Shifting money between benefits

I'm a full-time veterinarian, and my employer pays for my health insurance, which costs about $4,000 a year. I recently got married, and my husband's insurance is better. If I join my husband's policy, should I get that $4,000 benefit somewhere else in my package? Is it fair to ask my boss to add it to my salary or to add more paid vacation days in equivalent to the benefit money?

"A healthy income is based on the practice spending about 24 percent to 25 percent of your personal production on your pay and expenses," says Dr. Craig Woloshyn, owner of Animal Medical Clinic and Sun Dog Veterinary Consulting in Spring Hill, Fla. "So start by looking at the value of your benefits as a percent of your production."

If a clinic is spending more than 25 percent of your production, you're costing the practice money, and the owner may not want to increase your salary by the amount of your lapsed policy, he says. You also need to keep in mind that the rising costs of health insurance are extracting a huge financial toll on many practices, says Dr. Woloshyn. "Often clinics overextend themselves just to offer insurance, taking money from other areas that should be better funded." Given that reality, it may be easier to work out something that doesn't drain cash from the practice, such as additional time off.

"In the end, it's all negotiable," Dr. Woloshyn says. "So talk to your boss, and see what you can work out. But remember, if your husband's company reduces or eliminates benefits in the future, you may need to reinstate your policy—so be careful not to burn bridges."

Dr. Craig Woloshyn