Home Health

[rlw237]

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Just my two cents

I recently graduated in December and got a Full Time outpatient job. Having high student loans I decided to get another job. I wanted to make my own schedule and work as much or as little as I wanted. One of my coworkers sent me to a Home Health Agency.

I never thought I would enjoy HH, but I'm starting to enjoy it more than outpatient. You work with the patient, families, caregivers, and work as an interdisciplinary team. I make my own schedule (10-15 visits per week), and the pay is great ($75 for a 45min revisit, $90$ for an eval). HH is not physically or mentally draining, and I find a nice reprieve when driving between sessions. Documentation isn't to bad because all therapists are on the palm (hand held comp) and submits directly to the office.

I'll probably continue HH for 3-5years In order to pay down my student loans. Yikes. If anyone has any questions. Send me a message.

 

[jblil]

rlw - thanks for your informative post.
A few questions:
- did the Home Health agency require any experience? I assume you had about 6 months of experience as a PT when you signed up with them.
- are you paid anything for your mileage?
- are you a W-2 employee, or are you paid via a 1099?
- which area of the US are you in? Northeast, Southeast, etc? And would you qualify your environment as a large/medium/small city? What's the PT job market like, right where you live?

Thanks again for any info. This is something I may do myself when I graduate.

 

[hope4baylor]

If you don't mind, what are your student loans like (aka how much) and are you finding it to be manageable? My plan is to take on a side practice like you're doing so its nice to know that it's working out for others.

 

[rlw237]

- did the Home Health agency require any experience? Yes, one year. However, I told the lady I work outpatient and my bed side and transfer training skills will significantly decline after 1 year out patient. She said, "good point". I was 3 months post grad when hired.

I assume you had about 6 months of experience as a PT when you signed up with them.
- are you paid anything for your mileage? I get paid $0.30/mile and can write off an additional$0.20 since Virginia is $.50 reimbursement.

- are you a W-2 employee, or are you paid via a 1099?W-2

- which area of the US are you in? Northeast, Southeast, etc? And would you qualify your environment as a large/medium/small city? What's the PT job market like, right where you live?I work in Northern Virginia. I can be in a million dollar home one day, country farm home another, and 150year old historic home the next.

 

[rlw237]

If you don't mind, what are your student loans like (aka how much) and are you finding it to be manageable? My plan is to take on a side practice like you're doing so its nice to know that it's working out for others

Haha my wife gets on me all the time to stop talking about my student loan debt, but I think the only way to pay it off quickly is to talk about it, inform
Others of the reality of DPT debt and understand its their and a huge burden. However, if it wasn't for student loans I wouldn't be a PT or gone to school cause my parents couldn't fund it. So it is what it is.

That said. I have 180k student loan debit. Massive!
I make $72,500 outpatient ($1950.00/2x month); home health $75.00 x 12 weekly visits x 52.14 weeks = $46900.00. Total salary. $119,426.00

Student loan payments. I have 4 lenders. $168.00, $260, $450 and $490. So around $1300.

If I didn't have home health it would suck so bad.
I don't have a mortgage now but my wife and I are looking to buy. We will use her salary for home and food and mine for our student loan payments.

My plan is dump 50k each year into my loans for 4-5 years and just pull 55hr work weeks. I rather work like a dog for 5 then pay over 550k in student loans after 25 year extended plans.

 

[hope4baylor]

Wow, 180k! Is that just from PT school or you and your wife? I'll wind up between 120k - 165k depending on school and living arrangements. Not all from PT school, I took out lots of undergrad loans to help my mom while going through some stuff. But is really nice to hear that other people are managing it. Thank you!!

 

[Azimuthal]

Don't forget tax in all your calculations. Plus, now is a great time to start creating budgets, repayment plan projections, etc.

We just finished our geriatrics course. Home health seems to be where a lot of growth will be.

 

[bnwj89]

If you don't mind, what are your student loans like (aka how much) and are you finding it to be manageable? My plan is to take on a side practice like you're doing so its nice to know that it's working out for others

Haha my wife gets on me all the time to stop talking about my student loan debt, but I think the only way to pay it off quickly is to talk about it, inform
Others of the reality of DPT debt and understand its their and a huge burden. However, if it wasn't for student loans I wouldn't be a PT or gone to school cause my parents couldn't fund it. So it is what it is.

That said. I have 180k student loan debit. Massive!
I make $72,500 outpatient ($1950.00/2x month); home health $75.00 x 12 weekly visits x 52.14 weeks = $46900.00. Total salary. $119,426.00

Student loan payments. I have 4 lenders. $168.00, $260, $450 and $490. So around $1300.

If I didn't have home health it would suck so bad.
I don't have a mortgage now but my wife and I are looking to buy. We will use her salary for home and food and mine for our student loan payments.

My plan is dump 50k each year into my loans for 4-5 years and just pull 55hr work weeks. I rather work like a dog for 5 then pay over 550k in student loans after 25 year extended plans.

Are you only paying 1300 towards student loans each month? Or do you mean that this is your minimum payment? If so, (if you don't mind me asking) how much are you taking home after taxes and how much of it is going towards student loans?

 

[rlw237]

My post tax salary a month is about... $3900.00 from Full Time Job, and $2800.00 from PRN home health. So $6,700.00 post tax take home (working 50-55hr weeks)

Student loans = $1300/mth, Internet, phone and car = $350.00

So $1700.00 / bills/mth

Therefore I have about 5k to utilize each month on food, gas, entertainment.

I got married in may so most money after grad we t to that, but was able to save 10k so far since early may.

 

[bnwj89]

My post tax salary a month is about... $3900.00 from Full Time Job, and $2800.00 from PRN home health. So $6,700.00 post tax take home (working 50-55hr weeks)

Student loans = $1300/mth, Internet, phone and car = $350.00

So $1700.00 / bills/mth

Therefore I have about 5k to utilize each month on food, gas, entertainment.

I got married in may so most money after grad we t to that, but was able to save 10k so far since early may.

What is your schedule like? I have heard of PTs that work four 10 hour shifts mon-thurs and then work PRN fri and sat. Do you do something like this?

 

[Azimuthal]

My post tax salary a month is about... $3900.00 from Full Time Job, and $2800.00 from PRN home health. So $6,700.00 post tax take home (working 50-55hr weeks)

Student loans = $1300/mth, Internet, phone and car = $350.00

So $1700.00 / bills/mth

Therefore I have about 5k to utilize each month on food, gas, entertainment.

I got married in may so most money after grad we t to that, but was able to save 10k so far since early may.

Must be nice not paying rent!

 

[kptnau]

He makes up for it in taxes. Only takes home 80k out of 120k? Isn't that a bit steep?

 

[greco13]

He makes up for it in taxes. Only takes home 80k out of 120k? Isn't that a bit steep?

something is not right, something is quite wrong

 

[Sasky]

He makes up for it in taxes. Only takes home 80k out of 120k? Isn't that a bit steep?

He is likely in a higher tax bracket if married filing jointly...the more money you make the more they tax you! Better get used to it...

 

[Azimuthal]

He's most likely in the 25% (+~$4k) to 28% (+~$17k) bracket, if filing single. Marriage is slightly different. Plus, we don't know if he's worked a full tax year. Depending on what he claims and how much credit he can get for education expenses, etc... He may be looking at owing the IRS some decent $$$ AND state on top of that, especially if his spouse makes decent salary.

I know...you read and your jaws dropped...but that's just going on limited information.

http://www.tax-brackets.org/federaltaxtable

 

[Azimuthal]

something is not right, something is quite wrong

Nope that's just how the system works...

 

[bnwj89]

Nope that's just how the system works...

Yep, with OP being married, I would assume they are up in the 28%. Plus state taxes (another ~5%,), plus whatever he's putting in for retirement, healthcare insurance, etc. Adds up pretty quickly.

 

[kptnau]

Right. So he pays 17-23k in taxes max.
He should bring home about 100k.
He said 80k.
20k discrepancy.
Just wondering where the other 20k went. Unless he's including health insurance/retirement/other expenses.
OP?

 

[rlw237]

Sorry guys for the confusion.

Error on my part. I got paid today from HH and made $1800 post tax after 30 visits for two weeks. So I originally said 2800/mth(1400/ bi weekly). Also, I pay my own health insurance and retirement pretax. also, I didn't switch my w-2 to married yet so I'm on a higher tax bracket.


More money you make. The more taxes you pay.

 

[Azimuthal]

All the young SPTs who haven't had a chance to break the 25% tax bracket should use this example as a reality check. Like the OP mentioned, the more you make the more they take...

 

[greco13]

All the young SPTs who haven't had a chance to break the 25% tax bracket should use this example as a reality check. Like the OP mentioned, the more you make the more they take...

eye-opening, yes. Thanks.

 

[DrRehab]

Not sure why people are questioning the OPs taxes. He is right on the dot. Cute SPTs not realizing what taxes are yet.

 

[PT Dad]

Do you work HH on the weekends? Seems like you will burn out pretty quick with no down time.