Residency Pays?

[ctaborda]

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Does the hospital pay you when you are doing the Residency years? Like after the 4 years of pre med and 4 years of medical school? Around how much could you get payed (if they pay 🙄 ).

I'm just getting into pre-med years right now, and I know this is kind of early to ask this type of things but I just want to have good general knowledge of the process to have my MD and be able to practice it.

Thanks

Carlos.

 

[Swaydaa]

Yes, you get paid. Average is 40K per yer....probably around $5/hr for the hours worked!!!

 

[southerndoc]

Yep, but it varies significantly from $32,000/yr to $45,000 per year as a PGY-1.

 

[GBFKicks]

Yes, you get paid. Average is 40K per yer....probably around $5/hr for the hours worked!!!

Isn't it about $10.50 an hour if you calculate it using 80 hours a week?-- maybe a little lower than that. Either way... it's still ludicrous for the amount of work being done.

 

[southerndoc]

Isn't it about $10.50 an hour if you calculate it using 80 hours a week?-- maybe a little lower than that. Either way... it's still ludicrous for the amount of work being done.

40k/yr working 80 hours/wk is $7.69/hr. (Don't forget time and half for everything over 40 hours.)

 

[lf777]

Well, the actual stipend (actually for IRS purposes you are not a student, and have to pay FICA and Medicare tax) varies by location, mainly due to living costs. Every year you get a bit more, around 2k extra per year.

lf

 

[DrQuinn]

Down here in FL I get $1108 every two weeks. Bite that one Cutsie!

Q, DO

 

[zinjanthropus]

Down here in FL I get $1108 every two weeks. Bite that one Cutsie!

Q, DO

compared to chicago, 1108/2 weeks isn't too bad in Tampa.

 

[docB]

When I was at UC Davis the pay was pretty good. The reason was that the resident throughout the UC system were payed the same and the cost of living in Sacramento was less that at any of the other sites.

 

[DrIng]

I've posted elsewhere on this but just for information, I'm doing my intern year in Adelaide Australia (PGY1 equivalent) and I get around A$2000 (A$1400) and I'm working a 45hour week. We may not get paid as much as attendings over here but at least the pay when training is humane! Hope everyone is having a good day. (Oh and I do actually get paid time and a half or double time for everything over 38 horus a week and nights or weekends...) 🙂

 

[Sessamoid]

Well, the actual stipend (actually for IRS purposes you are not a student, and have to pay FICA and Medicare tax) varies by location, mainly due to living costs. Every year you get a bit more, around 2k extra per year.

lf

There was an IRS ruling some years ago that residents who served during specific years (not sure if it still applies) actually did qualify as students, and were eligible for refunding any FICA taxes they had paid if they so chose. I don't know the current status however.

 

[lf777]

There are lawsuits over the FICA payments. My institution is actually currently involved in one of these lawsuits. During my first year of residency I was not having FICA retained, but after that I started having those taken with every paycheck.

lf

 

[Global Disrobal]

$1233/2 weeks here in da district and maryland... gotta love the tax system!

 

[Finally M3]

I'm looking forward to my first paycheck...but it won't arrive until July 9th....and due to the pay cycle, will only cover working July 1 and 2! 🙁

Honestly, I think the pay is pretty good. $41K this year will be the highest paying job I will have had, and my benefits package is great. My health insurance is significantly less than what I paid for as a MS4, free vision, cheap dental. Add in the 3 wks vacation 2 wks sick days, 3 personal days, 3 conference days, food allowance, book allowance, licensing fees and Step 3 paid for, I'm happy with my compensation! 😀

If I had a family, however, that would be a different story.... 🙂

 

[drvlad2004]

At my osteopathic internship at one of the North Shore-LIJ hospitals, I am earning $48K for the year, despite working in NY. Hence, plenty of money wil be saved before my PM&R residency. Bite on that one, QuinnNSU!

 

[Winged Scapula]

At my osteopathic internship at one of the North Shore-LIJ hospitals, I am earning $48K for the year, despite working in NY. Hence, plenty of money wil be saved before my PM&R residency. Bite on that one, QuinnNSU!

Hmmm...isn't it expensive to live in NY? I think you'll find that 48K won't go as far as you think (unless you're living at home).

 

[drvlad2004]

Hmmm...isn't it expensive to live in NY? I think you'll find that 48K won't go as far as you think (unless you're living at home).

I definitely know it is expensive to live in NY and I am living at home. Also, investing some of that money helps also. Basically, I save about 60% of my salary towards a co-op, condo, or apartment for residency next year. Residents who work at North Shore-Manhasset and LIJ, also get a sweeter deal. They are $49K and the campus housing is only $600-$800 a month. Thus, there are some tradeoffs when it comes to working in NY. However, living in LI or NYC, in the future, is almost out of the question with the high cost of living and the relatively low salaries.

 

[ctaborda]

Well, at least its worth it 😀

You will be getting payed big bucks after 😛

 

[ken37]

Well, at least its worth it 😀

You will be getting payed big bucks after 😛

Wow, 3 people have used the word payed(sic) in one thread now. That is not a word. Paid would be the word that you want.

Back on topic, how do you live on $2200 or so net every month?

 

[EctopicFetus]

Ken, my dear friend thanks for the english lesson. $2200 seems slim but If you get an apt for $600 / month and a $300 / month for car, insurance etc. you could make it but it will be damn tough. I mean when you all went to school werent you only getting $1500 or less per month. You have to look at it like a little pay raise. Its a shame your standard of living is still rather crappy.

 

[DoctorDoom]

You also learn to save and scrimp, particularly on food, using the on call meal allowance. Dring residency I don't think I paid for more than a month's worth of meals a year, and that includes vacation time. We used to take the meal cards of guys doing away rotations or off site rotations and buy food at the end of the month from our amply stocked cafeteria/market for everyone.

Besides, before the 405 regs, we were usually too tired to go anywhere. Not spending money on socializing and not spending money on clothes, movies, CD's etc. cut expenditure tremendously.

Of course, now I'm pissed when my paycheck drops below 4500 LOL...

 

[ctaborda]

I think the hardest about residency is like the time you spend working and payed so little... No time for anything!!