Wealthcare for Residents: Helping you Prepare for your Future
TIAA’s presentation to BMC that provides tips and resources on how house officers can manage their finances. Please watch the video.
The Hospital purchases short and long term disability coverage for all House Officers. This coverage is portable and is administered by the Committee of Interns and Residents.
In certain situations, House Officers are compensated for additional work that they are asked to do. For example, if they are required to work for one of their ill colleagues, they may be entitled to as much as $400 (pay scale reflects the number or additional hours worked).
The Hospital provides all interns, residents, and fellows with three (3) white coats in their first year of training, and two (2) for each successive year of their residency or fellowship.
Lease Guaranty Program
The Hospital agrees to act as the Guarantor in the event a House Officer's landlord requires advance payment of up to two months of rent (security deposit and/or last month's payment), as a condition for entering into a lease (up to a maximum of $6,500). The Hospital guarantees payment to the landlord under specified terms, and the House Officer agrees to reimburse for any payment the Hospital is required to make under the Guaranty. Those enrolled in this program do not need to provide landlords with more than 1-month rent (i.e. no first/last/security deposit) when signing a lease.
Limited Licensing Fee
The Hospital pays the limited licensing fee for all House Officers.
All House Officers are provided with a meal allowance every year that is programmed onto the identification badge and can be used at any BMC cafeteria.
2019 – 2020 $ 725
2020 – 2021 $ 725
2021 – 2022 $ 750
The hospital subsidizes several parking programs for House Officers. There is also a subsidized MBTA (subway/bus) program offered.
Professional Education Allowance
House Officers are provided with an allowance to purchase educational materials each academic year.
2019 – 2020 $ 1,050
2020 – 2021 $ 1,100
2021 – 2022 $ 1,150
2022 – 2023 $ 1,200
Ride Share Program - Lyft
BMC has created a partnership with Lyft, the ride-sharing company. Through the Safe Ride Program, House Officers will be given five (5) $10 credits each month to allow them utilize Lyft when they are too tired to safely drive home, if they are leaving late at night when public transportation is not available or they are returning to the hospital to pick up their car after taking a Lyft home previously.
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Vacation: House Officers are given 4 weeks of paid vacation each academic year, with the exception of trainees in the following residency programs: Anesthesia, Dermatology, General Surgery, Ophthalmology, Oral Surgery, Otolaryngology (ENT) and Urology. These programs have an option for an additional week of pay in lieu of time off – pending institutional approval.
Personal Days: House Officers can take up to 2 personal days each academic year. Any use of a personal day is subject to prior program approval.
Sick Days: House Officers are given 15 sick days each academic year.
Bereavement: Eligible House Officers may be entitled to up to 3 days paid leave for the purposes of attending funeral services or arranging for burial.