For medical and dental practices
A 401(k) for your practice.
Physician owners and their staff want different things from a plan. A clear proposal shows how one plan serves both, what it costs and who does the work.
What a good proposal shows.
Costs in writing
Administrative and investment fees, set beside the services you receive.
A fit for owners and staff
Plan options weighed against your staff, your ownership and how much the owners want to save. Practices often look at safe harbor and profit sharing designs, and some owners add a cash balance plan.
Clear responsibilities
Who handles setup, payroll, recordkeeping, testing and filings, and what stays with the practice.
The rest of your benefits.
A 401(k) is often the center of a benefits package. A review can look at the rest of it too.
Health coverage
Carrier and plan design options, the employer contribution, and alternatives such as an ICHRA for smaller practices.
Group disability and life
Baseline group coverage that staff often value, with a way for employees to add individual coverage.
Time off and leave
Separate or combined sick and vacation time, and parental leave, weighed against clinical coverage.
The owner's view
Employer contributions to health coverage, retirement plans and HSAs are generally deductible. Confirm the net cost with your CPA.
Common questions.
Can one plan work for physician owners and staff?
Do you work with dental practices?
What about my own investments as an owner?
More questions about cost, switching and plan rules
- Cost comparisons depend on each plan's services and written fee disclosures. The proposal and applicable agreements identify the advisory entity, provider responsibilities and fees.
Start with your current plan.
Tell us about the practice and what a written comparison should cover.