Anesthesiologists, the highest paid profession but really not worth the insurance costs?
In LA, they could pull in $250,000 a year, but still have to pay $50,000 yearly insurance, that is still a cool 200K, but add tax bracket, 35%, and they only pull 130K, not bad, but for 8-10 years of school, I would not pursue. A corporate manager can make this without insurance premium and still be in a lower tax bracket. STEM is still a better deal overall http://www.bls.gov/oes/current/oes291061.htm
Employment (1) 30,200
Employment 5.3 %
Mean hourly $113.01
Mean annual $235,070
Wage RSE (3) 1.6 %
How Is Anesthesiologist Insurance Cost Determined?
The specifics that insurance companies use to determine the price of anesthesiologist insurance vary from company to company. Most of the cost is determined by the likelihood of a malpractice lawsuit.
Here are the most important determinants of pricing:
•Practice location: different states have different laws and requirements.
•Whether or not you currently have anesthesia malpractice insurance.
•Whether the practice is full time or part time.
•Whether there any existing claims to be settled.
•Whether you are a member of a medical group.
•Whether you work with physicians performing major or minor surgery.
•The policy limits you choose.
Your policy limits are the most important when it comes to pricing. Typical policy limits in most states are $1 million per occurrence, and $3 million as an annual aggregate. Some states and hospital systems are now requiring increases to $2 million/$6 million. However, many insurance companies do not offer those limits
Before the development of monitoring improvements during the 1980s, anesthesiologist malpractice insurance rates were considerably higher than they are today.
•The "pulse oximeter" and "end-tidal carbon dioxide monitor" have significantly reduced brain and heart oxygen deprivation issues, which led to many malpractice cases.
•In the 1980s, surgical anesthesia claims represented 80% of all anesthesia malpractice claims. They are now less than 65%.
•In 1985, the average anesthesia malpractice insurance premium was over $36,000 per year. In 2009, it was just over $21,000, which is inflation-adjusted into 2008 dollars.
•The risk of a malpractice lawsuit in 2009 was 7% for anesthesiologists, compared to the extremes of neurosurgeons at 19.1% and psychiatrists at 2.6%.
•In 1973, anesthesia related deaths were approximately 1 in 1500. Today, that number is 1 in 200,000.
In addition to monitoring improvements, education for today's anesthesiologists has also improved to a significant extent. These have combined to create a more favorable landscape for anesthesiologist malpractice insurance costs.