What is the Cost of Malpractice Insurance?

 Hospital indemnity insurance is a type of coverage that helps healthcare professionals pay for their hospital expenses. When a physician is unable to pay the costs of their hospital admission, they use malpractice hospital indemnity insurance. With this plan, employees can get admitted to a hospital for expensive treatment of their injury or sickness. Here are some benefits of malpractice hospital indemnity insurance:

1. Hassle-Free Enrollment

When physicians enroll for this coverage during the annual open enrollment period, they don’t have to answer complicated questions about their health. Furthermore, they don’t have to clear the examination to qualify for the insurance. Simply, they need to join malpractice hospital indemnity insurance and apply for coverage during medical emergencies.

2. Flexible for Physicians

Malpractice hospital indemnity insurance is a customizable plan for medical specialists such as dentists and nurses. While applying for this insurance plan, they can avail multiple benefits that other insurance plans don’t offer. Physicians can choose a plan depending on their budget.

What is Hospital Indemnity MetLife?

MetLife offers Hospital Indemnity insurance to physicians to ease them from the financial burden of hospital admission. Hospital Indemnity MetLife provides lump-sum payment as coverage, so their clients can pay for mistakes during medical emergencies, hospital stays, and inpatient rehabilitation.

What is Malpractice Insurance?

Malpractice insurance is different than hospital indemnity MetLife. This insurance policy helps surgeons and physicians cover damages and lawsuits. Furthermore, it also helps them with defense costs, legal fees, and the cost of expert witnesses.

Cost of Malpractice Insurance

Numerous factors influence the cost of malpractice insurance. Therefore, a precise quotation isn’t available. However, you can contact a reliable insurance company and request quotation according to your coverage plan. The average cost of malpractice insurance is $7,500 a year, and the annual premiums for surgeons are about $30K to $50K. Other medical professionals such as nurses can pay about $4K to $12K every year. Among all medical professions, obstetricians have to pay high costs for malpractice insurance. However, the cost depends on their area of expertise.

Many surgeons think that malpractice insurance is better than other insurance policies. Therefore, it is better to consult reliable and professional insurance brokers for the best suggestions. These brokers will give in-depth insight into how these policies work and the best options.

The cost of malpractice insurance is higher varies from profession to profession. For instance, GYN and OB in Long Island, NY, pay $214,999 a year. Since GYN and OB have the riskiest jobs, they earn more than other medical professions. Another reason for high costs is that they earn their specialization degree from New York, which is expensive in terms of malpractice coverage.

Is Malpractice Insurance Worth the Cost?

Many physicians would agree that the cost of malpractice insurance is worth the expense. When surgeons face malpractice lawsuits, they can easily cover the expense and save their reputation in the industry. If you purchase the policy, you can protect yourself from legal and other damaging expenses. Court fees, defense attorneys, and expert witnesses can cost up to thousands of dollars. But, when you are covered with malpractice insurance, you won’t have to pay the complete cost of your expense.

Even after winning the lawsuit, you have to pay more than $22,000 to protect your name against the claim. Having an insurance policy that covers lawsuit expenses is a relief. Keep in mind that you are in danger of getting sued throughout the practice. However, with insurance, you don’t have to worry about paying the complete cost of the lawsuit. The insurance broker will take care of your expenses.

With malpractice insurance, you can also cover your assets. Whether you pay the damage after losing the trial or handle the matter outside the court, you have to pay a significant amount. But, when you are covered with malpractice insurance, you don’t have to spend your entire savings for the recovery of the assets that you earned working hard over the years.

Malpractice insurance also covers lost wages. This means that the more time you spend in the court, dealing with lawyers, getting ready for the case, the fewer hours you will work. So, if you are on a regular income, you lose a huge amount on your daily wages. But, if you are on malpractice insurance, you can cover the loss until you return to work.

Conclusion

If you are looking for more information about the cost of malpractice insurance, then you should contact Advanced Professional Services. At Advanced Professional Services, we offer flexible and convenient insurance plans to different professionals, such as surgeons and physicians.