malpractice insurance

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  • #17553
    DreyDrey
    Participant

    A smattering of questions on our least favorite topic:

    For the Physicians, what % of your salary do you have to pay for malpractice insurance?

    If you work for a hospital, do they pay for it, or do you have to pay for it yourself? What about residents? Who pays for their insurance?

    Also, about how often do doctors get sued? Is it a yearly thing or more like once every couple of years?

    If you get sued for more than your policy covers, do they go after your personal assets? If so, is it a good idea to make your husband own everything?

    Thanks for answering any/all questions! Sorry for bringing up such a painful topic. 😉

    Audrey

    #17554
    psychpsych
    Participant

    I’m a private practice psychiatrist. I estimate about 6% of my income goes to malpractice coverage, which I have to pay myself. As a resident, your hospital pays the malpractice coverage. I hope I never get sued, but I’m assuming it will probably happen at least once during my career. There are not a lot of things to do to protect yourself if you are in solo practice other than get high limits of coverage. If you are in solo practice, you are providing a “personal service” so even if you incorporate or form an LLC, your personal/family assets can potentially be threatened. In real life, I’ve never heard of a psychiatrist losing any personal assets over the coverage that the malpractice insurance covers, which is usually $1 million per occurrence, $3 million overall. Hope that helps.

    #17555
    bltblt
    Participant

    A couple weeks ago I was watching a Seattle station during prime time on a Thursday night an there was an infomercial for health care reform. It was really interesting! Both of Washington’s senators voted against limiting jury awards for non-economic damages.

    Here’s the website for the organization that sponsored the infomercial: Doctors for Medical Liability Reform

    I’m just curious, do any of you write your members of congress and senators about these issues? I do, but I’m not sure how much of a difference it makes when both of Washington’s (both women)senators recive quite a bit of money from the trial lawyers association.

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