How important ismedical malpracticeinsurance today?Consider that nationally,the median juryaward for medicalmalpractice cases rose from $375,000 in 1994 to $1million just 6 years later. Not surprisingly, malpracticeinsurance premiums, in an attempt to keep upwith spiraling 6-figure jury awards, have increasedanywhere from 40% to 400% over the past 2 years.
Many physicians are feeling the crunch. TheAmerican Medical Association (AMA) lists 18 statesas being in a "crisis" situation. Meanwhile, physiciansfrom Mississippi to New Jersey are stagingprotests over rising insurance premiums. The onlything everyone agrees on is that there's no silver bulletsolution currently available.
Despite the rise in insurance premiums, today'slitigious environment makes it critical that doctorsproperly protect themselves with medical malpracticeinsurance. Asset protection is a key ingredientin any estate plan. Without input from a medicallegal expert, there's a chance that your asset protectionstrategy could be flawed.
Take the first step. Sit down with your financialadvisor and discuss your potential exposure to medicalmalpractice lawsuits. As the quarterback ofyour financial advisory team, they will know theright professionals to bring in to ensure financialprotection for you and your family.