Life Insurance
Term 50K
GVUL 3½ x pay less term life benefit - $700,000 maximum
Paid by Ochsner
Can purchase additional Life up to a maximum of 5 times annual salary up to maximum of 2M.
Can purchase:
Spouse Life: $5K, $10K, $15K, $25K, $50K
Child(ren) Life: $2,500, $5,000 or $10,000
Accidental Death & Dismemberment Insurance
Equal to Ochsner provided life (Term & GVUL)
Paid by Ochsner
Optional coverage may be purchased in $100,000 increments up to $500,000 in Single or Family coverage. May not exceed 10 times annual salary.
Medical Insurance
Eligible first day of service.
Ochsner Plus
Point of Service
In-Network - $25 office visit co-pay
Out-of-Network - $2,500 deductible and 50% co-insurance
Out-of-Area - $250 deductible and 20% co-insurance
Maximum $2,600 out of pocket per year plus deductible (excludes Out-of-Network).
Prescription Drug
$15 generic
$50 Preferred brand
$70 Non-preferred
$125 Prescription deductible
Opt-Out Discount
Cost: $0
May enroll with proof of insurance.
Provides a 20% to 25% reduction in charges from Ochsner.
Business Travel Accident Insurance
$100,000 Paid by Ochsner
Vacation
20 days per year
An additional day is added each 5 years of service. Carries over if not used, with max carry over of 24 days.
Holidays
7 per year
CME
10 days CME, $1,500 per calendar year
Dental Insurance
Indemnity/PPO
May use any dentist, but a PPO list is available. 100% coverage for preventive care. $50 deductible and 20% or 50% co-payment for Basic or Major care. Maximum benefit of $1,250 per year.
Basic care includes: Fillings, root canal, some oral surgery
Major care includes: Crowns, bridges and braces
Flexible Spending Accounts
Health Care Spending Account
Expenses for health care that are not paid for by any health coverage you have.
Min = $120/year
Max = $5,000/year
You are provided with a debit card to use to pay for out-of-pocket expenses from your FSA account.
Dependent Care Spending Account
Expenses for day care of eligible children or a dependent adult.
Min = $240/year
Max = $5,000/year (or $2,500 if married and filing separately)
IRS 14.5 month Rule: FSA Plan Year extended to March 15th of each year.
Sick Leave
(Short Term Disability)
During 1st year of employment
2 months – 100%
7 months – 50%
During 2nd year
3 months – 100%
6 months – 50%
During 3rd year
4 months – 100%
5 months – 50%
During 4th year
5 months – 100%
4 months - 50%
During 5th year
6 months – 100%
3 months – 50%
Paid by Ochsner
Long-Term Disability
Eligible first day of service.
Benefits begin after 9 months of disability.
LTD insurance pays 50%, 60% or 66% of monthly salary up to $13,333/mth (50%), $16,000/mth (60%), or $17,787/mth (66.67%)
Physician cost for the 60% option is:
$.47 per $100 of monthly salary
** Includes disability from “own occupation” provisions.
** Pays monthly benefits until age 65, unless still working at 65, and then benefits will be paid until age 70, for a minimum of 12 months
Premiums paid by physician post-tax to receive benefits as non-taxable income
Retirement Options
- 401(k) & 403(b) – Administered through Merrill Lynch. You can defer up to $15,500 of income between 401(k) & 403(b)
- 457(b) Available to Physicians who have practiced two years post residency – allows additional income deferral of $15,500 for 2008
- Retirement Contribution Plan – After satisfying eligibility requirement, Ochsner contributes an amount equal to 3% of earnings, up to specified compensation limit, into your 401(k) account
Other Benefits
- Long-Term Care Insurance also available to extended family members.
- Air Ambulance service for medical evacuation, any hospital in the world back to a hospital in U.S
Moving Expenses
The Clinic pays the first $1,000.00 of moving expenses, and 50% of reasonable expenses in excess of $1,000, plus 44.5¢ per mile for one vehicle.
