What to Look for in Your Hospital Benefits Package:
The first item to check off your list is to assess your retirement options. What does your employer offer for a retirement plan? Do you get a 403(b) and a 457 deferred compensation plan, or do you get a 401(k) and a profit sharing plan? That’s going to make a big difference in how you save for retirement.
Health Savings Accounts
I’ve spoken at length about health savings accounts, but these accounts can really help you save for a lot of health care expenses that you will incur during retirement.
To grow your HSA, you may want to pay health expenses out of pocket and invest your contributions.
Dependent Care Flexible Spending Accounts
Is your child in daycare or a before- or after-school program? You might be interested in a dependent care flexible spending account. These plans allow you to defer income to these accounts to help pay for those expenses.
Just be aware that whatever funds you don’t use, you lose. Make sure to budget your expenses fully each year.
Long-Term Disability and Life Insurance
Many hospitals do offer these hospital benefits in their packages, but how much can you get? Some hospitals are offering up to 70 percent of long-term disability income as well as life insurance packages that can get you four or five times your income. They even offer spousal life insurance policies that you can pair up with private policies.
It may make sense to layer term policies as your retirement accounts accumulate and your debt decreases.
Student Loan Payment and Tuition Assistance
Some hospitals will help you pay down your student loan debt, while others will help you save for your child’s college education.
These are harder to find these days, but they can pair up really nicely with your other retirement plans.
Keep these main points in mind when you’re applying at hospitals, and prioritize the most important hospital benefits when you’re considering accepting an offer.
Do you need help preparing for retirement? Contact me today to set up an initial meeting. You can also download my free ebook for physicians for tips and information about getting your finances on track.