PHYSICIAN BENEFITS SUMMARY. In the new world of health care, Steward Health Care System has you and your family covered.

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1 PHYSICIAN BENEFITS SUMMARY In the new world of health care, Steward Health Care System has you and your family covered.

2 DEAR COLLEAGUE, Steward Health Care understands that selecting a health care organization to affiliate your practice with is a challenging decision that is influenced by many different factors. In this material, we want to present an overview of the valuable benefits package which can be so important to you and your family. We believe that in creating this package, we have recognized the need for flexibility, for solutions to both short and long-term concerns. We are proud to offer a comprehensive and competitive package that can be designed to fit your needs. Our team is available to answer any questions you may have. I look forward to the opportunity to having you as part of the Steward team. Sincerely, Michael Callum, M.D. Michael Callum, MD President, Steward Medical Group

3 INTRODUCTION Steward Medical Group offers a variety of benefits to eligible employees to protect their health, their families and their way of life. Some benefits are provided at no / low cost and other optional benefits (referred to as Voluntary benefits) are available through partnerships with our preferred brokers, Baystate Financial Services and Rogers & Gray Insurance. Plans may have individual eligibility requirements, such as minimum hours worked or length of service. Dr. Jean Noel, Jr. Obstetrics, Gynecology and Robotic Surgery, Carney Hospital STEWARD BENEFIT OFFERINGS INCLUDE: Medical Dental Pharmacy / Prescription Coverage 401(k) Deferred Compensation Group Variable Universal Life Insurance Long-Term Disability Long-Term Care Paid Time Off (PTO) Continuing Medical Education / Individual Physician Expenses Medical Flexible Spending Account (FSA) Dependent Care Flexible Spending Account (FSA) Employee Assistance Program VOLUNTARY BENEFITS INCLUDE: Offered through Baystate Financial Services Supplemental Life Supplemental Long-Term Disability Supplemental Long-Term Care Financial Planning Services 529 College Savings Plan Offered through Rogers and Gray Insurance Short-Term Disability Insurance Vision Insurance Legal Plan Insurance Home & Auto Insurance Accident Insurance Cancer & Critical Illness Insurance Our team welcomes the opportunity to speak with you about our competitive package and how it can be tailored to meet your needs.

4 MEDICAL BENEFIT PLANS Coverage levels that are available for our Medical & Dental plans include Individual, Individual + One, and Family. This coverage is effective the first of the month following the start date for physicians working a minimum of 20 hours per week. MEDICAL INSURANCE: Comprehensive Medical Insurance is provided through two options. The first option is the EPO plan, which is made up exclusively of Steward Providers and facilities allowing us to provide this plan at significant cost savings for our employees and their families. This plan does not have an overall deductible, and does not typically require co-pays for services within the Steward Network. As an exclusive provider network, there is a requirement for a designated primary care physician, as well as referrals to see a specialist. The second option is the DPO (Point of Service) plan which provides flexibility in selecting a facility or provider outside of the Steward Network. This plan design does include upfront deductibles, but there would continue to be reduced costs for any services provided by Steward Physicians or facilities. The flexibility of this plan may be more suitable depending on your current medical needs and providers. Includes coverage for dependent children up to age 26. DENTAL INSURANCE: A comprehensive dental plan is provided through Delta Dental which covers diagnostic, preventive and restorative procedures as well as orthodontia for children (under age 19) with one of the largest networks available. Diagnostic and preventive care is generally covered at 100% (with limitations specified within the plan). A dependent child must be a full-time student to continue dental plan coverage from age 19 to 25. PRESCRIPTION COVERAGE: Physicians and eligible family members are automatically enrolled in a prescription drug plan managed by Express Scripts (ESI) when you sign up for Steward Medical Group (SMG) health coverage through the EPO or DPO Medical Plans. The Prescription Plan features a three-tiered structure that includes generic drugs, preferred and non-formulary drugs. A mandatory mail order program for maintenance drugs has been implemented that significantly reduces co-pays when 90-day supplies are ordered. Dr. Wendall Wyatt Morton Hospital

5 RETIREMENT PLANS 401(K) RETIREMENT PLAN: The Steward 401(k) Retirement Savings Plan helps eligible employees save and invest for retirement while receiving certain tax advantages. The Plan allows physicians to defer up to 75% of their eligible pay on a pre-tax basis up to the annual IRS limit which is indexed each year. SMG will provide a matching contribution. You choose how your contributions and SMG s matching contributions are invested. Administrative and record keeping services for the 401(k) Plan are provided by Fidelity Investments. Fidelity advisors are available to all physicians in the plan, as well as Financial Advisors from Baystate Financial Services. How It Works: Contributing to the 401(k) plan can start immediately. After working one year and completing 1,000 hours of service, eligible physicians will receive a match* of 50% of their contribution up to 3%, 4% or 5% of annual base pay based on a formula that is dependent on age and years of service, as follows: AGE + YEARS OF SERVICE % OF ANNUAL BASE PAY Less than % At least 60, but less than % 80 or more... 5% *The match will be subject to IRS limitations. DEFERRED COMPENSATION PLAN: The Steward Deferred Compensation Plan offers a tax-efficient vehicle for short-term and longterm savings beyond the 401(k) Plan. The Plan allows physicians with an annual base salary over $150,000 to defer up to 50% of their annual base salary and bonus compensation now, and have that amount paid to them at a future date along with investment earnings (or losses) based on the returns of the investment funds that are selected for your personal account. Taxes on earnings are deferred until distribution. Eligible physicians may enroll during each open enrollment period for the following calendar year. Administrative and recordkeeping services for the Deferred Compensation Plan are provided by NFP Executive Benefits. For additional information please contact Alan Bolotin of Baystate Financial Services at (781) Dr. Juliet Nimako Norwood Hospital

6 STEWARD PROVIDED INSURANCE LIFE INSURANCE: Life Insurance provides coverage equal to one-and-a-half times a physician s base annual salary up to a maximum of $600,000. Physicians working 20+ hours per week are eligible for this employer-paid benefit immediately upon hire. LONG-TERM DISABILITY: Long-Term Disability Insurance provides coverage if the physician became disabled while enrolled in the plan. This benefit provides 60% of monthly gross income to a maximum benefit of $20,000 per month. Physicians working 30+ hours per week are eligible for this employer-paid benefit immediately upon hire. LONG-TERM CARE: Long-Term Care Insurance provides reimbursement for expenses for long-term care incurred at home, in an assisted living facility, adult day care center, nursing home or hospice facility. Physicians have the choice to elect several options to fit their financial needs. A base benefit of $1,000 per month for 3 years is provided. Physicians working 20+ hours per week are eligible for this employer-paid benefit immediately upon hire. Dr. Susan Banez Anesthesiology, Good Samaritan Medical Center

7 ADDITIONAL PHYSICIAN BENEFITS PAID TIME OFF (PTO): Steward Medical Group offers a number of options (both paid and unpaid) for taking time away from work to manage personal, medical and family issues. Physicians are eligible to receive up to 4 weeks of vacation, 12 sick days, 10 holidays and 1 float holiday annually. This benefit is pro-rated for part-time physicians. CONTINUING MEDICAL EDUCATION (CME), PROFESSIONAL DUES AND IPE (INDIVIDUAL PRACTICE EXPENSES): Steward will provide up to $3,500 annually for expenses related to Continuing Medical Education, including but not limited to licensure, certifications, dues and educational course work. This benefit is pro-rated for part-time physicians. Steward Medical Group accepts and processes reasonable and customary IPE reimbursement requests that meet IRS guidelines and regulations. IPE Expenses are treated as a reduction of gross taxable wages and are then added back to the physician s salary after taxes have been deducted. The net effect is a tax dollar savings for the physician. Dr. Suo Lee Carney Hospital MEDICAL AND DEPENDENT CARE FLEXIBLE SAVINGS ACCOUNT (FSA): Medical and Dependent Care Flexible Savings Accounts (FSA) offer tax savings by allowing a physician the ability to set aside pre-tax money to cover eligible expenses not covered by their medical, dental and vision plans and to pay for dependent care services received for dependent children under the age of 13. The money contributed, up to the annual limit set by federal CONTINUED ON NEXT PAGE

8 ADDITIONAL EMPLOYEE BENEFITS law and indexed each year thereafter is not taxed as income, and there is no tax or penalty when the money is used for eligible expenses. When the physician, spouse or dependent children pay for eligible medical or dependent care expenses, the physician is reimbursed through their account. EMPLOYEE ASSISTANCE PROGRAM & PHYSICIAN HEALTH SERVICES The Employee Assistance Program provides free and confidential specialized counseling and referral services to all employees of SMG who face issues that may affect their work or family lives. Employee Assistance Program counseling and referral services can help with: work-related concerns, stress, anxiety, depression, marital or family issues, alcohol abuse or other addictions or, other personal problems that might compromise employee effectiveness. Dr. Eugene Vaninov St. Elizabeth s Medical Center

9 VOLUNTARY SUPPLEMENTAL INSURANCE & FINANCIAL BENEFIT OPTIONS Offered through Baystate Financial Services SUPPLEMENTAL LIFE INSURANCE: In addition to the base life insurance coverage provided by Steward, supplemental life insurance options are available through Baystate Financial Services. SUPPLEMENTAL LONG-TERM DISABILITY: In addition to the base long-term disability coverage provided by Steward, physicians working 20+ hours per week are eligible to purchase supplemental coverage. Supplemental long-term disability coverage can be elected up to $10,000 per month; this coverage is offered without any medical questions asked if elected during the first enrollment period after hire date. Premiums are employee-paid through payroll deduction; contracts are individual but at discounted group rates. Others features and conditions apply. SUPPLEMENTAL LONG-TERM CARE: In addition to the base long-term care coverage provided by Steward, physicians are eligible to purchase supplemental coverage. Supplemental long-term care coverage can be elected up to $9,000 in monthly benefit, and up to lifetime benefit duration, subject to evidence of insurability. 529 COLLEGE SAVINGS PLAN: To assist in savings for higher education expenses, Steward is providing access to the CollegeAmerica 529 Plan which allows a physician to invest aftertax dollars in one or more of 23 of the America Funds. Earnings grow tax-deferred and withdrawals are Federal and State tax-free if used for qualified higher education expenses. FINANCIAL PLANNING SERVICES (BAYSTATE FINANCIAL SERVICES): Steward is offering a portion of the financial planning fees towards personalized Financial Planning Services. A Financial Planner from Baystate Financial Services is available to meet on a one-to-one basis and follow a comprehensive financial planning process to analyze your current financial situation and provide a customized plan tailored to help achieve your goals. Dr. Dayna Anderson Norwood Hospital

10 VOLUNTARY INSURANCE OPTIONS Offered through Rogers and Gray Insurance SHORT-TERM DISABILITY, ABACUS: Short-Term Disability acts as a partial income replacement if a physician is disabled and out of work due to an off the job accident or illness. This plan is very flexible. Physicians may choose the amount of weekly benefit they will receive, up to 70% of their weekly salary, up to a maximum of $1,250 weekly. The short-term disability benefit is paid up to 13 weeks for employees who work 30+ hours per week, and the choice of 13 weeks or 52 weeks for employees who work 16 to 29 hours per week. Premiums do not change based on age and any increase to your benefit is calculated at the original enrollment age. There is a pre-existing exclusion for this benefit coverage. VISION INSURANCE, EYEMED: This vision insurance plan helps with the cost of vision needs. The vision plan provides coverage for eye exams, Lasik vision correction, frames and lenses, and contact lenses. Annual eye exams are covered with a $10 co-pay. The plan offers a frame allowance of $175 with a discount of 20%, for any amount over the $175 allowance. There is a contact lens allowance, with a 15% discount for any balance over that $150 allowance. Most plastic lenses are covered with a $15 co-pay, and there is a 15% discount on Lasik vision correction. Dr. Ingolf Tuerk Chief of Urology and Director of the Robotic-Assisted Surgery Program, St. Elizabeth s Medical Center CONTINUED ON NEXT PAGE

11 VOLUNTARY INSURANCE OPTIONS Offered through Rogers and Gray Insurance LEGAL PLAN WITH IDENTITY THEFT PROTECTION, LEGALSHIELD: This benefit provides affordable and accessible legal services to protect you and your family members. The national network offers a preferred provider system with more than 116,000 participating attorneys that can provide legal assistance to meet your needs. Varying levels of coverage are available. Coverage is available for some criminal matters; coverage is also available for contracts, documents, wills, living wills, power of attorney and much more. The Legal Plan also offers the ability to purchase the Identity Theft Shield which includes credit monitoring, fraud alert notifications, and identity restoration by licensed professionals. HOMEOWNERS AND AUTOMOBILE INSURANCE: Most employees already have automobile and homeowners insurance, but this plan offers a discount of approximately 10% through a variety of vendors. Insurance premiums are deducted from your payroll check, which helps you budget the necessary expense, without the large up front deposits, finance charges, or bills sent home. ACCIDENT INSURANCE, BOSTON MUTUAL LIFE INSURANCE: Payments are made on qualified accidents that happen on or off the job; and coverage is available 24 hours per day. This is a flexible benefit that allows you to insure your spouse and/or your dependents. CANCER INSURANCE, COLONIAL: This insurance plan provides additional financial support for medication, diagnosis, and treatment for cancer, if the physician qualifies for this benefit. The plan pays a benefit regardless of any other coverage you may have; and this benefit is paid directly to you. The plan will also reimburse you up to $100 toward a wellness screening. CRITICAL ILLNESS INSURANCE, UNUM: Critical Illness Insurance helps to cover expenses for treatment of eligible critical illnesses, such as coma, heart attack, stroke, as well as others. This benefit provides a lump sum payment if you contract a covered critical illness. You can choose a lump sum amount up to $20,000 during any annual enrollment, with medical questions. Your children will be covered for 25% of your benefit at no additional cost. You can also apply for coverage for your spouse. During the annual open enrollment your spouse may be eligible for up to $10,000 of coverage, with medical questions. Dr. Neha Robinson St. Elizabeth s Medical Center

12 CHANGING YOUR ELECTIONS Most of the benefit plans offered though SMG are paid with pre-tax dollars. In exchange for that tax advantage, physicians legally can only enroll in, cancel or make changes to your medical, dental, vision, or flexible spending account plans during the Open Enrollment Period, unless the physician experiences a qualifying event as defined under the DOL guidelines (examples include and are not limited to loss of benefits, marriage, divorce, birth or adoption of a child). The window for making adjustments is 30 days from the date of the qualifying event. Beyond this 30 day period, any changes will need to be made during the next Open Enrollment Period. Dr. Carol Vasconcellos Hematology and Chief of Oncology, Norwood Hospital OUR PARTNERS & YOUR CONTACTS In addition to the Human Resource Staff, at Steward we are pleased to partner with the following firms to offer you and your family an extensive and comprehensive Benefit Programs. Baystate Financial Services: Fidelity Investments: Rogers & Gray Insurance: This is meant to be a summary, not a full description of benefits. In the event of a discrepancy between this summary and a plan document, the plan document will govern.

13 PHYSICIAN BENEFITS SUMMARY In the new world of health care, Steward Health Care System has you and your family covered.