Benefits for Commerical Optometrists

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sparikh

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I had a question to optometrists working in commercial settings such as Lenscrafters, Pearle Vision, America's Best, Sam's, etc...What kind of benefits do you recieve? Do you recieve 401k, health insurance, or anything? I would like to know. Thanks!

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sparikh said:
I had a question to optometrists working in commercial settings such as Lenscrafters, Pearle Vision, America's Best, Sam's, etc...What kind of benefits do you recieve? Do you recieve 401k, health insurance, or anything? I would like to know. Thanks!

For most of the places you listed you are not an employee. You lease the exam equipment from the commercia entity, therefore, the benefits you get are the benefits you pay yourself. If you are an employee of the leasing doctor then some give benefits and some don't. America's best - just don't work there please.
 
xmattODx said:
For most of the places you listed you are not an employee. You lease the exam equipment from the commercia entity, therefore, the benefits you get are the benefits you pay yourself. If you are an employee of the leasing doctor then some give benefits and some don't. America's best - just don't work there please.

Is this a pro or a con? If we were going to work corporate wouldn't it be better to have benefits? For example Pharmacists are making 85K-110K upon graduating and have full benefits. Is the ODs stand to remain independent but still work corporate actually hurting more than it helps? I know you hear retail ODs make 90K or so but benefits really can be almost a 30K/year value. I mean if you make 90K but are shelling out 1/3rd of that to fund your retirement, account for time off, and pay your health insurance then aren't you really only making 60K? It would really help if we could get some ODs who have worked corporate to pipe in on what they took home $wise and how they handled the issue of not having any benefits.
 
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Optometrists are NOT allowed to be employed by coporations. Generally speaking, you lease space from a corporate setting. You get no 401K, benefits, paid vacation, etc just like having a private office. The only docs I know getting benefits are docs working in laser centers or for large OMD offices where their employees have medical benefits. you ARE allowed to be employed by other doctors.

So, yes, there are some cons to being an independant contractor.

But, you can save TONS of money by setting yourself up as a small business S-corporation and funneling your money through there. I set this up and pay myself a salary out of this account. so, I have a SEP-IRA instead of a 401k, but I'm still putting in tax deferred money. I get health through my husband... so I'm not much help there.

My best advice: get a good accoutant and/or lawyer who can help set ya up from the start with a good corporate account. You'd be amazed at how much you can write off! (equipment, CE, travel, cars, gas, etc)
 
Not entirely true. There are a few states where ODs can be employed by corporations but they are few and far between. And ODs can be employed by HMOs, which are corporations, but are generally are excluded for legislation prohibiting corporate employment.

And in general, you do not need to be set up as a corporation to get the tax benefits of deducting your CE, car, travel malpractice insurance etc. etc. You can operate as a "sole propriator" and still take all those tax write offs.

THe main advantage of a corporation is to limit your personal liability from lawsuits. However, you have to be cautious here as well. In many states malpractice is has the same legal classification as an "assault." Forgive me, I don't know the legal term.

So for example if I am employed by Microsoft, and I punch you in the nose while at work, I can be sued and my personal assets seized because I assaulted you. In many states, malpractice is the same. So a corporation may not shield your personal assets. This is an area that varies from state to state, so an attorney in the state you practice in should be consulted.


cpw said:
Optometrists are NOT allowed to be employed by coporations. Generally speaking, you lease space from a corporate setting. You get no 401K, benefits, paid vacation, etc just like having a private office. The only docs I know getting benefits are docs working in laser centers or for large OMD offices where their employees have medical benefits. you ARE allowed to be employed by other doctors.

So, yes, there are some cons to being an independant contractor.

But, you can save TONS of money by setting yourself up as a small business S-corporation and funneling your money through there. I set this up and pay myself a salary out of this account. so, I have a SEP-IRA instead of a 401k, but I'm still putting in tax deferred money. I get health through my husband... so I'm not much help there.

My best advice: get a good accoutant and/or lawyer who can help set ya up from the start with a good corporate account. You'd be amazed at how much you can write off! (equipment, CE, travel, cars, gas, etc)
 
gsinccom said:
I know you hear retail ODs make 90K or so but benefits really can be almost a 30K/year value. I mean if you make 90K but are shelling out 1/3rd of that to fund your retirement, account for time off, and pay your health insurance then aren't you really only making 60K? It would really help if we could get some ODs who have worked corporate to pipe in on what they took home $wise.

thanks for your comments all.

more info on the above quote would be especially helpful.

thanks again.
 
KHE said:
And in general, you do not need to be set up as a corporation to get the tax benefits of deducting your CE, car, travel malpractice insurance etc. etc. You can operate as a "sole propriator" and still take all those tax write offs.

THe main advantage of a corporation is to limit your personal liability from lawsuits. However, you have to be cautious here as well. In many states malpractice is has the same legal classification as an "assault." Forgive me, I don't know the legal term.

I'm just doin' what my CPA said ;) He works with over 20 ODs in the area so he's good with all of this stuff.
 
I know you hear retail ODs make 90K or so but benefits really can be almost a 30K/year value. I mean if you make 90K but are shelling out 1/3rd of that to fund your retirement, account for time off, and pay your health insurance then aren't you really only making 60K? It would really help if we could get some ODs who have worked corporate to pipe in on what they took home $wise.

any info from those of you working or who have worked corporate would be very helpful please. If you don't care to post here, which I'm not totally sure why since the forum is a very useful venue that allows you to impart information anonymously to help out all ODs and future ODs, then would you PM me please.

Thanks again.
 
gsinccom said:
I know you hear retail ODs make 90K or so but benefits really can be almost a 30K/year value. I mean if you make 90K but are shelling out 1/3rd of that to fund your retirement, account for time off, and pay your health insurance then aren't you really only making 60K? It would really help if we could get some ODs who have worked corporate to pipe in on what they took home $wise.

any info from those of you working or who have worked corporate would be very helpful please. If you don't care to post here, which I'm not totally sure why since the forum is a very useful venue that allows you to impart information anonymously to help out all ODs and future ODs, then would you PM me please.

Thanks again.

You really want this question answered don't you? ;) I'm not the one to answer I have had 0 benefits in the last four years. Health insurance through my wife or not at all.

My wife was an employee for a commercial doc. i.e. the doc leased the space and hired my wife. NO BENEFITS. Our employer here does, however, offer some benefits. They include him allowing you to pay for your own health insurance and set up your own 401K. Great benefits no?

If you are a commerical doc you will be your own employer that means what you take home often depends on how hard you want to work. If you are hired you may or may not get benefits. I'm not sure what you're looking for here we can't tell you how much you'll make and how much you'll take home.

My wife and I did our taxes today, let's just say we make more than the vast majority of people in the US. That is with me working half time and going to school full time. You won't suffer.
 
I know....I know I am being persistent and I know you can't choose a career based just on the money you'll make but I am really trying to see if the time and cost it takes to become an OD is worth it? I would rather be an OD than many other options I have....but I am very appreciative of evidence/support, anecdotal even, for if the OD profession is going to be worth it?

thanks for your help.
 
xmattODx said:
My wife and I did our taxes today, let's just say we make more than the vast majority of people in the US. That is with me working half time and going to school full time. You won't suffer.

Are you going to school full time for a MPH? What are your goals with that?

Part of me wants to get a J.D. later on.
 
blazenmadison said:
Are you going to school full time for a MPH?
Yes

blazenmadison said:
What are your goals with that?
My goals are broad. First I wanted to get an education that would give me skills to help change the world. Second I love going to school. Third, I hope to get out of optometry. I don't want to get out of eye care I just want out of optometry. My story regarding optometry is a long and sad one and doesn't require being told here. I will buy a practice with my wife where she will work. I hope to work for a development organization developing health care (eye care?) in developing countries. I would also be interested in teaching. Bottom line, ideally I'll be at an NGO but I'll probably still be doing optometry 15 years from now because I won't be able to afford to take the pay cut that using my MPH will require. :laugh:

blazenmadison said:
Part of me wants to get a J.D. later on.
Go for it!
 
I worked as an independent for a corporate chain since graduation 10 years ago. How well you do depends on how busy your location is and if you're willing to work like a dog and put up with the corporate BS.
Keep this in mind-
You get no benefits, so marry someone who does
You get no sick days, work most holidays and have to pay someone so you can go on vacation
If daycare calls and your child is sick, don't even think of cutting your day short
Corporate will continually ask more from you then you're willing to give
Student loans are like a second mortgage, so marry rich
You can do OK in corporate, some get very lucky
You'll encounter many people in life with no college degree making more money than you and not saddled with student loan debt - the pain never ends
 
ODnomore said:
I worked as an independent for a corporate chain since graduation 10 years ago. How well you do depends on how busy your location is and if you're willing to work like a dog and put up with the corporate BS.
Keep this in mind-
You get no benefits, so marry someone who does
You get no sick days, work most holidays and have to pay someone so you can go on vacation
If daycare calls and your child is sick, don't even think of cutting your day short
Corporate will continually ask more from you then you're willing to give
Student loans are like a second mortgage, so marry rich
You can do OK in corporate, some get very lucky
You'll encounter many people in life with no college degree making more money than you and not saddled with student loan debt - the pain never ends

Yes. My best friend who graduated from high school w/o any college education now owns a Chik-fila, a new house, new car..etc.

Yes, we chose the wrong path if money was our only goal. :)
 
I didn't mean to imply money was the only goal, but it helps! Practicing at a corporate location isn't that great. The money can be very good, but you are never the one in control. Corporate will have a say in your fees, hours, etc. No matter the money, this can burn out an OD pretty fast.
 
cpw said:
Optometrists are NOT allowed to be employed by coporations. Generally speaking, you lease space from a corporate setting. You get no 401K, benefits, paid vacation, etc just like having a private office. The only docs I know getting benefits are docs working in laser centers or for large OMD offices where their employees have medical benefits. you ARE allowed to be employed by other doctors.

So, yes, there are some cons to being an independant contractor.

But, you can save TONS of money by setting yourself up as a small business S-corporation and funneling your money through there. I set this up and pay myself a salary out of this account. so, I have a SEP-IRA instead of a 401k, but I'm still putting in tax deferred money. I get health through my husband... so I'm not much help there.

My best advice: get a good accoutant and/or lawyer who can help set ya up from the start with a good corporate account. You'd be amazed at how much you can write off! (equipment, CE, travel, cars, gas, etc)
not true depends on the state. i have 3 corporations and i employ ods
 
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