Budget increase kicks in tomorrow

You may or nor may not remember, but in the last budget there was another attack on insurance premiums from the Chancellor of the Exchequer.  Not as you may wish from the insurers, unfortunately the increase is for all policy holders on the standard rate of Insurance Premium Tax.  We first saw it increase from 6% to 9.5% and now it will increase to 10% from the 1st October 2016.

If you are looking to take out a policy now would be a good time to achieve that little extra saving.  At MIC we always try and mitigate the increases imposed upon our clients as best we can on policies such as Locum Insurance or your mandatory Surgery Insurance and Medical Indemnity cover.

Get your quote before the price goes up.

GP’s Indemnity costs for extended/weekend working hours

Recently read an article in Pulse titled ‘ GPs paying £35 per hour for indemnity fees as LMC leaders vote for full costs to be covered’.  Interesting read, however, it included some muddled examples perhaps perpetuating a common misconception regarding the medical defence unions.  To clear it up, the three main medical defence unions, MPS, MDU and MDDUS are NOT insurance companies, nor are they providing insurance cover in respect of the individual indemnity they offer to members.  They are mutual organisations who offer membership and as a part of that membership they could make available their support if needed.

In my time as an insurance broker I have provided many an medical indemnity insurance policy for healthcare entities and individuals and in the vast majority of cases they thought that the defence union’s cover was insurance.  Of course I put them right and in some cases they were quite shocked at the lack of transparency and recourse available to them in relation to a defence union.

The rising cost of medical indemnity for GP’s has been on the cards for some time now, but with their numbers accounting for a good proportion of the defence unions membership costs are being spread.  What I mean is that the risk spreading nature of the defence unions works to large respect, however, it is distorting the actual medical indemnity costs of many GP’s out there.  Out of hours work is in it its nature a higher risk element of GP’s work, however, extended working hours is not out of hours, as those patients seen are registered at that practice.

My experience of the defence unions of the last 10 years or so is that they are becoming more heavy handed with their members.  Perhaps a clearing out exercise to try and off load those individuals that no longer fit their membership criteria.

So should indemnity go over to the crown?  You may think I am bias in my opinion, but I don’t believe this to be the best option for GP’s, as the cover is very limited and not always in the best interests of the GP involved.  What is required is competition in the market.  It is currently dominated by the three defence unions, offering cover on a discretionary basis, unregulated and not accountable to anybody outside of the unions.  Many other countries actually put in a minimum requirement for indemnity cover and that it is insurance based, therefore, regulated and accountable in a court of law.  I know competition can sometimes be a dangerous word in areas of healthcare, but if you think about it, many already view the indemnity as insurance cover.  The only difference is that it is not working in a competitive market, such as the insurance market that is global and highly competitive in it nature.  Perhaps it is time that the indemnity question is revisited, as the last outcome only rubber stamped the current method, but many things have changed since then.

Medical Insurance Consultants are able to assist you individually and as an entity/company in all indemnity requirements.  Call us today on 0800 163870 or visit our website www.m-i-c.co.uk

Locum Insurance – How elective is elective?

When I hear the phrase “elective surgery” I usually think that the procedure is not really necessary but the person has decided to have the procedure for whatever reason. How wrong could I be?

Recently I saw a claim where the GP of the person claiming and the person claiming described the claim as “elective surgery”.  As the claim being made related to a Locum Insurance policy the claim was initially declined.  I haven’t yet come across a Locum Insurance policy that covers “elective surgery”.

A classic example of “elective surgery” is the removal of the gall bladder to rid the patient of pain.  The patient could not have the gall bladder removed and as such the pain would continue.  Fortunately at Medical Insurance Consultants (MIC) we have specialist insurers and claims managers who differentiate between “elective surgery” where the surgery is cosmetic and what I describe as “sensible elective surgery” where there is no cosmetic element to it.  It is for the patients health and wellbeing.

If you need to claim on your Locum Insurance policy and you feel that the word “elective” is being used, make sure that there is a full explanation from your GP/Surgeon/Physician as to why the procedure is being carried out.

This is another good example of how £000s could be lost when trying to claim on your Locum Insurance policy.

View Medical Insurance Consultants locum & absence insurance here.

How does the word “LATEST” change everything?

Whether it is being used when comparing Locum Insurance or Surgery Insurance quotations it is so misleading. I will bet that when you see this word your initial thought is that what is being compared is a true comparison and up  to date. WRONG – What it does mean is that the person/company who is using the “LATEST “policy wording or definitions which could be light years away from what is currently being used.

Why is it done? One explanation that I have recently seen is “to help you to make an informed judgement”. Where is it used? Usually when comparing Locum Insurance products. The reason? My bet is to kill off competition.

I must admit I find it difficult to understand what is going through the sales persons mind when they are using such a tactic. It is misleading and could cost the person/practice £000s

It becomes a little better when the comparison is made when using the details from the policy document that the client may have. But still this is not 100% accurate.  At Medical Insurance Consultants we reassess the cover that we offer and the premiums that we charge for Locum Insurance at least once a year.

This has been the “LATEST” comment!   –  Beware

MIC Surgery Insurance awarded 5 Star rating

We are proud to announce that the MIC Surgery Insurance policy has been awarded a 5 Star rating by Defaqto, the independent financial rating company.  This rating confirms to our clients that the cover we offer is at the top of the pile, backed up with excellent customer support and advice.

We will not stop there however, as we are constantly looking at ways in improving the cover we can provide without costing our clients more in premium.  If you don’t have a Medical Insurance Consultants Surgery Insurance policy why not contact us on 0800 163870, email us on [email protected] or visit our website www.m-i-c.co.uk to receive your quote.

MIC Charity Golf Day 16 May 2013

Over 80 golfers made the MIC sponsored Golf Day at the Salisbury and West Wilts Golf Club and helped to raise over £3000.

The money raised went to supporting the Weldmar Hospicecare Trust and Julia’s House Childrens Hospice.

Although the weather was terrible – wet, windy and cold all participants completed their round of golf and a good day was had by all!

If you are a client of MIC for Locum Insurance, Surgery Insurance or any of our Medical Liability products and would like to take part in next years event please get in touch and we can put your name down.

Questions on Surgery Insurance

Our Policy Director Simon Downing is currently the Ask The Expert on Insurance for Management In Practice and he would welcome any questions from our clients. He has recently submitted his responses to questions asked and could see that there is a definite focus on Surgery Insurance cover. Mainly, how to ensure they have the correct level of cover and to pay as little as possible for it.

There is no simple method or magic answer to adequate insurance cover. We as a broker ask the questions that give enough information for us to provide a quotation, as no one wants to be on the phone for ages or completing a confusing and lengthy proposal form. We aim to simplify the process as much as possible, but there is heavy reliance upon being provided with accurate information. If you are in doubt of your level of cover pick up the phone or send an email and ask, because if we can’t help we will be able to point you in the right direction.

We welcome your questions.

Locum costs spiral due to shortage

Medical Insurance Consultants recently contributed to an article written by Pulse outlining the increasing costs of obtaining a Locum GP. Pulse selected MIC, due to our specialism and long standing in the field of Locum Insurance cover, to understand how the fee’s charged have increased quite dramatically over recent years.

What do you think of the costs of Locums in your area and is there anything we can do to help make the process smoother when claiming?

To read the article visit the Pulse website or click here.

Welcome to the MIC blog

Welcome to the MIC blog where we will be talking about all things relevant to the insurance needs of healthcare professionals, including:

We will also be looking at issues raised by our clients, regulatory bodies and the insurance industry to give a better understanding to all.