Insurance

Health Insurance Benefits at Palmetto Health and the University of South Carolina School of Medicine

Medical Insurance

Residents choose from two medical plans:

  • Health Reimbursement Account Medical
  • Health Savings Account Medical (HDHP with Health Savings Account accessibility)

Medical Insurance is provided by Palmetto Health. Family coverage may be added by paying a premium difference. The Health Reimbursement Account is intended for individuals and families who anticipate needing more than just routine preventive and minor sick care, have more than occasional sick visits and/or high priced claims.Preventive, sick and specialty office visits are covered at 100 percent with no deductible when using a Palmetto Health Tier 1 provider. Other BCBS providers and out-of-network providers also are covered at varied deductible levels. The Health Savings Account plan is a high deductible health plan using Palmetto Health providers, the BCBS network of providers and Out of Network providers that enables you to take a more active role in managing your health care. It is intended for relatively healthy individuals and families who anticipate needing only routine preventive and minor sick care for you and your family. In exchange for lower bi-weekly payroll contributions, you have a higher deductible. There is no co-pay or deductible for preventive services in the Palmetto Health or BCBS network. Preventive services include annual physicals, screening services, well-child care and child/adult immunizations.

Prescription Drug Benefit

The program allows employees who are enrolled in one of the medical plans with Palmetto Health to obtain prescription drugs at the Palmetto Health Pharmacy, retail pharmacies, or through mail order with a co-payment. Enrollment is automatic when you enroll in one of the two medical plans.

Dental Insurance

“Low-option” dental coverage is provided by Palmetto Health. Family coverage may be added by paying a premium difference. Palmetto Health’s dental plans promote oral health by covering preventive services at 100 percent with no deductible. You can maximize your benefits when you use a dentist in Delta Dental’s Premier or PPO network. Basic services are covered at 50 percent. Major services (bridges, dentures, crowns) are covered at 50 percent. The annual maximum insurance payment is $500 per person out-of-network and $750 in Delta PPO and Delta Premier network. “High-option” coverage includes orthodontic coverage. To cover you and your dependents, both options may be purchased through payroll deduction. Deductibles are waived at the Palmetto Health Richland Dental Center.

Vision Insurance

Vision coverage is provided by Palmetto Health for you and your dependents at discounted group rates through payroll deduction. The vision plan provides reimbursement for vision exams ($45), lenses ($90), frames ($60) and contact lenses ($150) purchased by a licensed provider of your choice. Long-Term Disability Insurance After 90 days of continuous employment, you are provided with a long-term disability insurance plan at no cost to you. The plan includes an elimination period of 90 days. The coverage amount for approved longterm disability (LTD) is 60 percent of your base monthly earnings up to a maximum of $20,000 per month. The maximum duration of LTD will last until the Social Security normal retirement age as described in the policy. When you complete your residency, you may continue on an individual basis at the same low rate.

Portable Long-Term Disability Insurance

Upon completion of the residency program, Palmetto Health will provide you an opportunity to continue on an individual basis at the same low rate. This plan is especially designed for physicians. If you become sick or injured and cannot practice as a physician, this plan will protect lost earnings.

Life Insurance

Palmetto Health provides, at no cost to you, Basic Life and Accidental and Dismemberment insurance that is equal to your annual base salary. You may purchase voluntary life insurance in the amount of one to eight times your base pay at a discounted group rate. You also may obtain dependent life insurance coverage at a maximum of $25,000 for your spouse and/or $10,000 for children. These policies may be paid through payroll deduction.

Liability Insurance

Your liability insurance is provided by Palmetto Health while you are in the Graduate Medical Education Program. Palmetto Health will assist you in obtaining additional insurance if needed for moonlighting purposes and the premium expense to you may be payroll deducted for 12 months.

Flexible Spending Accounts

Residents may enroll in a Dependent Care Flexible Spending Account and/or a Health Care Flexible Spending Account. These accounts allow employees to set aside pre-tax dollars for eligible and predictable health care expense not covered by health insurance and dependent care expenses for certain eligible dependents.

Health Savings Accounts

A Health Savings Account (HSA) gives you more flexibility and control over your health care costs, because it empowers you to make your own health care decisions. If you enroll in the Health Savings Account Medical plan, you will be automatically enrolled in an HSA, and HSA Bank and Palmetto Health will make quarterly contributions to your account. You can contribute through pretax payroll deductions, and the interest you earn is tax-deferred. Best of all, withdrawals from your HSA are tax-free when used for qualified medical expenses, including your deductibles, co-insurance and even your medical premiums after you retire. The balance of your HSA at the end of the plan year carries over from year to year. Your account is portable. This means it travels with you even if you leave Palmetto Health.