Unmatched Benefit Program
Our insurance agents constantly praise our plan as "unheard of" fringe benefits. It is designed by us, and funded with our own funds, not someone in HR who is not a physicist. My plan is your plan.
Although we can buy-up more benefits, our cafeteria plan is flexible to meet the individuals’ or family’s needs, and fully funded by the company — no additional payroll deduction is needed.
- Major medical and dental plans have low deductibles and out of pocket max (OOP max), there are 3 plan choices (maximum allowed), with Out of Network, and HSA options. The company donates $600 per year to each HSA account. The HSA account has check writing, credit cards, and investment options. There is an HRA plan included to maintain the OOP max. even lower. Our current provider is United Healthcare. The most important things to compare are the deductible and OOP max.
- Long/short term disability is fully funded with 60% of salary after 8 days absence.
- Unused sick time is banked for extended illness / maternity leave, until you are eligible for long term disability benefits.
- 10 paid holidays per year.
- 5 days paid absence per year for professional meetings. Fees and travel expense are fully reimbursed.
- Life insurance policy included at the maximum allowed limit.
- Unused or additional flex dollars in the cafeteria plan can be used for other options including an after tax savings plan or IRA. Funds are fully liquid and dollars are deposited in your Fidelity account, which has many options ie. stocks, ETFs, mutual funds, bonds, checking and credit cards. Also available in the cafeteria plan are FSA accounts for medical and dependent care.
- Although not guaranteed, a year end "Christmas bonus" is customary.
Details of the plan are specified in our policy manual.
I have personally hired over 100 physicists, and the decision to accept or reject the opportunity has never been primarily based on fringe benefits. The trend continues to be more salary in lieu of benefits which is why Bio-Med has 3 options: Full time / full benefits, Part time / 80% of salary and benefits for a 4 day work week, or Per diem / no benefits other than liability insurance and travel expense.
If a better plan exists, I have not seen it.
— Jack J. Merkin, President
Bio-Med Associates offers a comprehensive array of benefits to our employees:
Insurance: Section 125 - Cafeteria Plan
- Group Health Insurance Options: We offer a choice from three different Oxford health insurance plans
- Life Insurance
- Group Disability Insurance
- Medical Reimbursement Savings Account (Deductibles, Co-payments, Dental, Optical, Childcare, etc.)
Professional Liability Insurance
Bio-Med Matches Contributions To:
- Tax deferred 401K plan
- After tax savings plan
- Holidays: ten paid per year
- Vacation: three weeks paid per year (increased with length of service)
- Short Term Illness
- Death In Family
- Military Leave
- Military Service
- Jury Duty
- Professional Meetings: one per year (up to 5 days) e.g. AAPM, RSNA, ASTRO. Fully reimbursed for travel, meals, lodging, etc.
- Travel (maximum allowable IRS limits)
- AAPM Dues
- Full Reimbursement for M.S. or Ph.D.
Employee Stock Option Plan
In Addition To Salary:
- New Client Referrals
- Finding New Physicists
- Increased Work at Existing Clients