Questions from a recent grad - page 2
Hello everyone, As I mentioned in my 1st post, I'm a recent grad & newly licensed RN and I have a few questions about the next steps. 1) When is the best time to apply for my malpractice... Read More
Jul 25, '11Quote from melosaurRN*** It is STRONGLY recommended that hospital nurses do not purchase malpractice insurance. Doing so just puts a huge "PLEASE SUE ME" signs on your back.In short, yes, purchasingis STRONGLY recommended, including hospital nurses.
Jul 25, '11Quote from PMFB-RNHow so? How is someone going to know you have your own insurance unless you go broadcasting it to patients? If someone is going to sue, they are going to sue and you can't stop them. I for one would like to be represented by a lawyer that has my best interest in mind and I don't have to pay out the wazoo for.*** It is STRONGLY recommended that hospital nurses do not purchase. Doing so just puts a huge "PLEASE SUE ME" signs on your back.
Jul 25, '11I was told by a legal team that came to lecture us in nursing school that if you are sued for malpractice and are only covered by the insurance provided by your employer that they cannot go after your own own assets ($, home, etc). On the other hand if you purchased personalthey can and will which can lead to personal bankruptcy and misery. It sort of seemed like you're screwed either way though, because if you don't have personal coverage then you have the problems outlined above.
Jul 25, '11Quote from JaimeAnne,RNBesides health and dental (yes, get dental too...it's cheap, and dentists are not), please consider participating in the retirement plan the facility or system offers. There is often a match, up to a certain percentage of your income per year.I'm not an expert on RN job benefits...what am I looking for?
Do this, even if you are young. Do it *because* you are young. Your retirement nest egg will be much bigger the younger you start, you may be able to withdraw with special tax treatment to buy a first home, and matching programs are essentially free money.
I think too many young people overlook how much they can save without missing it if they start out saving just a small percentage of their incomes (say, 5%) per month in a company-sponsored retirement plan.
This doesn't just apply to you--and it may not be as easy in this economy--but do consider the "fit" of the system for you with that first, second, third job. I hear on here about job-hopping, and what job-hoppers don't realize is that they could also lose out on free retirement money. Many systems require five years of continuous service before being vested in a pension plan, if one is offered. Job-hopping means that a nurse may *never* become vested.
I worked for a company for nine years before resigning. My pension benefit will be a little over $600 per month when I retire. My husband has worked for one for 20 years. His pension benefit will be nearly $3000 per month when he retires. You can have more than one pension, but you will never get one if you don't pay attention to the vesting requirements of your employer.