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Malpractice and Tail Coverage Estimate
Posted on 3/19/12 at 10:38 am
Posted on 3/19/12 at 10:38 am
Anyone know where i can get an estimate on Malpractice and Tail coverage?
(Tail will be in AR)
Tried to search online but hit some dead ends. I am only looking for rough estimates. First time dealing with this one so I am not sure where to start. We are hoping the employers will pickup the cost, however I would like an estimate just in case a situation arises were we may be expected to pay the full cost.
(Tail will be in AR)
Tried to search online but hit some dead ends. I am only looking for rough estimates. First time dealing with this one so I am not sure where to start. We are hoping the employers will pickup the cost, however I would like an estimate just in case a situation arises were we may be expected to pay the full cost.
1
Posted on 3/19/12 at 10:42 am to computerguy
Do you currently have malpractice? There should be an option on your last quote listing the prices for various tail lengths?
ETA: Rereading, it's obvious you don't have current coverage. What are your expected receipts. Most med-mal I see has a $2500 minimum unless it's through an association.
ETA: Rereading, it's obvious you don't have current coverage. What are your expected receipts. Most med-mal I see has a $2500 minimum unless it's through an association.
This post was edited on 3/19/12 at 10:44 am
Posted on 3/19/12 at 10:53 am to mule74
Currently covered through the Family Practice residency program. (Wife)
She is interviewing and some of the jobs cover the costs and some don't. She would only be practicing 20-40% of the time so i am not sure if that makes a difference. (Academic setting so the rest of her time will be dedicated to non practice related work if that makes a difference)
She is interviewing and some of the jobs cover the costs and some don't. She would only be practicing 20-40% of the time so i am not sure if that makes a difference. (Academic setting so the rest of her time will be dedicated to non practice related work if that makes a difference)
Posted on 3/19/12 at 1:00 pm to computerguy
Getting someone to pick her up on their policy should be very high on your list.
Posted on 3/19/12 at 1:12 pm to mule74
Getting someone to pick her up on their policy should be very high on your list.
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This is the route we would like to take, but for the sake of not ruling out a site having an estimate for the costs is something I would like to have. It also gives some negotiation leverage to request additional salary to compensate the costs.
Idea would be if someone said we can't pay it but the package was comparable and say the salary was 20k-30k higher. Would it be worth it? If the cost is only 10k for the insurance and all things are equal then yes, if the cost is north of 30k
then the additional salary is not worth it.
Was just hoping to find some national or state averages to get an estimate. If we have to we can always call a insurance company and try to start getting quotes, just wanted to avoid the hassle.
--------------
This is the route we would like to take, but for the sake of not ruling out a site having an estimate for the costs is something I would like to have. It also gives some negotiation leverage to request additional salary to compensate the costs.
Idea would be if someone said we can't pay it but the package was comparable and say the salary was 20k-30k higher. Would it be worth it? If the cost is only 10k for the insurance and all things are equal then yes, if the cost is north of 30k
then the additional salary is not worth it.
Was just hoping to find some national or state averages to get an estimate. If we have to we can always call a insurance company and try to start getting quotes, just wanted to avoid the hassle.
Posted on 3/19/12 at 5:34 pm to computerguy
I don't think you will have any trouble finding malpractice to cover her while she is actively practicing. The difficulty is tail coverage. From what I've seen in the last year or so, most hospitals (at least the ones around Baton Rouge) are covering tail insurance. Smaller practices will likely have more trouble covering as they would be required to pay a large sum and lose a large portion of their production all at once.
The price of tail coverage goes down over time as you are in practice. Looking at prices with Lammico I believe tail coverage was something like $35,000 in the first 5 years, then went down to somewhere in the 20-25k range. Practitioners that have been with them for a long time (I don't know the exact timeline but something like >25 years) don't pay anything for tail.
Just for your information employers providing tail coverage is becoming more and more common in family practice and it is something you should be able to negotiate for if you stick to your guns.
The price of tail coverage goes down over time as you are in practice. Looking at prices with Lammico I believe tail coverage was something like $35,000 in the first 5 years, then went down to somewhere in the 20-25k range. Practitioners that have been with them for a long time (I don't know the exact timeline but something like >25 years) don't pay anything for tail.
Just for your information employers providing tail coverage is becoming more and more common in family practice and it is something you should be able to negotiate for if you stick to your guns.
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