Stipends & Benefits
The 2022/2023 stipends for residents are as follows:
First-Year Residents:
$61,700
Second-Year Residents:
$63,900
Third-Year Residents:
$66,000
Benefit Package
In addition, a benefit package is provided which includes:
Health Savings Account (HSA) plan for resident physician with 100% of premiums covered and with option to purchase coverage for spouse and/or children.
Misc. Coverage: Professional liability coverage, license, membership dues, and lab coats.
Life Insurance & Disability Plan
Dental Insurance: Coverage for resident with option to purchase coverage for spouse and/or children.
Meals: Section 125 Cafeteria Plan
Paycheck: Employer pays payroll taxes. Paychecks are automatically deposited into your banking account on alternate Fridays.
Leave & Insurance Details
Each resident is entitled to 15 working days of paid leave during each year of residency. Paid leave the last two weeks of June and the first two weeks of July is not permitted except for extraordinary reasons approved by the Residency Director. Paid leave around the Winter Holidays is assigned separately from the 15 provided days.
Emergency/Personal Leave can be granted by application to the Residency Director when circumstances warrant, such as time away needed for a reason which could not have been anticipated or time away needed during a rotation or time period when paid leave would not normally be granted.
Time and expense money for educational seminars may be granted for each year. The seminar or educational activity must be approved by the Residency Director. Five working days are permitted each year. A set conference allowance is provided to the residents.
First year – five working days (for life support certification training as scheduled by the Education Coordinator).
Second and third years – five working days each year plus a total of up to $1500.00 conference allowance for the two years combined. (For allowable expenses and proper method of reporting for reimbursement, please refer to document available from our Administration.) These funds may also be used to purchase medical textbooks, software, etc.
The Uniformed Services Employment and Reemployment Rights Act does not apply to residents enrolled in a GME program. Residents who are members of the National Guard or any of the Uniformed Services of the United States may be called to duty in such uniformed service. The resident shall notify the Residency Director in writing upon learning that he/she has been called to duty in a uniformed service. Prior to leaving the program for active duty, the resident and Residency Director shall discuss the tentative plans for the resident’s return to the program including the level of re-entry. Within the abilities of the program to accommodate the resident’s re-entry in the program, the duration of absence from the program, and the resident’s activities during the absence, the program will make every effort to ensure that the resident re-enters the program at the level commensurate with his/her abilities.
All residents are responsible for completing their applications for resident and permanent Iowa medical licenses and for South Dakota training licenses. The Education Coordinator will provide you with information about the application procedure. The Foundation will pay the application fees.
Professional liability insurance is provided by the Foundation. The policy provides coverage for all residency-related activities, most preceptorships within covered MMIC territory. When planning to moonlight, the resident will need to provide malpractice coverage and obtain the insurance certificate to be submitted with the moonlighting request. In a situation which the Foundation’s policy would not cover, it is the resident’s responsibility to arrange coverage. Our current liability coverage is a claims policy which is structured so that no tail is required at the end of residency training.
Lunches will be provided free of charge to residents in the medical staff lounges at both hospitals