Tail Insurance

[Folken]

After 6.5 years at my current gig, I am making a switch to another group. I currently have a claims-made policy with The Doctors Company and need to purchase tail. I have a quote ($21k) from TDC but I've been told I can shop around for better prices from other insurance companies. I've only had TDC, so I was hoping members here could chime in with the names of malpractice insurance companies I can contact?

Thank you!

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[deleted875186]

I thought tail was much much more expensive than 21k for 6 years of coverage, like typically several times the yearly malpractice rate for just one year of practice ….

 

[Dr. Rude]

I thought tail was much much more expensive than 21k for 6 years of coverage, like typically several times the yearly malpractice rate for just one year of practice ….

Depends on local loss ratio. Rule of thumb is 150%-250% of last year's claims made premium.

 

[linkin06]

Is “incurred but not reported” coverage like tail insurance with a claims made policy?

 

[IMGASMD]

I don’t have a company to suggest. I just want to say, usually their rate would all be somewhat comparable. Also you can always ask your next job to purchase a nose for you, as part of the package. If you’re buying for self, I’d think it’s also deductible on your taxes.

 

[dabears505]

Tail is such a scam.

 

[DrOwnage]

I joined a new job and was previously a 1099. To switch to W2 I would have insurance covered through the hospital group but would have to pay 26k for my tail for only 2 years (because it included a "buy in"). The W2 coverage would include tail when I left. I chose to go on as full time per diem and stay 1099 and just keep my current insurance because its only ~1-2 years. Didn't need the benefits because my wife is in the military. Not sure if it was the right call.

 

[GassYous]

I joined a new job and was previously a 1099. To switch to W2 I would have insurance covered through the hospital group but would have to pay 26k for my tail for only 2 years (because it included a "buy in"). The W2 coverage would include tail when I left. I chose to go on as full time per diem and stay 1099 and just keep my current insurance because its only ~1-2 years. Didn't need the benefits because my wife is in the military. Not sure if it was the right call.

I thought that group had a new contract with a higher unit value from the hospital

 

[DrOwnage]

I thought that group had a new contract with a higher unit value from the hospital

Had to move because my wife is a military doc

 

[circleK]

I would ask your new group who they use and get a quote from that company. Other companies will be dependent on what area or state you are in as they’re not all national like TDC. Also many may not even sell you stand alone tail unless you are using them for your future policy. However the quote you have seems pretty reasonable. Just be glad we’re anesthesia. We paid an insane tail for my OB/gyn wife to leave a group in a high litigation area that became terrible due to PE involvement.

 

[Twiggidy]

Medicine is wild. Sometimes the more I read thread the more I wish I'd done some other profession even if it meant a little more financial instability. I'm trying to think of another field where it cost you 5-6 figures to switch jobs or retire. The post above was correct, it is a scam.

 

[pastafan]

Nose coverage is cheaper than tail. Check with new insurer.

 

[kidthor]

Medicine is wild. Sometimes the more I read thread the more I wish I'd done some other profession even if it meant a little more financial instability. I'm trying to think of another field where it cost you 5-6 figures to switch jobs or retire. The post above was correct, it is a scam.

In college I studied engineering and was a great programmer. I kick myself everyday for not just going into tech….

Even though demand for doctors is high right now, the switching costs and hassles are bigger and bigger. It’s odd that we can still function in such a dysfunctional industry.

 

[gtb]

You will very likely need to prove you are covered by the tail policy when credentialing at future facilities.

 

[ans2021]

Get nose coverage. Much cheaper.

 

[pgg]

You will very likely need to prove you are covered by the tail policy when credentialing at future facilities.

Why this is true? Why does a new facility care if you don't have coverage for something at a previous facility?

 

[gtb]

Don't know

Why this is true? Why does a new facility care if you don't have coverage for something at a previous facility?

I do not know why the credentialing committee cared, but once becoming a locums, every credentialing package asked me to provide the insurance certificate showing tail coverage. This was with a completely clean liability history.

 

[GravelRider]

Medicine is wild. Sometimes the more I read thread the more I wish I'd done some other profession even if it meant a little more financial instability. I'm trying to think of another field where it cost you 5-6 figures to switch jobs or retire. The post above was correct, it is a scam.

Even beyond financial concerns, think about credentialing and potentially getting a new state license. It’s hours of paperwork on top of the costs.

 

[kidthor]

Even beyond financial concerns, think about credentialing and potentially getting a new state license. It’s hours of paperwork on top of the costs.

It’s totally insane. And for what? To facilitate a wild paper pushing enterprise that often screws up. At my current place they put me up on their website with the wrong board certification and told me it would take them two months to fix it. So basically they spend all this time and get it wrong…

I don’t see why they can’t credential a new doctor in a week tops. Beyond that it’s just malpractice on their end, which is sadly the norm.

 

[DrOwnage]

Everywhere I've been its taken 2-3 months, even if I get stuff back to them in a timely manner. It's insanity.

 

[IMGASMD]

It’s totally insane. And for what? To facilitate a wild paper pushing enterprise that often screws up. At my current place they put me up on their website with the wrong board certification and told me it would take them two months to fix it. So basically they spend all this time and get it wrong…

I don’t see why they can’t credential a new doctor in a week tops. Beyond that it’s just malpractice on their end, which is sadly the norm.

If they’re desperate enough then they will move….
I am being credentialed at a hospital that’s staffed by AMC as locum. The practice is sooo desperate, but hospital is taking their fu(king time.
There’s an obstacle every single step. The reference letter has to come via snail mail. They don’t accept any verifications without signatures or on the phone. They won’t accept my old TB test, titers. I need to physically go to their hospital facility.

Name of the game, if you wanna to play.

 

[Twiggidy]

Even beyond financial concerns, think about credentialing and potentially getting a new state license. It’s hours of paperwork on top of the costs.

I know it's change somewhat but the fact that we don't have a national medical licenses is insane.

 

[Twiggidy]

It’s totally insane. And for what? To facilitate a wild paper pushing enterprise that often screws up. At my current place they put me up on their website with the wrong board certification and told me it would take them two months to fix it. So basically they spend all this time and get it wrong…

I don’t see why they can’t credential a new doctor in a week tops. Beyond that it’s just malpractice on their end, which is sadly the norm.

It's so stupid because many places want the FCVS profile and then send all the supplements from the actual institutions, so what's exactly the purpose of FCVS then other than to grab money from you. Such a racket.

 

[GassYous]

I know it's change somewhat but the fact that we don't have a national medical licenses is insane.

And having to renew every other year is some shady ****