The costs that medical professionals and organizations pay toward malpractice insurance and related legal fees are often blamed for driving up healthcare costs in the United States. However, recent data collected in the last 10 years shows that this is not the case; irrespective of the relative cost that healthcare professionals pay from state to state for malpractice coverage, the average cost of medical malpractice insurance is on a downward trend. This unambiguously contrasts with the rising average cost of healthcare across the country, which indicates that the two metrics are not directly related. As a healthcare professional, you should be free to find a malpractice insurance plan that is specifically tailored to provide the coverage you need in your field.
When you crunch the numbers from the available data, it turns out that the industry-wide cost of medical malpractice insurance is about one-third of total healthcare costs in the United States — in other words, it’s a negligible fraction. And, since the trend has been a gradual decline for malpractice coverage costs, this number is sure to be even less now if more recent data were to be collected and analyzed. While it remains true that medical professionals pay varying premiums from state to state, the overall trend nation- and industry-wide demonstrates decreasing malpractice insurance costs. So, even in states where they pay the highest premiums, those medical practitioners are still paying less than they were a decade ago. It’s important to recognize the numerical relationship between medical malpractice insurance costs and total healthcare costs since they visibly have no direct correlation.
It’s especially important to understand the relationship between these values as a medical professional. It’s crucial practical knowledge that your patients’ healthcare costs will not be affected, on any scale, by your malpractice insurance costs. Free of this worry, you are emboldened to select a malpractice insurance plan that is specially tailored to meet the needs of your field of practice. Many local agencies can offer professional liability coverage, but there are fewer agencies that can provide experienced malpractice coverage; fewer still are able to provide personalized, expert service for healthcare professionals from all fields of medicine. Professional Insurance Plans wields a distinct advantage by offering comprehensive medical malpractice insurance plans tailor-made for healthcare professionals.
About Professional Plans
Founded in 1991 by Greg Bellamy, Professional Plans has offered competitive insurance policies for various industries and individuals for the best part of three decades. However, working with the Professional Plans team is different from any other insurance provider; we are consultants, we work with you directly, and most importantly, we treat each client like a person and a customer, not any old number.
With these ethos and the best attitude in the business, the team now offers various popular products including life insurance, disability insurance, insurance for healthcare professionals, and more. In fact, the team even post to their blog up to four times a month with further insurance advice, all for free. That’s the difference between any “other” insurance provider and the team with you in mind from the very first call. So, for any insurance needs, packages, or queries, be sure to contact the Professional Plans team.
