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Liability Insurance for Residency

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  • Liability Insurance for Residency

    Hello everyone. This is my first post on the forum, so if I get some things wrong/am missing pieces of information then please let me know. I will be starting residency in July and am just starting to get my ducks in a row with regards to the various insurances I need to carry now. I think I have an okay grasp on homeowners, auto, disability, life, and health insurance. The only one I have been struggling with a bit is liability. My program's website mentions that they provide malpractice insurance at no cost to me. Is this sufficient for residency? Do I need to worry about getting additional liability insurance at this time or do I wait until I finish the program and become an attending to purchase additional liability insurance?

  • #2
    I didn’t have any personal malpractice insurance during residency . I think the programs/ hospitals provide it

    even now as an attending in academics , they provide malpractice insurance

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    • #3
      I have never heard of trainees buying their own insurance on top of what the program provides.

      Even when things go badly, as best I can tell, the fingers are pointed at the attending. They are responsible.

      including the trainee can increase the number of malpractice limits available, so it could be a good strategy for the plaintiff.
      Trainees have no money, so going after their assets above the malpractice limit would accomplish nothing.

      It would probably be quite expensive to buy your own policy.

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      • #4
        Welcome to the forum. "Enjoy" internship. Luckily, medmal insurance is not one of the things to worry about!

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        • #5
          The hospital/program will provide the necessary malpractice. Besides, you’re not the one they ultimately want to go after so also enjoy that while it lasts.

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          • #6
            Originally posted by jtwooly View Post
            ... I will be starting residency in July and am just starting to get my ducks in a row with regards to the various insurances I need to carry now...
            You don't really need to pay for any insurance as a resident. Perhaps state minimum liability policy on your car.

            Home and auto will be required by the bank if you don't own them outright... you should be driving a cheapish used car where you can just carry liability, though. If you (or worse, your un/underemployed SAH partner) have a car payment, you're doing it wrong. Buying a home as a resident is ill-advised for many reasons, but if you did it, you did it and get all of the associated ongoing costs to that.

            Disability insurance is a fantastic idea if you like to waste money.

            Same for life insurance (unless you have a family and a financially incapable spouse... in which case you could do a bit of term life to last until you finish training, which your residency will likely provide).

            Health insurance is another the residency hospital will provide (typically above avg policy), so get ready to drop any skimpy med student plan that you pay for right now.

            You don't need malpractice insurance in training. As mentioned, you can't be sued as a resident... you work under an attending and as an agent of the hospital at all times (so they'd get any suit, not you). It is well understood in any decent teaching hospital that if a suit occurs, attendings assume all responsibility and residents keep quiet. Even if a crazy attending tried to say you, a resident, did a procedure wrong or gave wrong Rx or whatever, it's of no consequence... you were under their supervision and they're ultimately responsible. Residents can't even be deposed in most states, and most others severely limit resident/fellow involvement since they know they're busy, not an expert, will just say they were working under attending X, and mainly, they're just likely to be gone from the state by the time the suit starts.

            ...try to start thinking about putting your money where it will grow, not line the pockets of some insurance salesman (and pay for more billboards and web ads and sponsored WCI blogs for selling more and more insurance). Think of stocks and bonds and real estate and metals and possibly a future business, etc to have compounding interest work in your favor... and paying down debt to eliminate interest working against you. Rich borrow to invest in things that grow in value much faster than the interest, poor borrow to pay bills and buy goods where the value just disappears yet interest and debt remains. Insurance payments just disappear... minimize them to the greatest extent possible. The math has been done, and they're a losing proposition.
            Last edited by Max Power; 03-30-2022, 06:25 PM.

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