Emergency Medicine Residency Program

BENEFITS

Salary

2008 Benefits and Premium Rates Summary

(Benefits effective date is June 24, 2009)

Health Insurance – Blue Cross Blue Shield

Aware Gold Plan

• Office visit co-pays $25

CMM Plan (Comprehensive Major Medical)

• Deductibles $400 individual and $1,200 family
• Out-of-pocket maximum $2,000 individual and $4,000 family

Dental Insurance – HealthPartners Exceed Plan

Tier I

• No annual deductible for specific areas of care
• Out-of-pocket maximum $1,000
• Preventative care  100% coverage
• Sealants  100% coverage
• Fillings   50% coverage

Tier 2

• $25 per person deductible
• $75 family deductible
• Out-of-pocket maximum $1,000
• Preventative care  80% coverage
• Sealants  80% coverage
• Fillings  50% coverage

Health Care Flexible Spending Account

Pre-tax dollars are used to pay for out-of-pocket medical, dental and vision expenses for you and your dependents. You can elect up to $5,000 in you Health Care FSA each year, through automatic payroll deductions. Your annual election is divided by 12 pay periods (July 1 – Dec 31. 2008).  You will need to re-enroll in November for participation in the Plan for the period 1/1-12/31/09.

Dependent Care Flexible spending Account

Pre-tax dollars are used for your eligible dependent care expenses, such as day care for your child or elder care. You can elect up to $5,000 (up to $2,500 if you’re married and filing separate tax returns) in your Dependent Care FSA each year through automatic payroll deductions. Your annual election is divided by 12 pay periods (July 1 – Dec 31, 2008).  You will need to re-enroll in November for participation in the Plan for the period 1/1-12/21/09.

Life Insurance

Basic Life Insurance - MMCGME life insurance coverage is $50,000. 

Supplemental Life Insurance   Residents/fellows will be offered the opportunity to purchase additional life insurance in increments of $10,000 up to a maximum of $150,000 at group rates.  No evidence of insurability will be necessary for the first $50,000 and the rates are based on age.  Coverage is also available for spouses.  Additional details will be provided during open enrollment.  Rates are as follows:

Age                    Rate per $1,000

<30                    $.06

30-34                   .07

35-39                   .09

40-44                   .14

45-49                   .22

50-54                   .34

Group Short-Term Disability Insurance

• The policy (S653911) is insured through Northwestern Mutual Financial Network.
• The plan has a 14-day waiting period.  Benefits begin on the 15th day if you have been continuously disabled.
• The plan pays 70% of base income if disabled and benefits can be paid up to 11 weeks.  Maximum weekly benefit is $1,000.
• You have "own occupation" coverage through the benefit period. “Own occupation” means covered for your specialty.
• There is no offset if you collect Social Security Disability Benefits.
• The plan pays for both total and partial disability. 
• Pregnancies are covered for 4 weeks, C-sections 6 weeks, after the 14-day waiting period.

Group Long-Term Disability Insurance

• The policy (L653911) is insured through Northwestern Mutual Financial Network.
• The plan has a 91-day beginning date.  You must be disabled for 90 days before benefits begin.
• The plan pays 80% of base income if disabled and benefits can be paid to age 65.
• You have "own occupation" coverage through age 65.
• There is no offset if you collect Social Security Disability Benefits.
• The plan pays for both total and partial disability.
• The plan contains COLA (Cost of Living Adjustment) benefit.

For additional information, refer to the Insurance Certificate and Summary Plan Description provided when you enrolled in the medical resident/fellowship program.

To learn more contact Rich Clark at 952-806-9639 or rich.clark@nmfn.com

William A. Clark, CLU, ChFC, CFP

Northwestern Mutual Financial Network

3600 Minnesota Drive, Suite 300

Edina, MN 55435

952-806-9615

bill.clark@nmfn.com

457 Deferred Compensation Plan

You have an opportunity to supplement your retirement by articipating in a 457 Deferred Compensation Plan. The MNDCPL 457 Deferred Compensation Plan is taken pre-tax from your bi-weekly paycheck in lieu of the 6.2% social security deduction.   The maximum contribution amount is $15,500 annually.  Unless exempt because of J1 VISA status, a resident must choose one of the following options. Under either option the resident is subject to the Medicare payroll tax.

Option 1: A resident may elect to contribute 3.75% of his/her “base pay” to the Minnesota Deferred Compensation Plan (the “State Section 457 Plan”) and HCMC will make a dollar-for-dollar matching ontribution up to $2,000 per calendar year and will not pay or withhold FICA taxes. No other matching contributions will be made. For purposes of these rules, “base pay” means the total stipend from HCMC.  The resident may withdraw his/her contributions and the matching contributions from the state plan at the end of their employment. There is no age limit for distribution tied to this Plan.  Detailed information in included in your packet.

Option 2: The resident may participate in the Social Security program (FICA). The contribution will be at the statutory rate (currently 6.2% for Social Security and 1.45% for Medicare). It may ot be withdrawn at the end of employment.

IF A RESIDENT FAILS TO CHECK the State Section 457 Plan Option under VIII.F and complete the requisite enrollment form for the plan, the resident will be subject to FICA. For questions please contact HCMC Benefits Service Center 1-800-646-6417 www.hcmc.org/employee

More Benefits

• Parking is provided at no cost to residents in a ramp adjacent to the hospital
• Meals- a generous meal allowance is provided. Residents are issued ID cards, which serve as meal passes.
• Resident Exercise Center - a 24-hour exercise center is available to residents. The center offers a variety of equipment, free weights and showering facility.
• Resident Assistance Program (RAP)- this is an employee assistance program designed specifically for residents and is free of charge.
• Moonlighting-  Internal moonlighting is available to all our residents. In addition to expected opportunities within the hospital, our residents have also worked locally.
• The Emergency Medicine Resident Library for exclusive use by Emergency Medicine Residents.
• Two Computers in the Emergency Medicine Resident Library.
• All PGY - 1 Emergency Medicine Residents attend annual SAEM meeting.
• One free textbook of the residents choice or a PDA is offered upon matriculation.
• Annual paid membership in ACEP, AAEM, SAEM, and EMRA.
• Free access to Up-to-Date

How do I apply for a Social Security number and card?