Medical Malpractice Insurance Cost? 2023

Irrespective of the specialization in the medical field, one area that creates worries for most physicians is the possibility of malpractice. It also happens like other common people for individuals like doctors and similar professionals working in the healthcare industry to commit mistakes. But, the thing is a minor mistake done by such people may lead to significant issues in the life of the affected individual, even for a lifetime in some cases.

Lawsuits that arise due to such major issues, in most situations seem to be costly for the doctors and medical practitioners. It doesn’t appear to be exaggerated that a small mistake of a physician can lead to the ultimate possibility of cancelling their license to practice medicine.

One way that could save these medical people from such lawsuits and safeguard their profession and family is taking a Medical Malpractice Insurance.

Buying a medical malpractice insurance – available options

Based on the nature of their medical practicing and the location, medical malpractice insurance cost varies and it takes several forms that include:

  • The policy can be for an individual or can be taken as a group policy & can be purchased from a conventional private insurer.
  • The individual or group policy can also be received via a medical risk retention group (RRG). This is a mutual organization of medical professionals which is intended to offer liability insurance.
  • Insurance coverage given by the working hospital as a part of the policy on the individual

Those medical professionals or physicians who are employed by federal agencies, (U.S. Department of Veterans Affairs) need not to be worried about the malpractice coverage. This is because the federal government covers against liability claims.

Medical Malpractice Insurance Cost – What you need to know

The Medical Malpractice Insurance cost varies in many cases. There are many factors which have their influence in determining the cost of the insurance. Every state will have its own regulations and pricing structure when it comes to insurance as a whole. So, in order to know the cost of the insurance, the variables with the medical personnel and practices will be taken into account.

Each type of medical professional has a different risk probability. Some physicians may be involved in checking for viral causes, while some may be involved in crucial cases like a heart surgery. As such, the risks vary.

To be general, the average Medical Malpractice Insurance cost is around $7,500 annually. But this is approximate and there are variables in insurance depending on the types of doctors and insurance providers.

For your approximate cost details:

  • Surgeons normally pay between $30,000 and $50,000 a year.
  • Other medical personnel in the industry will have to pay a cost that lies between $4,000 to 12,000 a year.

Things to be considered by the physicians for malpractice cost:

  • Location – it is good to look at the county level instead of the state.
  • Medical Specialty – It will have the consideration based on the risks in the specialty
  • History – this includes licensing, claims and board
  • Limits of Liability – this is the amount that the insurance company is going to defend on the individual.
  • Type of medicine that the medical professional is practicing.

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