The Cost of Medical Malpractice Insurance in Different States

The cost of medical malpractice insurance is rising rapidly with every passing year. However, the actual cost still varies dramatically from one state to another. That is the reason many doctors these days are shifting to states where the costs are comparatively very low as compared to what they are currently paying. There are several factors responsible for this dramatic variation, such as the potential of lawsuits with the specific branches of medicine within that state. The authorities out there do a general assessment of the risk pool to get a clear picture in this regard.

High-cost States

The medical malpractice insurance rates are the highest in states like Nevada and Florida. However, the rates still do vary from low to large depending upon the specific field of specialization. As per the last year statistics, Gynecologists have been the ones who paid the highest rates, ranging from $85,000 to as much as $200,000. A doctor in internal medicine is also expected to pay over $50,000 per year; this amount is too much if compared to $4000 that internal medicine doctors pay in Minnesota. Other specialists who are paying huge sum of money for medical negligence insurance include general practice doctors, pediatricians, and general internists.

Average-cost States

Pennsylvania is one of those states where medical malpractice insurance costs are neither too high nor too low. The obstetricians and gynecologists who are practicing in these states are currently paying over $60,000 for coverage. Internal medicine doctors are paying somewhere between $6000 and $12000. Even the rates for general surgery can be as low as $25,000 per year that can go up to $40,000.

Low-cost States

California and Minnesota are among some of the states where medical malpractice insurance costs are the lowest; the rates though still vary depending upon demographics and claims differences. General surgeons in the state of California are currently paying somewhere between $20000 and $32000; In Minnesota, the cost is only around $10000. Obstetricians and gynecologists are the highest paying doctors in these California; it is costing them over $50000 per year, which is still much lower as compared to other states. However, OB/GYNs who are practicing in Minnesota are enjoying a very low cost, which can be as low as just $15000.

The doctors who are considering shifting to other states in an attempt to cut down the medical malpractice insurance costs need to do a thorough research and analysis before they make their move.