Tail coverage

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Perrotfish

Has an MD in Horribleness
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Does anyone know what I should reasonably expect to pay for tail coverage, if I am working with an employer that covers current malpractice but not the tail? Is this something I need to buy and pay for concurrently with my practice or something that should save up and pay for at the end of my employment?

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Does anyone know what I should reasonably expect to pay for tail coverage, if I am working with an employer that covers current malpractice but not the tail? Is this something I need to buy and pay for concurrently with my practice or something that should save up and pay for at the end of my employment?
You only buy tail coverage when you leave that job (if you do). I have paid anywhere from 3500-8000 for tail. I would have had the tail put in the original contract.
 
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Does anyone know what I should reasonably expect to pay for tail coverage, if I am working with an employer that covers current malpractice but not the tail? Is this something I need to buy and pay for concurrently with my practice or something that should save up and pay for at the end of my employment?

You can negotiate tail coverage in your contract.
 
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What's the best approach to this?


Basically ask for it. Depending on the length of your contract and the cost of the tail coverage you may get all of it paid or part of it. Always ask. Get as much as you can. You won't lose anything. It's just business.
 
Thank you, those numbers are better than I thought they'd be.

As I'm learning -- don't be shy -- Remember, as Michael Corleone said,"It's nothing personal; It's strictly business" ---

Don't go in there mealy mouthed with your hat in your hand, saying,"May I please, kind sir" -- You're an attending physician who's services are needed -- I guarantee you, you are worth at least $500K all told to any employer per year ---

Everything is negotiable -- I know of one guy that negotiated airfare back to his home when a practice moved him to another location to ramp up a clinic -- so every month, he flies home for a long weekend or his wife flies out and hangs out for a month/couple weeks -- on the practice's dime.

Don't forget the signing bonus, carefully look over the production bonus, who pays for CME and how much, who pays for professional licenses/cost of professional association dues and how much, do you get any paid time off to attend CME conferences, all that kind of stuff ---

I wound up getting my malpractice through the state medical association limited liability trust -- nice thing there is that I continued to keep the insurance at a lower level -- I use it for non-work related stuff -- i.e. I'm at a HS football game watching my children in the band and something happens where my services are needed, small stuff like that -- with my insurance, as long as I keep a policy, my tail is covered AND once I've had the policy for 5 years and am older than 50, they pay for my tail coverage without my paying any premiums -- I was 53 when I started to practice so I'm waiting on the 5 year mark....

Look at all your options and don't just take what they give you -- be prepared to walk away from the table if you have to -- as a physician, there are other jobs out there -- just ask cabinbuilder....
 
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Basically ask for it. Depending on the length of your contract and the cost of the tail coverage you may get all of it paid or part of it. Always ask. Get as much as you can. You won't lose anything. It's just business.


There is also another type of malpractice that does not require tail coverage. They don't offer it in my state but they in others. I forget what it's call occurrence. It does not need a tail because regardless of when the claim is filed you will be covered.
 
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