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Calling Medical Doctors (D.O. or M.D.) – How much does your malpractice insurance cost per year?
Question : Calling Medical Doctors (D.O. or M.D.) – How much does your malpractice insurance cost per year?
I will be starting medschool in Iowa next year (I am originally from Canada). I was wondering how much malpractice insurance cost and what is your net income at the end? Please state your position also.
In Canada, hardly anyone ever sues, even when big screw ups happen. However, it is not the same in the States. So I was wondering what net income do you generally take home? Thanks 
home insurance iowa
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Answer by Q
Malpractice insurance premiums vary widely from state to state. Florida is the highest-premium state, with an average 2004 premium of more than $ 195,000, followed by Nevada, Michigan, the District of Columbia, Ohio, Massachusetts, West Virginia, Connecticut, Illinois and New York.
The 10 lowest-premium states are Oklahoma, at about $ 17,000 on average, and Nebraska, South Dakota, Minnesota, Indiana, Idaho, North Dakota, Wisconsin, Arkansas and South Carolina.
Many areas of the country, especially around major metropolitan areas, are experiencing large increases in the average costs of premiums. Between 2003 and 2004, Dade County in Florida, which includes the city of Miami, went from $ 249,000 to $ 277,000, an increase of about 11 percent.
In that same period, Cook County in Illinois, which includes Chicago, jumped about 67 percent from $ 138,000 to more than $ 230,000. Wayne County in Michigan, which includes Detroit, went up 18 percent, from almost $ 164,000 to nearly $ 194,000.
Internal Medicine medmal is around $ 26,000 for full-time practice in south-east Michigan. This is not including tail coverage (required) for “claims-made” insurance which is generally less expensive than “occurance” policies. Tails run around $ 20,000 and must be paid up front. Also insurance premiums increase the longer you are in practice.
Financing for tails and premiums is available.
Malpractice used to be cheaper in counties surrounding Wayne Co. but now all the counties are the same.
There are very few private practitioners in southeast MI. Most are employed by hospital systems having free standing clinics. HMO insurance has decreased payments to physicians to levels at or around medicare reimbursement.
Good luck.