It’s not just you, doctor. The benefits package offered by your employer hasn’t changed much during the past 5 years. That’s according to the most recent Provider Benefits Survey published by the American Medical Group Association. This isn’t the case for part-time physicians, the survey shows. Doctors who fall into this category saw their benefits packages expand from 2014-2018. Though this is a net positive on the surface, the driving force behind the benefits expansion isn’t. AMGA points to the physician shortage as the reason. The AMGA survey looked at the prevalence of discretionary benefits, such as retirement plans, medical insurance, and paid time off. The group says that in an attempt to cope with the doctor shortage, physician employers are offering these discretionary benefits to part-time physicians. Primary care providers saw the biggest increase among part-time physicians. The survey data show that the bar to obtain benefits has been lowered. Among respondents, 54% said their employer required .5-.74 FTE to receive coverage. Forty-one percent said their employer required them to be .75 FTE or greater. “The minimum FTE for eligibility for full benefits is lower than in 2014, which could be related to the increase in the number of providers working less than 1.0 FTE,” the survey notes. “Compared to 2014, the percent of part-time providers is increasing, particularly in primary care and medical specialties.” AMGA says that 83 doctors responded to its survey, which is double the number who responded in 2014. So, how does your benefits package compare to the survey data? Here’s a brief overview of the three benefits areas you likely care about most — retirement, medical insurance, and time off. Retirement Most physician employers are offering a median of two retirement plans, the survey data shows, with 401(k), 457(b), and 403(b) being the most common options. Most employers are offering a 4% match with their 401(k)s. Doctors with 403(b)s are typically receiving a 3% match. The majority of 403(b) participants can receive benefits immediately. This isn’t the case for 401(k) participants in the survey. Half could receive benefits immediately and half had to wait a full month of employment. Employer contributions typically don’t start for a year after employment date, the survey shows. Medical insurance About 44% of the respondents said their employers offer two coverage options, with PPO (34%) and HMO (30%) being the most common. High deductible plans accounted for 23% of the options offered. About 70% of physicians were eligible for medical insurance a month after their hire date. When averaging out all of the plans, most doctors are paying a family in-network deductible of $2,519. The average out-of-network deductible for a family plan stands at $7,495. The in-network annual out-of-pocket max comes in at an average of $6,906. Time off The distribution of time-off plans offered is relatively even. Thirty-four percent of doctors have a plan in which vacation, sick, and holiday time are lumped together. Thirty-three percent have each of these categories separated. Thirty-three percent have a vacation-sick distribution. AMGA says that regardless of the plan offered, most doctors are enjoying about the same amount of time off when accounting for holidays. Most physician employers account for 7 holidays. Those who have all of their time off lumped together (personal, sick, vacation, and holiday) have about 37 days off total. Those in the vacation/sick category have about 30 (also 37 when adding in the holidays). And those in the traditional time off plan end up with about 34 total days off when adding in holidays. Source
