Professional Fees?

[Gemgrrrl]

Hello,

I'm a 2nd year student, and we have to do a financial awareness assignment for one of our classes. Part of the assignment is to make a budget. I was wondering what fees veterinarians normally pay to maintain their license, dues, insurance, etc. How much of those are usually paid by the individual, and how much is usually paid by employers?

Any insight would be really helpful!

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[CalliopeDVM]

Hello,

I'm a 2nd year student, and we have to do a financial awareness assignment for one of our classes. Part of the assignment is to make a budget. I was wondering what fees veterinarians normally pay to maintain their license, dues, insurance, etc. How much of those are usually paid by the individual, and how much is usually paid by employers?

Any insight would be really helpful!

Those are really, really variable depending on where you are. Licenses in the US can run from $50 to $300 or more dollars annually - in Canada, licenses are close to $1000 per year (or more). It may or may not be a part of your compensation package if you are an associate. In the US, you could choose to get a DEA license to allow you to write rx for narcotics, but you may be able to practice without one, depending on where you are. Various states and provinces will have different continuing education requirements to maintain your license, and that usually has a cost involved - that's frequently a perq of your job, but not always. I don't know what malpractice insurance costs are, but they're costs you should bear yourself, not have your employer pay.

 

[chickenlittle]

Varies by state, but here in NC we are required to pay for a privilege license ($50/yr) and our veterinary license ($150/yr). Employers typically pay for these if you're a FT employee.

AVMA dues are around $300/yr and membership in the NCVMA (state vet association) is ~ $165/yr. Employers may or may not cover these, depending on the employer. Both are optional, but most people join the AVMA for their liability (malpractice) insurance.

Maintaining your license also requires you to earn a certain amount of CE credit each year. Here in NC, it's 20 hrs/yr. Depending on which conference you attend, that can be about $1000.... usually all or some of that is covered by your employer.

I don't remember exactly what I pay for malpractice insurance... maybe a few hundred per year? Depends on how much coverage you want, whether you elect license defense coverage, etc. That's something you'll pay yourself.

Hope that helps!

 

[CalliopeDVM]

a privilege license ($50/yr)

That's an interesting term........what is that for that you need in addition to your vet license?

 

[DVMDream]

DEA license is $720(?)... just around there... employer may or may not cover that

 

[CalliopeDVM]

DEA license is $720(?)... just around there... employer may or may not cover that

But that's for 3 years, isn't it?


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[DVMDream]

But that's for 3 years, isn't it?


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Yes, if I remember correctly. $700ish every 3 years

 

[chickenlittle]

That's an interesting term........what is that for that you need in addition to your vet license?

It's basically just an extra tax that NC collects from professionals. There's a long list of who is required to have it - everyone from MDs, to attorneys, to engineers, to architects, to mortgage agents, to morticians. It's kind of ridiculous.

 

[deleted498041]

Depends on the state. I have to pay $272 to apply for my license, $125 to actually get my state license. DEA is $720, but prior to that I have to get my CSR which is $150. Both the DEA and CSR are for 3 years. I apparently have to reapply for my state license sometime next February, which kind of stinks to have to pay for it twice in one year. Everything is paid for by my employer except the initial $272 application fee for my state license, I believe. I think this is a rare-ish situation for a private practice internship. From what I've seen, they'll usually reimburse some of these fees but not all. For grown up vets that aren't doing an internship or residency, it seems like more is usually covered?

Another thing to consider is malpractice and license defense.

 

[cowgirla]

. For grown up vets that aren't doing an internship or residency, it seems like more is usually covered?

Another thing to consider is malpractice and license defense.

I'm in private practice and I get 100% coverage of all licensing costs, dea, Avma, PLIT with license defense, etc.

I think a Maryland license was 225$ or something around there.

 

[deleted498041]

I'm in private practice and I get 100% coverage of all licensing costs, dea, Avma, PLIT with license defense, etc.

I think a Maryland license was 225$ or something around there.

Must be nice! Question for you: my internship next year covers PLIT for me, but how do I know if that includes license defense or not?

 

[Kpowell14]

Must be nice! Question for you: my internship next year covers PLIT for me, but how do I know if that includes license defense or not?

^^^ This!!! I've been wondering the same thing!

 

[cowgirla]

Must be nice! Question for you: my internship next year covers PLIT for me, but how do I know if that includes license defense or not?

Are you able to use your AVMA credentials to log on? the website should tell you.
If possible, sign up for it yourself and get reimbursed (or use a company credit card) rather than relying on someone else to do it for you.