Going back to residency. What to do with insurance policies?

[6molar]

Hello. I know that a lot of us are waiting excitedly to begin their residency in July. I have some questions to those who went back to residency after practicing in private sector.

I have been in private practice (GP) for the last one year. I will be starting pedo residency in July. What should I do with my disability and malpractice insurance policies? Should I cancel them all? I am leaning towards just canceling only the malpractice to save some bucks. I am worried that purchasing a new disability after I finish residency would be too expensive. After all, I am only getting older and weaker (I mean only physically).

Did anyone have same experience? Please share your advice.

Thanks.

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[omaralt]

DO NOT CANCEL YOUR DISABILITY!! once you have it, you can keep re-newing with no new medical exam. once you cancel you have to go through the whole underwriting process again, and you never know what they'll find. you can definitely cancel your malpractice, since your program will probably (check into it) provide you with mal practice. good luck in your residency

 

[cheesetoast]

DO NOT CANCEL YOUR DISABILITY!! once you have it, you can keep re-newing with no new medical exam. once you cancel you have to go through the whole underwriting process again, and you never know what they'll find. you can definitely cancel your malpractice, since your program will probably (check into it) provide you with mal practice. good luck in your residency

As for MALPRACTICE: you have to check two things:
1)Are you covered in your new program?
2)When does/did your old coverage run out?

If there is no gap between your old coverage running out and then new one taking effect, you are good to go. If there is a gap, you need to put the tail into effect, which will cover you indefinitely until you begin the residency program. Check your dates to be sure because it costs a little extra to activate the tail.

Good luck

 

[Chevy]

Okay so here goes. I have a relatively similar situation so I will tell you what happened with me. Been practicing in private sector for two years and will begin pedo residency this July. Anyway, my malpractice expired May 1st 2010, so I really had no idea what to do. My program provides a policy but it is only for the patients I see with them. I am defiantly planning on moonlighting (spelling?) so I needed another policy. I spoke with my insurance agent and got a quote with my original company for almost 3000 (for another year of coverage). Ya right what a joke. I mean I sedate kids but come on. After that quote I was thinking about saying screw it and getting a tail. My agent informed me that it would be cheaper to continuing with a policy as I opposed to getting a tail. I guess tails can be rather expensive. Didn't personally look into that statement but oh well I am trusting person. Anyway, my agent somehow managed to get me policy to go from May 1st to June 30th cost 50 dollars and then with to have a policy start while I am in residency for 240 (July 1st to June 30th). I guess there is a huge break if you are in a residency program. Once again I didn't talk to anyone besides my agent but for that cost I feel its super reasonable. If you want her contact info im me. Just my experience. Oh ya I don't have disability insurance. What can I say I am invincible right? Kidding on that last part....On a side note is anyone else super excited to start. My last day of work was last Friday (14th). By the way best thing I ever did was taking a break before starting. Here is to being a slave and going back to school

 

[6molar]

Thank you all. I am going to keep my disability. I am going to cancel my malpractice because I am not gonna moonlight. Yes, I have a 'claims-made' policy so I am gonna have to get a tail as well.

Chevy, I am super excited about quitting work and starting the residency. Hahaha, I agree with the "slave" part. However, my owner (slave lord) is not letting me go just yet. I am gonna break free next saturday. I will be working til the last day of May. It sucks, but well, I don't have the courage to get up and leave... Pathetic...

Okay so here goes. I have a relatively similar situation so I will tell you what happened with me. Been practicing in private sector for two years and will begin pedo residency this July. Anyway, my malpractice expired May 1st 2010, so I really had no idea what to do. My program provides a policy but it is only for the patients I see with them. I am defiantly planning on moonlighting (spelling?) so I needed another policy. I spoke with my insurance agent and got a quote with my original company for almost 3000 (for another year of coverage). Ya right what a joke. I mean I sedate kids but come on. After that quote I was thinking about saying screw it and getting a tail. My agent informed me that it would be cheaper to continuing with a policy as I opposed to getting a tail. I guess tails can be rather expensive. Didn't personally look into that statement but oh well I am trusting person. Anyway, my agent somehow managed to get me policy to go from May 1st to June 30th cost 50 dollars and then with to have a policy start while I am in residency for 240 (July 1st to June 30th). I guess there is a huge break if you are in a residency program. Once again I didn't talk to anyone besides my agent but for that cost I feel its super reasonable. If you want her contact info im me. Just my experience. Oh ya I don't have disability insurance. What can I say I am invincible right? Kidding on that last part....On a side note is anyone else super excited to start. My last day of work was last Friday (14th). By the way best thing I ever did was taking a break before starting. Here is to being a slave and going back to school

 

[Pedosmakebank]

I hear you fellas! I'm keeping my disability too. The slave part makes me laugh. I know its going to be so true. Lets just concentrate on getting the degree and getting out

 

[Onelasttime]

I'm in the exact same position. I've been working in private practice for 4 yrs, now I'm heading back to do Pedo July 1st.
I spoke w my malpractice insurance agent and I was told I had two options. One, I could suspend my policy for two years while I'm covered in residency. This would cost about 15% of the premium and I would be covered for past work done. Or the second option, switch my policy to part time status (which is a lower rate) so I could moonlight and obviously still be covered for old work. Lucky for me the original policy covers me till July 3rd so I don't have to worry about any time gaps. I'm definitely planning on moonlighting, so I'm going taking the second option. My only problem is that my residency is in New York, where rates are some of the countries highest!