Resident salary after tax cuts?????

[cool_vkb]

There is huge range when it comes to podiatry resident salary. some pay around $28K while some go to $50K. i guess the average is around $36K and $42K. any specific reason why we have such a huge range?


Thats like $3800 a month. but how much do we get exactly in hand?
and what are other benifits one gets during residency (insurance, housing, meals,etc etc)

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[Feli]

Every program is different. Most of the time, assuming you are a hospital or hospital system that has a lot of GME programs, you just get paid the same as the MD/DO residents. That amount might be based on the amount of Medicare pts the hospital treats, it might be a rough figure based on area cost of living, or it might be the minimum the hospital can pay and still get decent quality student interest for their programs... who know? :???:a

As far as salary and benefits of each program, it lists the basics on the CASPR CRIP page, and you can ask programs for a sample contract at CRIPS. You will be advised that residency pay package (like pod school scholarships/renewability) should be the last factor you consider and that you should just aim for highest quality training. However, assuming similar quality pod schools or residency programs, you have to remember that your debt will be considerable, and it's never dumb to save money, or make more money, where you can.

 

[GetnMyFtNtheDor]

I was under the impression that residents were paid by stipends. Is this thinking wrong?

 

[PMSIII]

You will be advised that residency pay package (like pod school scholarships/renewability) should be the last factor you consider and that you should just aim for highest quality training. However, assuming similar quality pod schools or residency programs, you have to remember that your debt will be considerable, and it's never dumb to save money, or make more money, where you can.

I agree with this statement 100%. Although it is tempting to simply go for the highest paying position, since we are in debt (alot of debt), but your training is the priority at this point in time - period. I think for the most part if you're scanning through the residency profiles on the CASPR CRIP website, you'll see that the average is typically a starting salary of low-mid 40's with increases and benefits (health plan, CME $, etc.). Some programs in NYC for example pay higher because of the cost of living while others will pay less than the range I mentioned.

 

[diabeticfootdr]

I agree with this statement 100%. Although it is tempting to simply go for the highest paying position, since we are in debt (alot of debt), but your training is the priority at this point in time - period. I think for the most part if you're scanning through the residency profiles on the CASPR CRIP website, you'll see that the average is typically a starting salary of low-mid 40's with increases and benefits (health plan, CME $, etc.). Some programs in NYC for example pay higher because of the cost of living while others will pay less than the range I mentioned.

I also agree with what Feli wrote. When I reviewed the CASPR pages I estimated program pay as such:
10% less than fair salary
50% fair salary
30% better than fair salary
10% exceptional salary

But other things need to be considered. Will you get free meals? What is your CME stipend? What is the cost of living in the program's city?

My last year of residency in 2005-06 in NYC I made $66,000, which was one of the highest in the US, however, it is probably equivalent to $40,000 in Indiana, for example.

But, as Feli and PMSIII mentioned above, you should choose the best program in spite of the salary. Because, consider finishing a great program that you get an offer for $140,000 out of residency, versus a not so good program where your offer is $105,000. That's a $35,000 difference in your first year! That makes up for a $5,000 or $10,000 difference in residency salary. And if you compound the income difference over your lifetime, it could be considerable.

 

[Feli]

... Will you get free meals? ...

Yeah, this is bigger than it seems. Most places give free food to attendings, some give residents free meals, and a few hospitals even provide for students. I didn't really realize the cost of this until I was forking out $5-8 per meal during some externships.... breakfast, lunch, and sometimes dinner/snacks/coffee/etc also if there were late cases or academics going on. $10-15 per day really adds up fast.

Free meals during residency is probably worth $2k-4k per year, esp during first year when you have the hardest hourse and take a lot of call.

 

[cool_vkb]

So lets say if i go to a program which gives $42K. How much do we get in hand weekly/biweekly after all the tax/social security cuts (for a single person).

 

[krabmas]

I think I am making about 47K right now and after paying taxes, 401K, health insurance and dental for my huband and me I get about $1300 every other week. So a few months a year I'll get 3 paychecks instead of 2. If I was paid bi-monthly the check would be a bit higher.

I hope this helps you a bit.

 

[UW66]

your program doesnt pick up health/dental/eyes Krab? I was under the impression that many residencies picked that up for ya.....or did i hear wrong....

 

[cool_vkb]

I think I am making about 47K right now and after paying taxes, 401K, health insurance and dental for my huband and me I get about $1300 every other week. So a few months a year I'll get 3 paychecks instead of 2. If I was paid bi-monthly the check would be a bit higher.

I hope this helps you a bit.

thanks boss . how is the cost of living in your area.

 

[Feli]

your program doesnt pick up health/dental/eyes Krab? I was under the impression that many residencies picked that up for ya.....or did i hear wrong....

You get benefits, not handouts. The "benefit" is that the programs just pay a large portion of the premiums. You will still need to chip in a little bit of premiums and co-pays. There are usually also options for levels of coverage on med, dent, or optho... employees might want to pay for higher level coverage if they have kids/spouse with chronic conditions, expensive Rx, braces, special needs, etc.

If you are single or your spouse/kids have their own insurance through other sources, your payment for basic individual insurance coverage will be pretty nominal or sometimes even no charge (often that way for attendings). However, the premium goes up a fair amount if you want to cover spouse/kids; the hospital still covers a fair % of their coverage, though. As a general rule, you will probably have great/cheap insurance premiums when you are a hospital employee and see docs within that health system.

 

[krabmas]

thanks boss . how is the cost of living in your area.

high. It is a bit less than living in DC. I pay the same that I paid in NYC but now have a patio, pool and gym in the complex and a larger apartment.

The DC suburban area is one of the wealthiest in the country so cost of living is high.

 

[cool_vkb]

high. It is a bit less than living in DC. I pay the same that I paid in NYC but now have a patio, pool and gym in the complex and a larger apartment.

The DC suburban area is one of the wealthiest in the country so cost of living is high.

lol do you ever get time to enjoy them

 

[krabmas]

lol do you ever get time to enjoy them

went to the pool today, gym yesterday. Priorities!

 

[rom3o]

del.