Orthodontists, like many other healthcare professionals, have diverse salaries that depend on a multitude of factors such as their area of specialization, geographical location, experience, and work setting.

Having a comprehensive understanding of the typical salary range for orthodontists can be immensely valuable when negotiating job offers or planning for one’s financial future.

What is the average orthodontist salary? 

According to the BLS, the mean annual wage for orthodontists is $267,280. 

How much do orthodontists make per hour?

The mean annual wage for orthodontists as reported by the BLS equates to an hourly wage of $128.50.

Orthodontist salary by state: What do physicians make in each state?

Orthodontists’ salaries can vary greatly by state and territory, ranging from $215,304 in Louisiana to $348,674 in Hawaii. According to ZipRecruiter, these are the annual mean salaries for orthodontists by state:

When it comes to the medical profession, doctors are divided into two major categories – primary care physicians (PCPs) and specialists. Both play an essential role in the healthcare system, but they differ in their training, responsibilities, and compensation. Knowing salary, benefits, work-life balance, and other factors can help you understand the area you want to pursue.

Salary

Are PCPs or specialists paid more?

According to the Medical Group Management Association’s (MGMA) Physician Compensation and Production Survey, the average annual compensation for PCPs in 2021 was $268,000, while specialists earned an average of $458,000 per year. A 2022 report from Medscape provides similar numbers, finding that PCPs make $260,000 and specialists make $368,000 annually. 

The MGMA survey found that the highest-paid specialists were orthopedic surgeons, who earned an average of $700,000 per year, followed by cardiologists, who earned an average of $675,000. Meanwhile, Medscape found plastic surgery to be the highest earning salary with an annual compensation of $576,000 with orthopedics ($557,000) and cardiology ($490,000) following behind.

How is salary changing for PCPs and specialists?

Between 2015 and 2022, primary care salaries increased by 33%, and specialist salaries increased by 30%, according to Medscape.

How do bonuses differ for PCPs and specialists?

According to a Medscape survey, 57% of physicians receive an incentive bonus. Average bonuses for the specialties that are often PCPs, like family medicine ($30,000), internal medicine ($29,000), and pediatrics ($28,000), are generally lower than most specialists’ bonuses. Orthopedics is at the top with an average bonus of $126,000, followed by ophthalmology ($100,000) and cardiology ($85,000). Other specialties like psychiatry ($33,000) and neurology ($29,000) have bonuses similar to those of PCPs.

How does the gender wage gap differ between male and female physicians?

The gender salary gap is fairly similar between PCPs and specialists, according to Medscape. In primary care, men earn 25% more than women—with average salaries of $285,000 and $228,000 respectively. In specialties, men earn 31% more, though this has declined in recent years. Male specialists earn an average of $402,000, while female specialists earn an average of $307,000.

Benefits

While compensation is a significant factor in a physician’s career, benefits also play a critical role in attracting and retaining talent. Most physicians receive benefits such as health insurance, malpractice insurance, retirement plans, and vacation time. However, the level of benefits could vary depending on your employer and specialty.

According to the MGMA survey, 95% of PCPs received health insurance benefits, while 90% received malpractice insurance. In contrast, 97% of specialists received health insurance benefits, and 92% received malpractice insurance. The survey also found that specialists were more likely to receive other benefits, such as continuing medical education (CME) allowances, signing bonuses, and productivity bonuses.

Work-Life Balance

One of the most significant differences between PCPs and specialists is their work-life balance. PCPs typically work regular hours, seeing patients during the day and having evenings and weekends off. In contrast, specialists may have more irregular schedules and be on call for emergencies.

Patient Interaction

Another significant difference between PCPs and specialists is their patient interaction. PCPs see a wide range of patients, from children to seniors, and are responsible for managing their patients’ overall health and wellness. In contrast, specialists focus on a specific area of medicine, such as cardiology or orthopedics, and see patients with specific conditions or diseases.

As a result, PCPs may have a more diverse patient population, while specialists may have a more specialized and focused practice. This can impact their daily workload and the types of cases they see.

Making the choice

PCPs and specialists both play critical roles in the healthcare system, but they differ in their training, compensation, and some data on burnout differences.

Ultimately, the choice between becoming a PCP and a specialist depends on individual interests, skills, and priorities. Those who enjoy developing relationships with a broad range of patients and taking a holistic approach to care may find primary care to be more fulfilling. On the other hand, those who enjoy mastering a specific area of medicine and working with complex cases may find specialty medicine to be more rewarding.

It is also worth noting that the healthcare system relies heavily on PCPs to provide preventative care and manage chronic conditions, which can improve patient outcomes and reduce overall healthcare costs. However, the shortage of PCPs in some areas can lead to burnout and higher patient volumes for those who do choose this path.

In contrast, specialists are often in high demand, particularly in areas such as surgery, cardiology, and oncology, which can lead to more competitive salaries and better job security. Both primary care and specialty care are vital to providing quality healthcare, and both offer unique rewards and challenges.

Find more doctor-specific articles on our Resources page or check out: 

• What Is The Average Pediatrician Salary?
• What Is The Average Surgeon Salary?
• What Is The Average Family Medicine Physician Salary?

When it comes to buying a house, one of the biggest hurdles for most is coming up with the down payment. Many homebuyers wonder how much they need to save for a down payment, as it can have a significant impact on their ability to secure a mortgage, the interest rate they qualify for, and their monthly mortgage payments. 

What is a down payment?

A down payment is the amount of cash you pay upfront on a large purchase, like a home or car. The down payment is calculated using a percentage of the total purchase price, and most buyers will take out a loan to finance the remainder of the purchase.

What is a typical down payment?

Lenders may require down payments from 0% to 25% of the purchase price, depending on the loan type and the borrower (their credit score, debt-to-income, and how they will occupy the home). 

How much do I need for a down payment based on my loan type? 

Down payment requirements can vary greatly based on the type of mortgage. Let’s take a look at how conventional, FHA and doctor mortgages’ down payments differ.

Conventional mortgage

Conventional loans are mortgages from private lenders that aren’t government backed. These loans require as little as 3% down (for first time home buyers) and up to 20% down (for investment purchases).

With a smaller down payment (less than 20% down), the buyer will often need to pay for private mortgage insurance, which can vary from 0.5% to 1% of the total loan amount per year.

Definition: Private mortgage insurance (PMI) – a type of mortgage insurance typically required for conventional loans with greater than 80% loan-to-value. It protects the lender if you stop making payments on your mortgage.

FHA mortgages

FHA mortgages are loans that are insured by the Federal Housing Administration (FHA) that are designed to help first-time homebuyers or those with lower credit scores or income levels. FHA mortgages typically require a down payment of 3.5% of the purchase price of the home. 

For a $200,000 home, the down payment would be $7,000. However, it is important to note that similar to conventional loans, borrowers will need to pay for FHA mortgage insurance, which can add to the overall cost of the loan. These loans offer greater flexibility in terms of fico and debt-to-income requirements.

Doctor mortgages

Doctor mortgages are specialized loans that are available to medical professionals, including physicians, dentists, and veterinarians. These loans are designed to help healthcare professionals purchase a home with a smaller down payment, no PMI, and more flexibility on employment and debt-to-income ratio.

The down payment requirement for a doctor mortgage can vary depending on the lender, but it is typically around 5% to 10% of the purchase price of the home. Some doctor mortgage lenders offer 0% down payment options.

What are the benefits of making a large down payment?

• Smaller monthly payments – The higher the down payment, the lower the monthly payments a buyer will have to make. If you are trying to purchase a $350,000 home, the difference between 3% down and 20% down at a 6.5% interest rate equates to almost $400 less each month.
• Interest savings over time – Not only will your monthly payments be less because of a larger down payment, you will also pay less for the mortgage overall. For the same priced home, you will save almost $60,000 in interest over the course of a 30-year mortgage.
• Lack of PMI – Depending on loan terms and down payment amount, you may be able to skip the additional monthly cost of private mortgage insurance, or reduce the amount required.
• Better terms – With a bigger down payment, a lender may offer your lower rates, or you may qualify for a higher purchase price.

What are the drawbacks of making a large down payment?

• Stretching your savings thin – Making a larger down payment to the detriment of your savings account can be a bad position for a new homeowner. It’s important to keep a portion of your savings set aside for emergencies, and cutting into that for a down payment could put you in need of money later down the road.
• Delaying your purchase – Saving for a large down payment can delay your time to enter the market. During this time, home prices, and interest rates, could be rising, which will limit your purchasing power.
• Limiting investments or retirement – Some homebuyers will forgo investments and retirement savings to accumulate a higher down payment. Solely saving for a down payment while forgoing other financial goals could affect your finances long term.

Mortgage Loans for Doctors

We understand the unique needs of doctors, because we are doctors ourselves. That’s why we have partnered with Primis Mortgage–to bring you excellent service in every step of the mortgage process. We all work together to help you purchase or refinance your home, on your schedule, answering any questions and making sure you have what you need to make the best decision.

This partnership aims to provide one of the best mortgages for doctors by offering competitive mortgage rates and a dedicated mortgage team that will be by your side, guiding you through each step from start to finish. You will benefit from a streamlined approach to financing with prequalification, progress updates and communication with your loan officer, all within a mobile app.

Need help finding a home or understanding home buying financially?

Finding your dream home or the right mortgage to finance your dream home can be difficult, but a team behind you can make it a little easier. Our Build Your Team program can get you connected to real estate agents and financial advisors to help you throughout the process. Get connected for free by visiting our page here.

The transition from medical school to residency can be a challenging task, especially with limited income to cover living expenses and other needs. With long hours and a demanding workload, residents often feel overwhelmed and added financial stress doesn’t help.

New residents face challenges adjusting to their new salaries, budgeting, covering expenses, and taking advantage of employee benefits. We wanted to talk with physicians who have been there before to share tips on how to overcome these.

Here are insights and personal experiences from Disha Spath, MD, CEO and Founder of The Frugal Physician, Nii Darko, DO, MBA, FACS, Host of Docs Outside the Box Podcast, and Leif Dahleen, MD, Physician on FIRE, about salaries, budgets, expenses and benefits.

For many residents, their training may be the first time they have had a salary. How should residents think about their salary and budget? 

DS: Residency is a great time to start tracking expenses. While the salary isn’t as high as attending salaries, it is still around the average national salary. It is the first time many of us have made a real salary. 

If a resident can get a good understanding of their necessary expenses at this time, they can use it as a baseline to devise a reasonable budget when income increases as an attending. If they can get in the habit of saving a small percentage of their salary for retirement in a Roth IRA, that training will really put them ahead of the game as an attending when it comes to wealth building.

LD: Hopefully, it’s enough to get by. Depending on where you live and whether or not you’re supporting anyone besides yourself, that may or may not be the case. 

Either way, you’re going to have to get by on this amount of money for at least a few years, unless moonlighting opportunities present themselves and you actually have the time and energy to take advantage of them.

Residency is a great time to “live (and spend) like a resident” and not a good time to go into debt, especially credit card debt, with the assumption that you can easily pay it off when you become an attending physician. Circumstances change, you’ve probably got major student loan debt, and there’s no good reason to dig that hole any deeper. Live within your means; it’s not like you have a lot of time to go out and spend extravagantly, anyway.

ND: Budgeting your salary as a medical resident can seem daunting, especially if this is your first job ever. Look at it this way, it’s an important step in taking control of your finances and giving you the peace of mind you need during this challenging time. Here’s some tips to keep in mind:

• Determine your monthly income
• Create a budget
• Prioritize saving
• Look for ways to cut costs
• Keep track of your spending

Check out this clip from Episode 303 of Docs Outside the Box for more insight into your new salary as resident salary.

Sometimes, a resident doesn’t receive their first paycheck until several weeks after the move. What is the best suggestion for paying for living expenses during this time of no income? 

DS: Hopefully, they will have read this article and planned ahead for this time! The resident should have saved some money for these few weeks. If not, leaning on family is ok. Try not to go into credit card debt, but if it’s necessary, treat it like a fire and pay it off as soon as the first check hits the bank.

LD: This shouldn’t come as a surprise, so it’s obviously wise to have some money set aside to cover your expenses as you make that transition. The money can come from working a bit between medical school and residency, taking out more student loans than necessary as a fourth-year student, borrowing from friends or family, or even from a short-term lender that treats physicians fairly. 

ND: It’s important to understand the timeline for when you will receive your first paycheck and make a plan for potential gaps in income. Heads up: the biggest expense will most likely be housing, as you will have to pay a security deposit and the first month’s rent. You may have to set aside money from what’s left of student loans or savings. Consider asking for help from family if possible. If you know they are planning gifts for graduation, it doesn’t hurt to ask them to make it cash gifts. 

We live in a gig economy nowadays, so don’t sleep on freelance gigs (i.e Uber / Lyft) as a means to earn additional income during the gap period. If you’re really in a bind, you can consider applying for a personal loan or credit card with a low-interest rate as a backup option. Many medical schools offer these loans. However, it’s important to use these resources responsibly and avoid accumulating too much debt.

What should all residents know about benefits offered by their residency programs? What should they take advantage of? 

DS: Residents can often get a very reasonable disability insurance policy during residency, and there is often an option to extend that into attending-hood. If the policy is a true own-occupation policy (one that will cover the resident if they cannot perform their specific job, irrespective of whether they can work in a different field) then it would be a good idea to keep it. Similarly, if they can get a reasonable life insurance policy as a resident, it will likely be more economical given your younger age and hopefully less medical issues. 

Residency is a great time to start a Roth IRA, along with any other 401k/403b offered by the residency, if you have any leftover money at the end of each month to get a headstart on saving for retirement. 

Student loans are another large topic to be addressed. If your program offers any free debt counseling, I’d take that. Consider starting to make loan payments via an income-driven plan in residency, instead of forbearance, to get credit for those payments via Public Service Loan Forgiveness. Due to your lower salary, the payments will be much lower than any other time in your career. 

LD: Certainly, one should know what the benefits package entails, and that’s going to vary from place to place. Health insurance is paramount, and there will likely be some additional insurance coverage offered. Group disability insurance is usually a poor substitute for having your own true, own-occupation, long-term disability insurance policy, and such coverage is usually cheaper to obtain while in residency.

If you’re lucky enough to have a 401(k) plan with a match, do whatever you can to get that free money. If you have to take on debt to earn an instant 100% return, that’s going to work out in your favor 100% of the time.

ND: Residency is not just a job. It’s an experience that will help you succeed professionally and personally. Your residency has benefits that you should investigate as soon as day one. 

Residency programs offer health insurance to their residents, which can help you stay healthy and save on medical expenses. Take advantage of your program’s retirement savings plans (e.g., 401(k) or 403(b)), as they can help you build wealth in the future. Do not forget about the educational opportunities like conferences, workshops, and seminars that can help advance your career. Be sure to visit the Human Resources department and ask them what other benefits you’re eligible to receive.

Read more about the transition to residency

We spoke to Disha, Nii, and Leif about other topics surrounding the transition to residency. Check out:

• Renting Vs. Buying & Other Tips For New Residents From Physicians

Find more residency-specific guides on our Resources page, or check out one of these:

• Why Monthly Budgeting Is Critical For Doctors-In-Training
• What Happens Between Match Day and Residency? We’ve Got Your To-Do List
• 10 Tips for New Residents

As a medical student transitioning into residency, you are about to embark on a new chapter in your life and the next step on your journey to becoming a physician. So much is changing in a short amount of time, and there are many decisions to be made, including where you will live.

Both renting and buying have their own advantages and disadvantages, and the choice depends on your personal needs and future plans. To help you navigate this decision, we spoke to three physicians who have been there before.

Here are insights from Disha Spath, MD, CEO and Founder of The Frugal Physician, Nii Darko, DO, MBA, FACS, Host of Docs Outside the Box Podcast, and Leif Dahleen, MD, Physician on FIRE, about their tips for renting vs. buying and one thing they want new residents to know.

What tips do you have for residents when considering renting vs. buying in training? 

DS: The decision to rent or buy in residency is a nuanced one based on future plans and location. Generally speaking, it’s a good idea to rent if the projected time one is going to be there is shorter than 4-5 years. There are a lot of costs and headaches associated with homeownership that make it undesirable for residents, especially in this high interest-rate environment. 

However, buying can be the right choice if someone is planning on staying to work in the same town in which they are doing residency. Buying a home in residency can also be a good way to kickstart a rental portfolio. My husband and I bought our residency home with plans to turn it into a rental property later, and that worked out for us. But, we specifically bought a house that had good rental potential in a less-than-desirable neighborhood at the time. 

It is important to run the numbers and see what works in your individual situation. There are many rent vs. buy calculators out there, such as this one: https://www.calculator.net/rent-vs-buy-calculator.html. 

Also, if considering buying a property for rental potential, make sure it cash flows positive (results in a net gain at the end of the year, after all expenses are accounted for) by running the numbers on a calculator such as this: https://www.calculator.net/rental-property-calculator.html.

LD: Do as I say, not as I did. I bought a one-bedroom condo, and it worked out okay, but I recommend renting to the vast majority of residents.

The break-even point for owning vs. renting is five to seven years, on average, which is on the longer end of the residency +/- fellowship spectrum, and it’s common for those who move on to fellowship to do so in a different city. Additionally, some interns and residents realize they chose the wrong specialty for them, and they may need to move to join a program in a field better suited to them. It’s much easier and less costly to break a lease than it is to sell a home you’ve only lived in for a handful of months.

Some people feel that renting is “throwing money away,” and it’s true that owned homes can and usually do appreciate, but there are a lot of costs of home ownership that are often underappreciated or ignored when running the numbers.

You’ll hear anecdotes from those who bought the right place at the right time, lived there for 6+ years, and made a tidy profit when moving on, but I believe most residents should opt to rent.

ND: As a medical resident, you have a lot on your plate. Between long hours at the hospital, studying for board exams, and trying to maintain some semblance of social life, the last thing you want to worry about is finding a suitable place to live.

Deciding on whether to rent vs. own is a decision that can add unneeded stress during your first year of residency, especially if you’re unfamiliar with the city you’re moving to. My advice to first-year residents is always to rent first. Here are some tips to keep in mind when looking for a place to live:

• Look for proximity to the hospital
• Consider the neighborhood
• Determine how much you can afford to pay in rent each month
• Check for lease flexibility in terms of lease length

Check out this clip about why residents should rent from Episode 264 of Docs Outside the Box podcast.

What is one tip you would give to those transitioning into residency? 

DS: I would remind them that their first task as a resident is to learn their craft. So focus on learning medicine and don’t stress if you don’t understand all of personal finance before starting as an attending. If there is an easy month, pick up a personal finance book and give it a read. Just knowing the basics will give you a huge head start. 

LD: You’ll work harder in the next 3 to 7 years than you ever have and ever will. Remember, it gets better, but now is the time to focus on becoming a better doctor. 

ND: Learn to ask for help when it’s needed. It’s expected that you will not know everything when starting residency. As a medical student, you may have been used to working independently, but as a resident, you’ll be part of a healthcare team including attendings, nurses, and other healthcare professionals. 

Don’t hesitate to reach out for help or advice when needed, especially when it involves assistance with a difficult patient case. Asking for help is a sign of strength and maturity, not weakness. Ultimately, being open to feedback and guidance will help you provide the best possible care and help you grow as a physician.

Read more about the transition to residency

We spoke to Disha, Nii, and Leif about other topics surrounding the transition to residency. Check out:

• Tips For Budgeting, Benefits & Expenses During Residency From Physicians

Find more residency-specific guides on our Resources page, or check out one of these:

• Why Monthly Budgeting Is Critical For Doctors-In-Training
• What Happens Between Match Day and Residency? We’ve Got Your To-Do List
• 10 Tips for New Residents

Recent weeks have been tumultuous for some banks, leading to some concern among customers about the safety of their deposits. In the wake of two bank failures, it is natural to worry about the security of your funds, and you may have questions about what measures are being taken to protect your money.

In this article, we give you a brief overview of the recent events, how to know your funds are safe, and what Panacea is doing to protect your money.

Here’s What Happened

On Friday, March 10, bank regulators forced a shutdown of Silicon Valley Bank (SVB), the 16th largest bank in the U.S., due to their inability to meet deposit obligations. This marked the largest bank failure since 2008. 

On Sunday, March 12, bank regulators shuttered Signature Bank, marking the third-largest bank failure in U.S. history. The federal government provided a full backstop on losses, ensuring that no depositor at either bank would lose any money. 

How Did This Happen? 

SVB had been the pillar of the tech and venture capital (VC) ecosystem. From 2018 to 2021, its VC banking clients were especially flush with cash and kept these deposits at SVB. The bank invested these excess deposits into longer-term securities that declined in value, due to rising interest rates. 

Due to rising interest rates, VC customers began rapidly taking money out of SVB and sending it to other banks to find higher rates. This forced SVB to sell the previously purchased securities at a substantial loss in order to meet its deposit obligations, sparking a panic amongst the remaining deposit customers.

The failure of Signature Bank, a bank that worked primarily with tech and crypto, was a result of panic after the sudden collapse of SVB. Customers withdrew more than $10 billion in deposits following the first bank’s closing.

Is My Money Safe in a Bank?

The security of your money in a bank account is contingent on two primary factors: where it is and how much you have. Many banks are FDIC insured, meaning $250,000 per depositor, per issued bank, for each account ownership category is insured. 

If your bank is FDIC insured and it fails, you will receive all of your money back up to the $250,000. If your bank is not FDIC insured, you won’t receive your money back. If your balance is greater than $250,000, any amount over that limit is not insured. If your bank fails, you may receive the amount over the limit back, but it is not guaranteed and may take some time.

Because of this, you want to be sure your money is at an FDIC member bank and your balance is less than the $250,000 threshold. If you have more than that limit, the next section details a simple way to secure it.

How Do I Protect My Money Over $250,000?

At FDIC member banks, your money is insured up to $250,000 per depositor, per issued bank, for each account ownership category, but what if you have more in your account than that and you want to be sure it is safe? Moving your money into multiple accounts at different financial institutions is one way to do this, but Panacea makes it easier.

We offer Insured Cash Sweep (ICS), which can secure balances up to $125,000,000 per tax ID, totally for free! This program divides your deposit balance between other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000). 

We handle all of this for you, and you will still only work directly with us, rather than managing your accounts at multiple different banks. Learn more about this program here. Fill out the ICS form here.

Work With A Bank You Can Trust

Still feeling worried about your money being in a secure place? Finding a bank that is committed to providing superior service and having customers’ interests at heart could calm your fears.

At Panacea, we are focused on our customers first. That’s why we protect your deposits through FDIC insurance and ICS.

If you want to move your funds to a bank you can trust and take advantage of competitive savings rates, Panacea is able to help! Find our current personal high-yield savings account rates here, and our current business savings account rate here. These rates mean you can save more while knowing your money is safe. Learn more about our personal and business  deposit accounts.

According to the Association of American Medical Colleges, there were 60,305 active pediatricians in the U.S. in 2021. 

Pediatricians have varying salaries based on specialty, location and other factors, but it is a good idea to have a general understanding of salary to help guide negotiations and create a financial plan.

What is the average pediatrician salary? 

According to the BLS, the mean annual wage for pediatricians is $198,420. 

Medscape reports that general pediatricians’ average annual earnings were $244,000 in 2022.

How much do pediatricians make per hour?

The mean annual wage for pediatricians as reported by the BLS equates to an hourly wage of $95.40.

Pediatrician salary by state: What do physicians make in each state?

Pediatricians’ salaries can vary greatly by state and territory, ranging from $91,350 in Puerto Rico to $297,280 in Montana. According to the BLS, these are the annual mean salaries for pediatricians by state:

According to the Association of American Medical Colleges, there were 24,880 active general surgeons in the U.S. in 2021. That number almost triples when you factor in surgery specialties like plastic, orthopedic, vascular and more.

Surgeons have varying salaries based on specialty, location and other factors, but it is a good idea to have a general understanding of salary to help guide negotiations and create a financial plan.

There is varying data available for surgeon salaries, but in this article we will use Medscape’s general surgeon salary data and the U.S. Bureau of Labor Statistics’ “all other surgeons,” which includes all surgical specialties except orthopedic and pediatric surgeons and ophthalmologists.

What is the average surgeon salary? 

According to the BLS, the mean annual wage for “all other” surgeons is $297,800. 

Medscape reports that general surgeons’ average annual earnings were $402,000 in 2022.

How much do surgeons make per hour?

The mean annual wage for surgeons as reported by the BLS equates to an hourly wage of $143.17.

Surgeon salary by state: What do physicians make in each state?

Surgeons’ salaries can vary greatly by state and territory, ranging from $193,080 in Alabama to $359,220 in North Dakota. According to the BLS, these are the annual mean salaries for “all other” surgeons by state: