OMFS malpractice insurance

[Colastick]

Hello, quick question about getting malpractice insurance.

I know most OMFS choose OMSNIC but when I compare the prices and the detail with MedPro, I'm really inclined to going with medpro especially since OMSNIC doesn't have occurrence policy, and price points are similar.

Can anyone tell me pros/cons of either company and which one you would personally go with?
I also heard something about when you pay for OMSNIC, you buy their shares and their dividends end up paying for the malpractice insurance fee itself; can anyone confirm this as well?


Thank you

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[ShortShortsDad]

OMSNIC is for life so I’ll buy a tail when I retire. The resources they have for consent forms and CE are legitimately helpful. Treloar recommended MedPro to me for the slight cost savings but ultimately I plan on being with OMSNIC long term. I negotiated my rate since it was higher than my coresident and they happily matched it

 

[chlrbwls]

OMSNIC is for life so I’ll buy a tail when I retire. The resources they have for consent forms and CE are legitimately helpful. Treloar recommended MedPro to me for the slight cost savings but ultimately I plan on being with OMSNIC long term. I negotiated my rate since it was higher than my coresident and they happily matched it

are you then keeping the rates same? and putting it on hold until you retire? (12-15 years?) and you can easily activate it when you are ready?

 

[ShortShortsDad]

are you then keeping the rates same? and putting it on hold until you retire? (12-15 years?) and you can easily activate it when you are ready?

Sorry I don’t quite understand. If you’re still active duty and moonlighting they give you a discount rate for part time work. If you pick up another job you just call them and the rate stays the same as long as you’re under your hour limit. When you leave the military then your premium increases as you move full time private practice

 

[Colastick]

What do you guys think about adequate coverage?
is it $1/3 mil or $3/5 mil?
My insurance agent is suggesting $3/5 mil but is he just driven by self-interest or is there legitimacy in that?

 

[ShortShortsDad]

Working part time I have 1/3. I would talk to Treloar about what they think makes sense for your financial situation. They will make sure you are adequately insured with life and disability too.

 

[chlrbwls]

Sorry I don’t quite understand. If you’re still active duty and moonlighting they give you a discount rate for part time work. If you pick up another job you just call them and the rate stays the same as long as you’re under your hour limit. When you leave the military then your premium increases as you move full time private practice

Oh okay makes sense didn't know you were already moonlighting

Also then it sounds like you have treolar for life, disability and omsnic for malpractice?

 

[ShortShortsDad]

Oh okay makes sense didn't know you were already moonlighting

Also then it sounds like you have treolar for life, disability and omsnic for malpractice?

Treloar & Heisel is an OMS specific brokerage that will help you with financial planning. Basic advice is free and while they offer paid financial advice I think it’s in every doctors best interest to familiarize themselves with WhiteCoatInvestor - when you start actually making money get a good accountant and likely a fee based medical specific financial advisor. While they take a look at the whole picture they primarily are useful for helping procure different insurance products thru other companies. For example you’ll have $400k life SGLI/SGLV automatically thru the military, when I started a family I got $1M thru Prudential and when I graduated residency another $1M thru Lincoln. Get disability as soon as you can since in residency you lock in a lifetime discount and with the military documenting everything in your medical record you don’t want to pick up any exclusions - the coverage is so low to be nearly useless while active duty but you’re paying to lock that rate in and get past the medical while you’re healthy. There are a couple companies that will work with active duty but the only mainstream and best choice is MassMutual

 

[chlrbwls]

Treloar & Heisel is an OMS specific brokerage that will help you with financial planning. Basic advice is free and while they offer paid financial advice I think it’s in every doctors best interest to familiarize themselves with WhiteCoatInvestor - when you start actually making money get a good accountant and likely a fee based medical specific financial advisor. While they take a look at the whole picture they primarily are useful for helping procure different insurance products thru other companies. For example you’ll have $400k life SGLI/SGLV automatically thru the military, when I started a family I got $1M thru Prudential and when I graduated residency another $1M thru Lincoln. Get disability as soon as you can since in residency you lock in a lifetime discount and with the military documenting everything in your medical record you don’t want to pick up any exclusions - the coverage is so low to be nearly useless while active duty but you’re paying to lock that rate in and get past the medical while you’re healthy. There are a couple companies that will work with active duty but the only mainstream and best choice is MassMutual

Thankfully I locked in my rate from dental school and have mass mutual. I think it was offered through treolar and heisel if I am not mistaken. I didn't consider their financial advice I might have to get in touch with them again as I change my genden policy to oms

 

[George Lincoln]

Hello, quick question about getting malpractice insurance.

I know most OMFS choose OMSNIC but when I compare the prices and the detail with MedPro, I'm really inclined to going with medpro especially since OMSNIC doesn't have occurrence policy, and price points are similar.

Can anyone tell me pros/cons of either company and which one you would personally go with?
I also heard something about when you pay for OMSNIC, you buy their shares and their dividends end up paying for the malpractice insurance fee itself; can anyone confirm this as well?


Thank you

Having practiced OMS for over 40 years I've seen the development of OMSNIC from AAOMS Mutual. I have been a defense expert for 35 years never losing a jury trial; this is a result of good preparation of both the attorney and myself. As far as who will represent you better I've seen no difference between insurance companies. One big issue is that OMSNIC allows members to be plaintiff experts, which I have no problem with; however when they provide false testimony to get a case to trial at best that's misrepresentation, at worst it prostitution. The fact that AAOMS or ABOMS does nothing to discipline these individuals is unacceptable. I've run into some of these so called experts at trials and some are even in teaching positions, unacceptable.
Getting back to your point, I bought the best polices at the best price and invested the difference; result way ahead.

ingHello, quick question about getting malpractice insurance.

I know most OMFS choose OMSNIC but when I compare the prices and the detail with MedPro, I'm really inclined to going with medpro especially since OMSNIC doesn't have occurrence policy, and price points are similar.

Can anyone tell me pros/cons of either company and which one you would personally go with?
I also heard something about when you pay for OMSNIC, you buy their shares and their dividends end up paying for the malpractice insurance fee itself; can anyone confirm this as well?


Thank you

 

[702]

Why do they want to get the case to trial