Approximate Insurance Costs for CRNAs

heartICU · Jan 11, 2005

I am curious to know this as well. Many large institutions will cover the cost of your malpractice insurance because they are often self-insured institutions. (This is the case with mine).

Hi. I was wondering, what is the average cost of insurance for CRNAs? I know it depends on many factors, I'm just trying to get a rough idea of out-of-pocket (out-of-pay:chuckle ) costs for insurance. Thanks for any info.

air · Jan 12, 2005

Are you talking about malpractice, health( major medical/dental/vision), STD, LTD, or what type of insurance.

Hi. I was wondering, what is the average cost of insurance for CRNAs? I know it depends on many factors, I'm just trying to get a rough idea of out-of-pocket (out-of-pay:chuckle ) costs for insurance. Thanks for any info.

ICUsleep · Jan 12, 2005

Are you talking about malpractice, health( major medical/dental/vision), STD, LTD, or what type of insurance.

Malpractice insurance. I have heard from RNs that it is "high" for CRNAs

(I would imagine it would be higher for CRNAs than RNs...)

I don't know what is "high" or what is "average" for that, so I'm just trying to get a rough estimate. Thanks.

DreamMatrix · Jan 12, 2005

For full-time malpractice the cost is approx. 4K - 6K per year. The difference is related to the amount of time you have been in practice. As one practices over time their "exposure" to lawsuits increase and thus the premium increases. While the cost is certainly higher than most RN's pay...it is still very cheap in relation to our physician colleagues...we are just very safe practicioners!

DreamMatrix

mwbeah · Jan 12, 2005

For 1000 hours a year "moonlighting" it is around 2000. Again, each year you practice it increases (because of "tails").

Mike

deepz · Jan 13, 2005

For 1000 hours a year "moonlighting" it is around 2000. Again, each year you practice it increases (because of "tails")

"Claims-made" is the type of professional liability policy referenced here; that takes five years before you pay the full 'mature' rate. The other type, "Occurence" coverage, seems to come and go over time. No occurence policies are currently offered, to the best of my knowledge, at least through the AANA carrier. Insurance Cos probably like the Claims-made type because they get to sell you the 'tail' if you terminate coverage before retirement, and that tail generally costs you another year's full premium.

When St Paul suddenly pulled out of this line of business several years ago, all their promises that faithful policy holders would get FREE tail coverage proved worthless and unenforcable. Corporate decisions sometimes make no sense and utterly lack any moral compass.

Rates BTW do vary significantly from state to state. Few CRNAs I know of pay more than 10K. Most, half that.

deepz

jsc · Jan 13, 2005

How is the working conditions for a CRNA?

ICUsleep · Jan 15, 2005

:) Thanks to everyone for the info. :)

WestCoastRN · Jan 15, 2005

FYI, the average liability premium cost for MDA is $21K in 2003. See the following I copied from http://depts.washington.edu/asaccp/prof/asa67_6_6.pdf#search='Anesthesiologist%20liability%20insurance':

This year, the ASA Committee on Professional Liability again conducted a telephone survey to a variety of medical Liability Insurance carriers to assess rate changes in various states in 2003. Premiums for anesthesiologists in 20025 increased an average of 28 percent from an average of $15,476 (range of $4,855 to $58,089) to an average of $21,351 (range of $7,216 to $124,598) in 2003. According to our informal survey, states with average premiums of more than $20,000 for anesthesiologists included Alaska, Connecticut, Florida, Michigan, Montana, Nevada, Ohio, Rhode Island, Texas, West Virginia, Wyoming and Washington, D.C. Florida had the highest premiums in the nation. States with the largest increases in premiums in 2003 (50-percent to 150-percent increases compared to 2002) included Florida, Michigan, Nevada, Ohio, Pennsylvania and West Virginia. Rate increases have been particularly problematic for physicians when medical liability carriers in the state have withdrawn from the market.