- Joined
- Aug 20, 2006
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- 679
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Since leaving the military in 2005, I have been continuously covered by The Doctors Company (TDC) for malpractice insurance coverage. My experience with them has been excellent.
Since starting solo locum tenens work, I have had to pay for coverage by myself. Let's say that they charge me $X/year.
Last night I got a call from the insurance broker who has worked with me and my prior group for twenty years. He is suggesting that I change to MagMutual, which he estimates will charge me 0.7 $X for full time work. If I work part time (less than 20 hours per week on average [actual patient contact hours]), he quoted me 0.4 $X with a free tail after one year of continuous coverage.
No one I've talked to has heard of this corporation. I tried to do some internet research on the company and physicians' reviews of working with them (including searching SDN), but couldn't find much.
Note that I will lose a large chunk of change as "Tribute" from TDC, which they pay out if you die, retire, or become disabled, if I voluntarily leave them. There's no way to get the money back if I am unhappy with MagMutual and try to return after more than 12 months. It's just gone. My broker points out that I would save that much money in the first three years of coverage at a lower price point. However, knowing myself, I doubt I would put the excess in a separate bank account to pass on to my children if I die suddenly vs. using it to pay expenses.
Sadly, unless I immediately get hit with a malpractice suit within a few days of switching to MagMutual, and the legal process finishes within less than a year, whether by settlement, adjudication, or trial, there is really no way for me to know whether I made the right decision until it's too late to save my Tribute plan funds.
Any advice?
Since starting solo locum tenens work, I have had to pay for coverage by myself. Let's say that they charge me $X/year.
Last night I got a call from the insurance broker who has worked with me and my prior group for twenty years. He is suggesting that I change to MagMutual, which he estimates will charge me 0.7 $X for full time work. If I work part time (less than 20 hours per week on average [actual patient contact hours]), he quoted me 0.4 $X with a free tail after one year of continuous coverage.
No one I've talked to has heard of this corporation. I tried to do some internet research on the company and physicians' reviews of working with them (including searching SDN), but couldn't find much.
Note that I will lose a large chunk of change as "Tribute" from TDC, which they pay out if you die, retire, or become disabled, if I voluntarily leave them. There's no way to get the money back if I am unhappy with MagMutual and try to return after more than 12 months. It's just gone. My broker points out that I would save that much money in the first three years of coverage at a lower price point. However, knowing myself, I doubt I would put the excess in a separate bank account to pass on to my children if I die suddenly vs. using it to pay expenses.
Sadly, unless I immediately get hit with a malpractice suit within a few days of switching to MagMutual, and the legal process finishes within less than a year, whether by settlement, adjudication, or trial, there is really no way for me to know whether I made the right decision until it's too late to save my Tribute plan funds.
Any advice?
