Retiring as a physician is not as easy as giving two-week's notice. Physician retirement takes planning, and there are many things to consider, from your medical malpractice insurance policy to patient notification. The following is a list of things to consider when planning to retire. Please contact us if you have any questions or are planning to retire soon.
Contact your insurance agent regarding the following before you set retirement in motion:
Retirement Tail - Are you eligible for an earned/no-cost extended reporting endorsement?
Terminating Coverage - What notifications should be sent to the insurance carrier and when?
Securing Tail Coverage - What needs to be done to secure the retirement tail or purchase extended reporting coverage when the policy is canceled?
Am I eligible for any return premium if I cancel my policy mid-term?
Patient Notification - What are some guidelines, laws, and requirements?
How will my coverage be handled after retirement is in place?