A Look at the Medical Malpractice Insurance Rates Crisis

While comparing different types of medical malpractice insurance policies and related rates, it's not unusual to become lost in the sea of legal terms and types of policies. Despite the fact that nearly 6 percent of medical professionals in Florida do not have any kind of liability insurance coverage, some type of liability coverage or assets is required by law.

Rates of insurance coverage in Florida, as elsewhere tend to vary depending on their field of work, or "scope". This makes it quite difficult for medical professionals to have any idea what kind of coverage they can expect from different companies. The best way to go about comparing insurance coverage rates is to look at similar rates in the same scope as well as geographic location. These two factors play the largest role in determining costs and coverage of this type of insurance. For example, if you are are surgeon looking for help in Orlando, Florida, your medical insurance coverage rates will be much different from a heart specialist in Seattle, Washington. Other factors certainly come into play as well, such as the deductible you chose, however they do not have as significant of an impact.

A recent problem in medical professions across the country is the rising insurance coverage premiums. The term, "crisis", has been used frequently to describe the problem of rising premiums for coverage, especially in Florida. Part of the reason Florida is seeing such a large number of cases is in part due to the large senior population living there, who have a higher intensity of medical needs. Most premium costs that are becoming part of the crisis vary by state. Within that state, rising medical malpractice insurance coverage rates also vary by region. For example, insurance rates in an urban area such as Miami, Florida are going up much more significantly than coverage rates in a more rural city like Gainesville, FL. Basically, if you are a medical professional looking for coverage, you will be able to find cheaper deals further from metro areas.

Despite the current "crisis" going on with rising insurance rates, it's very important for medical professionals to have insurance. A single claim can potentially cost hundreds of thousands of dollars. Thus, it is absolutely critical to have a medical malpractice insurance policy that protects your assets.