exernal moonlighting carrier coverage question

[CAP1228]

Hi all,

I currently have coverage for external moonlighting from a private carrier. I'm moving to a different state for fellowship where that carrier does not offer coverage. I do plan and hope to return to this current state to practice after fellowship (2 years), but the company also does not allow for 2 years of putting my contract with them onhold.

So, I have 2 questions I'd appreciate advice on:

1. Should I pay the tail (about $1800) or continue to pay for my coverage here?
I could return every now and then to moonlight/maintain my connections and trying to have my future employer pay my tail in 2 years (or just maintain the coverage myself if I end up doing private or additional work on the side).

2. Does anyone have any insight re: coverage from American Professional? I think it's the only company to be endorsed by the APA (they also offer a bunch of discounts, tail forgiveness after 10 years of being with them and coverage in all 50 states)...so seems like a pretty good deal to me. But, am I missing something?

Thanks!

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[hamstergang]

I could return every now and then to moonlight/maintain my connections

I know nothing about this but I imagine this is very hard for any of us to answer without knowing how far a trip this would be for you. I know it's a different state, but that could mean a half hour drive or a half-day flight.

 

[CAP1228]

Okay, good point. I'd be flying from Boston to Houston (about 4 hours) every few months. I have friends in the area, so housing's not a problem.

 

[heyjack70]

How much will the policy premium be each year you are gone? I would lean more toward cancelling the coverage, unless you are absolutely going to return to Boston. If you don't go back to Boston the money spent maintaining the insurance is lost. Keeping the policy seems like a way to not fully commit to your fellowship/Houston. You will probably have tons of moonlighting options in Houston as well that will more than pay for the tail price and not require you to fly 4 hours and miss out on time with friends while back in Boston. I would much prefer a local moonlighting gig and have my trips home free from work.

 

[CAP1228]

Thanks so much for that insight. Good points made. Small detail, but to avoid confusion, it's the other way around (I'm going to Boston and plan to return to Houston).

The tail would be $1800 if I cancel now. Next year, the premium would be $2200, then $3200 the next year. The follow year, year 3, I'd be done with fellowship (so either someone will hopefully be covering my insurance or tail)...

I'm also trying to consider that I'd have to get another insurance plan to cover me in MA and pay that premium each year in order to externally moonlight there, too. My first year would start at $440, but then jump to $1143 the next year.