Cost of Benefits for Private Practice Psychiatrists

[prominence]

Can anyone comment on the general range that a psychiatrist in private practice can expect to pay out-of-pocket for medical insurance for him or herself plus their family, malpractice insurance and long term disability insurance on an annual basis?

I am fully aware that there are many variables to consider when posing this question.

The allure of high salaries in private practice psychiatry is enticing to me, but if a significant chunk of my money is being redirected towards benefits that I am responsible for paying myself (unlike as a salaried employee), then these private practice salaries on paper may be less attractive in actuality after all of the expenses are examined.

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[OldPsychDoc]

Per the Kaiser Family Foundation..., looks like you can expect to shell out about 14 grand a year, just for health insurance...

 

[notdeadyet]

Per the Kaiser Family Foundation..., looks like you can expect to shell out about 14 grand a year, just for health insurance...

And that's for an average health insurance policy an average employer provides. A salaried physician is likely to be offered a better policy as part of his or her benefits package, and a private practice physician might be interested in purchasing a better than bare average health insurance policy for their family.

 

[michaelrack]

malpractice insurance approx $5000

health ins (for a family of 4): 12-18,000

disability: often NOT offered as part of a salaried position; wouldn't consider this when comparing salaried employee vs solo private practice

in salaried positions, health ins is usually only partly covered by the employer

in a salaried position, there may be a match towards a retirement plan.

In comparing private practice vs salaried employee, I would subtract $20,000 from private practice when comparing the 2 to account for benefits

 

[prominence]

thanks guys for the the helpful replies!

 

[prominence]

For those psychiatrists who need to purchase their own malpractice insurance, would electing the limits of liability at $2 million/$6 million be sufficient coverage?