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 $750 (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.
2023 – 2024 $ 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.
2023 – 2024 $ 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 a credit each quarter to allow them to 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.
Effective the first pay date in October, 2023, each House Officer will receive a lump-sum payment of $2,250.
Effective AY 25 (July 1, 2024), each House Officer will receive a lump sum payment of $2,250 in July and a lump sum payment of $2,000 in January 2025. The House Officer must be employed on July 15 to receive the July payment and must be employed on January 15 to receive the January payment. In AY 26 (July 1, 2025), the lump sum payments will be $2,250 in July 2025, and $2250 in January 2026. The payments will be reduced by any legally required tax deductions.
Vacation: House Officers are given 4 weeks of paid vacation each academic year.
Personal Days: House Officers can take up to 4 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 of paid leave for the purposes of attending funeral services or arranging for burial.