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malpractice insurance in texas

Discussion in 'Emergency Medicine' started by Pudortu, Mar 10, 2017.

  1. Pudortu

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    Hey everyone,
    I'm moving to texas in a few months and the group I am with wants to charge me either $25/hr for basically occurrence based malpractice (claims + lifetime tail). They told me that I could also get my own insurance as well. If I planned to work 12 12's (annual total hours 1728), that would put my cost at $43k basically.
    I feel like thats too much. Do any of you guys purchase your own insurance and then when you stop, just basically buy the lifetime tail? Someone told me it was 2x your last annual premium but not sure about the details.
    Any information and guidance would be much appreciated.
     
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  3. mauricekenter

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    Sounds like you are working for a CME. They gouge you bad. I believe you can write off what they charge you so it reduces your taxes, but still not worth the difference in what you an get on your own.

    TMLT is the one I went with when I was a 3rd year moonlighting. I think it was around $4-6k, but I can't remember the exact amount.
     
    #2 mauricekenter, Mar 10, 2017
    Last edited: Mar 10, 2017
  4. DissocativFugue

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    I have an occurrence policy with tmlt 1/3MM that is approx 10-11k/yr premiums. They are ripping you off.


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  5. Janders

    Janders Senior Member

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    Shop around. That cost sounds high. And I practice outside of Tx!
     
  6. link2swim06

    Physician

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    I am in the exact same position as you (working 12 12s and offered $20/hr for insurance).

    Go with TMLT, i priced it out, its a lot cheaper. And there is a discount for first year attendings.
     
  7. b-real

    b-real What, me worry?

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    There is also a discount of 6% through tmlt if you do 2 of their CME courses (each costs like $25 for tma members). You're getting ripped off for $43,000/yr.


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  8. Pudortu

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    Do you all know how much tail would be if I left the CMG? Is it 2x the last annual premium? Is the tail for life? Thanks for all the responses so far
     
  9. link2swim06

    Physician

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    just buy occurrence from TMLT, they sell it, you need no tail.
     
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  10. Spectre of Ockham

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    35 k !?!? That sounds like a highway robbery. Can't you practice without insurance ? Because that sounds a whole lot cheaper.
     
  11. gutonc

    gutonc No Meat, No Treat
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    Asks the med student from the UK....
     
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  12. Apollyon

    Apollyon Screw the GST
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    In some states (like Florida, don't know others), you can practice "bare". That doesn't mean "naked", but no malpractice insurance. What that means, though, is, if you get sued and lose, they can take your assets. Two pluses, though - first, docs win 5/6 cases that go to trial, and, second, if your assets are nil, you're not worth it to sue!
     
    #11 Apollyon, Mar 14, 2017
    Last edited: Mar 14, 2017
  13. Dr Mantis Toboggan

    Physician Faculty

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    Wouldn't you then be on the hook for all the defense attorney fees, experts, etc?
     
  14. Apollyon

    Apollyon Screw the GST
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    Yes!
     
  15. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD
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    $25 an hour seems pretty high. If we assume you're making $300 an hour, that works out to be something like 8%. My malpractice costs about 4% of my gross income.
     
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  17. gutonc

    gutonc No Meat, No Treat
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    Of course. Which is why going bare is legal, but still generally not a great idea.
     
  18. Spectre of Ockham

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    You can retain a simple lawyer for not too much something like 15$ per month and it includes a bare minimum of representation. Besides I worry that as a resident I'll make about 50K per year and those numbers sound down right horrifying.
     
  19. gutonc

    gutonc No Meat, No Treat
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    As a resident you're covered and there's no need for you to have a lawyer or malpractice insurance on your own.

    Also, retaining a "simple lawyer" sounds like a terrible idea. If you need one on retainer, you want a good one. And, when the time comes that you need coverage, even having the best lawyer on the planet on your payroll won't ensure that you won't get your ass handed to you by a jury of your "peers" if that's what it comes to.
     
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  20. erdoc00

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    I saw what a previous group paid for me when i left and it was just over $40K. It is not cheap.

     
  21. Spectre of Ockham

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    Wow that makes residents a massive pain in the intergluteal cleft . Here in the EU residents can be sued AFAIK and have to cover their own asses but the lawsuit climate is maybe 5% or less of what goes on in the US. While you can take someone's assets or get a nice payout the doctor has to commit real malpraxis ( and the lawsuit must be approved by a federal officer that has a master's degree in something akin to investigative/forensic medicine , usually the LEO is very well versed and will conduct an investigation before allowing a suit to proceed. While he grills the heck out of doctors he dismisses 95% of lawsuits and even fines those who waste the time by filing frivolous cases. Then the case is examined by a medical board and prosecutors and only if the board finds malpraxis then the case moves to court.

    Also the with the simple lawyer tax come a few free papers that the law firm will send basically aiming to defang potential lawsuit before it's started.
     
  22. Dr.McNinja

    Dr.McNinja Nobel War Prize Winner
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    Norcal Mutual also does malpractice. It's significantly cheaper than the $35K your CMG is charging you. Mine averages around $5K fully matured. Yes, I have a tail, but that's about 150% of my annual premium. It's still way less than the CMG rates.
    TMLT is pretty good as well.
     

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