Medical malpractice insurance can provide monetary funds to doctors, nurses and other staff in case of any alleged malpractice. Every person related to the field of health today needs some extra protection, and what can be a better option than insurance. Since the world is smart out there, smarter medical-related people always opt for medical malpractice insurance. The renowned financial advisor Terry Sandvold has brought us the options you have in medical malpractice insurance policies:
Claims Made Insurance Policy
Just like your auto and home insurance, claims made insurance policy covers the expense of any malpractice done by you. But your policy has to be active to claim any benefit. However, make sure you choose the claims made coverage policy from an authentic company, where you could stick to it for the rest of your career.
Prior Acts and Tail Insurance Policy
Prior acts and tail insurance policy will cover all the expenses of the incident if it occurred during the period your insurance policy was active. It does not involve the current status of your insurance policy, rather counts the date and time of occurrence. The remuneration in prior acts and tail insurance policy is usually reasonable.
Occurrence Insurance Policy
Unlike “claims made insurance policy” and “prior acts and tail insurance policy”, occurrence insurance policy will bear the expenses of all the malpractices, not considering the policy status and time factor. However, the premium fee is way more than that of other two policies.
Although all policies protect you, the best medical malpractice insurance can be “prior acts and tail insurance policy”, as the premium is low and covers claims considering their date and time. However, the ultimate decision is yours. It’s also wise to consult with insurance companies and opt for the one best suited according to your requirements. Search through different websites and get yourself acquainted with the secrets of medical insurance. They will surely help you throughout your medical career or you can consult with a financial expert, who also advises you how to reduce your medical malpractice insurance cost.
How To Reduce Medical Malpractice Insurance Cost
At one point in time, medical malpractice insurance cost was bearable, but after rapid growth in the 1990s, handling the insurance expenses isn’t in everybody’s reach. For this reason, health care providers have devised their own little ways to deal with this price hike, i.e. many physicians have changed their state to enjoy the low medical malpractice insurance premiums. Also, many of them have adopted a defensive approach to deal with their patients: more tests and procedures in their treatment to avoid any mishap, which have increased the overall healthcare cost. Although these methods for reducing insurance cost are reasonable, here are a few more of them for you to cut your medical malpractice insurance cost.
Take Advantage of Competition
You must be having some knowledge about the different insurance companies dealing in healthcare, but are you aware of their packages? Competition is a common phenomenon in any business and insurance providers often act aggressively to grab a large chunk of the market. Low premium charges are one way to attract health care providers. You can take advantage of this heated competitive environment, and search for the company offering insurance policy that seems to be most compatible with your requirements.
Non-Profit Insurance Organizations
There are many non-profit insurance organizations established by the health care community which serve as insurance companies, but do not charge any extra money from you. So, you can enjoy the perks of insurance policy, yet pay less. Another aspect is the flexibility that these organizations usually offer. You can set your own terms and conditions for malpractice insurance.
It is a fact that medical malpractice insurance cost is very high, but a bit of research and planning can surely bring it down. It’s always wise to start your search online, compare plans and policies of different insurance companies and find the best insurance at an affordable rate.