Should I Still Have Insurance as a Retired Physician?

When retiring from the medical field, you may hold the hope that you get to relax after an extensive career of hard work and dedication to your patient. This is why it is most unfortunate to have to deal with the repercussions of a medical misconduct accusation even when you are no longer practicing. Read on to discover why you should still have insurance as a retired physician and how one of the seasoned New York attorneys representing uninsured physicians at Walker Medical Law can come to your aid.

Can a medical misconduct claim be placed against me after retirement?

The short answer is, yes, a former patient, former colleague, former employer, or institution may place a medical malpractice claim against you even if you have since retired. This is because New York State has a statute of limitations in place for claims such as these. More specifically, a party may bring a claim forward within two years and six months from the date on which malpractice occurred or the date on which continuous treatment ended. And so, filing within these 30 months gives a party every opportunity to make you pay for their claimed monetary damages. Of note, this deadline may apply regardless of your retirement date.

What’s more, there may not be a designated time limit for when a former patient, former colleague, former employer, or institution can file a complaint with the New York State Department of Health’s Office of Professional Medical Conduct (OPMC) or Office of Professional Discipline (OPD). In other words, the OPMC or OPD may investigate you, and subsequently punish you, regardless of whether you are still practicing.

What type of insurance coverage should I have as a retired physician?

Given that medical malpractice or misconduct claims may be filed past your retirement date, it is in your best interest to buy the “tail” of your Claims Made Medical Malpractice Insurance Policy. This is because the “tail” of this policy provides you with coverage for any litigation that surfaces after you retire. Though you may find it costly, it is far less than what you would otherwise have to pay in your legal proceedings.

Otherwise, you may find yourself having to pay a significant amount of money in legal fees. What’s more, if you are found to be at fault or guilty, then you may also find yourself having to pay for a large amount of damages. Ultimately, you do not want to have to dip into your retirement savings to cover these expenses.

In the end, the first step to defend against a medical misconduct claim is to retain the services of one of the competent New York attorneys representing uninsured physicians. So call us at Walker Medical Law today.