Average Medical Malpractice Insurance Rates
The average fee of medical negligence insurance is rising every year. Many doctors make it a point to know about the regulations and laws around malpractice insurance. This varies from state to state. Sometimes a doctor chooses to practice in a place based on its rates of insurance. These rates vary drastically between states. These variations are created by several factors.
Every insurer fixes its premiums on its own. This is based on general appraisal of the situation and instances of litigation. This translates as the companies look for the possible malpractice charges in that state, within that particular medical branch and fixes insurance rates accordingly.
Different branches of medicine have different costs. This depends on the risk levels and prior litigation charges. The more chance of harm due to medical negligence, the higher insurance rates will be.
Minnesota is currently the state with the least costs of malpractice. However, this depends on the particular specialty. Obstetrics, internal medicine, and general surgery are three most expensive areas. These are supervised by the GOA. In the year 2009, the mean cost for surgery malpractice insurance was $10,000 per annum; internal medicine cost $4000 per annum and obstetrics cost nearly $17,000 per annum. Minnesota falls into the category of lesser cost states.
In mid-bracket, one can find Pennsylvania. Rates differ on the basis of claim differences and demographics. In the year 2009, the general surgery rates were between $28,000 and $50,000 per annum. Internal medicine costs ranged from $6,000 to $11,000.
Gynecologists found themselves short of about $64,000 for coverage.
High fee states include Nevada. In 2009, gynecologists were expected to pay a compensation of anywhere between $85,000 and $140,000 per annum. While the annual salary of the Nevada doctors is higher than usual, about $180,000 for gynecologists, the malpractice insurance is not an easy thing to pay. In Florida, doctors of internal medicine paid about $65,000, general surgeons were made to pay about $90,000 to $175,000. Gynecologists paid astronomical rates of $100,000 - $200,000 per annum in the year 2009.
More Articles :