That is an extremely large amount of coverage for such a little sum of money. There are two general holes in that theory: one caveat to the health care system’s lawyers is that they are lawyers on behalf of the hospital, not the nurses. Most nurses are able to get $1,000,000 of coverage for the price of about $100 per year. Types of Reforms The debate over medical malpractice reform typically takes place between two different groups of people: patient advocates and physician organizations. Many nurses never consider buying individual insurance because they have been assured that the health care system they are employed by will come to their aid. Talk to an insurance consultant It is recommended to go and talk with an insurance consultant, in order to obtain the right information regarding your case. That said, the actual cost of your policy will depend on a number of factors, including your years of experience, education, state(s) in which you work, and time spent on the job. Pros and cons of nursing insurance. Has 16 years experience. Pros to Having Nursing Malpractice Insurance: Firstly, it is important to understand what malpractice insurance offers that the health care system’s lawyers do not. The second limitation to trusting the health care system to protect you is that they often have maximums. Is money tight or do you have a little bit of a cushion? In addition, having malpractice insurance ensures that the lawyers on the case are representing you, and not the health care system that employs you. [Editors Note: Costs typically associated with medical malpractice include the settlements and fines resulting from medical malpractice lawsuits as well as the costs of malpractice insurance and the practice of “defensive medicine”, a term used to describe tests and procedures that doctors perform primarily as a safeguard against improper medical malpractice lawsuits. ê(¢Š`QE QE QE QE QE QE QE QE QE QI@E% ´RQ@E% ´RQ@E&hÍ. • You can be sued only if you make a mistake. — Ellen M., HR Specialist in Riverside 400+ pages of state-specific, easy-read reference materials at your fingertips—fully updated! Since that time, there has been a consistent ebb and flow of debate about the pros and cons of medical malpractice reform, with some arguing in favor of alternatives. Posted Apr 7, 2004. veetach. ance for nurses, also known as nursing malpractice insurance. The justice system is about making people whole. No. Medical malpractice insurance is tailored in such way that it can cover all legal costs and settlements resulted from malpractice lawsuit or meet allegations of pain and suffering. Pros to Having Nursing Malpractice Insurance: Firstly, it is important to understand what malpractice insurance offers that the health care system’s lawyers do not. Pros and cons of juries in medical malpractice lawsuits. Like any other type of insurance, health care systems have certain deductibles through which they protect their staff. One major benefit of medical malpractice lawsuits is that they force healthcare providers to maintain acceptable standards of care. Like any other type of optional insurance, nursing malpractice insurance can be very appropriate for some people, and a total waste of money for others. How many of you have it, and how many of you dont? According to the Physicians Insurance Association of America, the median claim payment in 2008 was $200,000, and the average was $350,000. The Cons of Buying Renters Insurance Cost: As with any type of insurance, the major downside is that you will have to pay premiums. Utilizing good judgment and communication skills is also key, as well as accurate and timely documentation. The pitfall is complacency. Malpractice Insurance pros vs cons. Failing to fight the BON only means to agree to … While it’s true that nursing malpractice insurance isn’t for everyone, it is foolish to dismiss it without genuine consideration. ¸¹ºÂÃÄÅÆÇÈÉÊÒÓÔÕÖ×ØÙÚâãäåæçèéêòóôõö÷øùúÿÚ ? Word of mouth plays a major role in how people make different purchasing decisions throughout their lives. Maintaining your own malpractice insurance is definitely another way to avoid personal devastation should you be named in a malpractice case. Are you a new nurse who maybe doesn’t have tons of experience yet, but does cherish your nursing license? The Pros and Cons of Business Insurance The term “business insurance” refers to the wide variety of insurance options that a business may need. Save my name, email, and website in this browser for the next time I comment. There are several tort reform pros and cons to consider. Contact your web host and ask them to enable GD image support for PHP. The financial strength and stability of the insurance company that issued the policy. The Pros & Cons of Binding Arbitration in MedMal Cases side note: There is a trend in medicine where physicians attempt to get their patients to sign a waiver, stating that if there is a dispute arising from healthcare delivered by their doctor, they agree … Below are some pros and cons of structured settlements for you to consider. If $100 can get you 10,000 times more coverage, and the insurance company is still profiting, it means that at the absolute maximum, 1 in 10,000 insured nurses benefits from their insurance. Practicing without liability insurance is like climbing El Capitan without ropes. He has been a college marketing professor since 2004. Many nurses feel that with the ANA code of ethics, their training, their experience, and finally the hospital’s lawyers as a last resort, that they are plenty safe. As a partner in a law firm or doctor’s practice, you have some control over your own risk for a lawsuit but little control over that of other partners. What tort reform is looking to control is the type of personal injury or medical malpractice cases that can be filed. Can you comment on the pros and cons of these policies and whether you recommend them? The Pros And Cons Of Medical Malpractice; The Pros And Cons Of Medical Malpractice. Many nurses never consider buying individual insurance because they have been assured that the health care system they are employed by will come to their aid. If you never end up using the policy, the cost of the insurance premium is essentially money down the drain that you will never get back. It limits the punitive costs of civil liability. Before delving deeper into the tort reform's pros and cons, you should take a look at what tort reform is trying to achieve. Insurance.com: Pros and Cons of Catastrophic Health Insurance ; Writer Bio. Your own individual insurance covers you beyond the limits of your employer provided plan. The topic of professional liability insurance has many pros and cons depending on with whom you speak. Number of Pages: 7 Summary of the research paper: This 7-page paper, in the form of a tutorial and argumentative essay, focuses on how to write a thesis essay on capping medical malpractice limits.