additional funds for other CME expenses per Medical Education CME Funds Policy. In any case, the resident may not spend in excess of $1,000 for expenditures other than the ACOFP Convention and the AOBFP Exam. Distribution of the stipends will be made for educational requests with the approval of the Program Director.
For Allopathic PGY-3 Family Medicine Residents
An annual stipend of $1000.00 shall be provided to the Resident to be used toward continuing education activities. Distribution of the stipends will be made for educational requests with the approval of the Program Director.
Direct Deposit
Resident can choose to have direct deposit at all participating banks.
Housing
Resident is responsible to pay for his/her and their dependents’ housing. Hospital will provide sleeping quarters for the Resident when they are required to be in the hospital while on call overnight.
Laundry
Laundry service for lab coats for Resident is available.
Meals
One cafeteria meal is allowed for Residents taking 16-20 hour call and two cafeteria meals are allowed for Residents taking 24-28 hour calls. No meals are provided for shifts that are 12 hours or less.
Paid Time Off
Vacation, Personal, and Sick Time
Twenty days of paid vacation, personal, and sick time are allowed during the academic year. Scheduling of vacation time and personal days off are subject to the policies of the Residency Program and must be approved by the Program Director in advance.
Educational Time
PGY-1 - Up to three days of paid time for professional education will be available to the Resident, subject to approval by the Program Director.
PGY-2 - Up to four days of paid time for professional education will be available to the Resident, subject to approval by the Program Director.
PGY-3 - Up to five days of paid time for professional education will be available to the Resident, subject to approval by the Program Director.
Leave of Absence
Absence without pay for a specified period of time shall be considered for reasons acceptable to the Program Director. Leave without pay for medical reasons, including maternity, is subject to the parameters prescribed in the leave of absence policy Hospital and requires approval from the Program Director. All Leave of Absences require the approval of the Program Director prior to taking Leave of Absence.