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PokerDoc

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does anyone have a list that shows the avg malpractice insurance/yr for each specialty?
 

edfig99

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does anyone have a list that shows the avg malpractice insurance/yr for each specialty?

extremely variable by state (even county) and type of malpractice policy purchased. Among other types of professional liability insurance, the two main ones people talk about are "claims made" (only covers you while you still work for the same practice) or "occurrence" (covers you for life, even if you change jobs), along with your prior work history.

probably should check with your state medical society for local info.

here's the link to one carrier in nys -- you can play around with it and see what your premium could be.
http://www.mlmic.com/portal/
 

194342

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We pre-meds only know the price of the cheapest case of beer on campus. I'm not sure posting this question in the pre-allo fourm will do much good. Try the residency or current allo medical school student ones. :p

Oh, and I have no idea.
 
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BigRedder

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extremely variable by state (even county) and type of malpractice policy purchased. Among other types of professional liability insurance, the two main ones people talk about are "claims made" (only covers you while you still work for the same practice) or "occurrence" (covers you for life, even if you change jobs), along with your prior work history.

probably should check with your state medical society for local info.

here's the link to one carrier in nys -- you can play around with it and see what your premium could be.
http://www.mlmic.com/portal/

New York metro area:
You selected an Occurrence policy for the specialty of Neurosurgery practicing in Kings county.
The annual premium for this type of policy is $267,837
Ouch.
 

Live4Life

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Just remember, that medical malpractice insurance will be the cheapest your first year out of school and will become progressively more expensive each year until a certain number of years has passed. This has to do with the fact that you have treated less patients and thus is less likely that you will be sued. Remember, that you also have to maintain malpractice insurance after you retire for a certain number of years, this is called tail coverage.
 

edfig99

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Just remember, that medical malpractice insurance will be the cheapest your first year out of school and will become progressively more expensive each year until a certain number of years has passed. This has to do with the fact that you have treated less patients and thus is less likely that you will be sued. Remember, that you also have to maintain malpractice insurance after you retire for a certain number of years, this is called tail coverage.

you're describing a "claims made" policy. it starts out relatively cheaper but by year 5 or 6, not so much.

an occurence policy is expensive from the get-go, you pay the same amount each your but it covers you forever.

but the pre-allo board probably isn't the best place for this thread. cost of a case of beer is much more relevant at this point, as a previous poster mentioned ;)
 

yodudedudeyo

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yikes, i guess when people talk about how much $$ doctors make, they don't realize that insurance is extremely expensive. so realistically, say you're a doctor in a small mideast town, how much money would you be making a year considering insurance and all other costs? let's say you've been a doctor for a good 5 years
 

Live4Life

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you're describing a "claims made" policy. it starts out relatively cheaper but by year 5 or 6, not so much.

an occurence policy is expensive from the get-go, you pay the same amount each your but it covers you forever.

but the pre-allo board probably isn't the best place for this thread. cost of a case of beer is much more relevant at this point, as a previous poster mentioned ;)

What is the benefit of having an occurence policy rather than a claims made policy?
 

edfig99

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What is the benefit of having an occurence policy rather than a claims made policy?

an occurence you pay up front for all the risk you will be assuming, so you are essentially covered for life. So supposing I work at Practice X and I was covered under an occurrence policy and leave after 2 years to go work for Practice Y, a patient from practice X names me in a lawsuit.. an occurrence policy will still protect me from that lawsuit at practice X even though I no longer work there.

If I leave X to work at Y with a claims made policy at X, where I am essentially paying for the risk i've accumulated as I've worked there and I get sued from a patient of practice X, unless I purchased an additional insurance policy to protect me (what's called "tail" or "prior acts coverage") I am fully liable. Employer Y's malpractice will not kick in, not will Employer X.

the benefit of one over the other depends on who's paying for the policy (employer vs employee), how much they can afford, and what is the likelihood of leaving the practice.
 
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