What Is Nursing Insurance
Nursing insurance can help protect nurses and their patients from unexpected costs. It can also help cover bills that may arise from an illness or injury. Some common benefits of nursing insurance include coverage for hospitalization, doctor visits, prescription drugs, other medical expenses and malpractice.
Nursing insurance can be a valuable addition to your personal finances. It can help cover unexpected costs that may arise while you are providing care for your patients. If you are unable to cover these expenses yourself, nursing insurance may help to cover them.
Nursing insurance can also help cover expenses that may be associated with an illness or injury; this can include coverage for hospitalization.
Nurses typically receive a small salary and may not have any other type of insurance. Nursing insurance can help protect nurses and their families financially in the event of a medical emergency or accident.
Common Types Of Nursing Insurance Include:
There are a few different types of nursing insurance that are available to nurses. Each type of nursing insurance has its own set of benefits and restrictions.
Nursing insurance typically falls into one of the following categories: Hospital insurance, Medical insurance, Specialty insurance or Personal Liability Insurance
Hospital Insurance: Hospital insurance is the most common type of nursing insurance. It covers the costs of a nurse’s hospital stay if they are injured or become sick while working. Hospital insurance typically has restrictions on how much it will cover, and it may not cover all of a nurse’s costs.
Medical Insurance: Nursing medical insurance is a type of insurance that provides coverage for medical expenses incurred by a nurse while working. Typically, nursing medical insurance policies provide coverage for inpatient care, outpatient care, prescription drugs, and other medical services.
Specialty Insurance or Personal Liability Insurance: Nursing specialty insurance is a type of insurance policy that is designed to protect nurses from potential financial losses that may occur while they are practicing their profession. specialty insurance policies can cover a range of risks, including claims for personal injury, medical malpractice, and workers’ compensation. It is also known as Personal Liability Insurance.
Nurses who are interested in purchasing specialty insurance should first speak with their employer or the insurance company that is providing coverage for nurses in their area. The policy may already be in place, or the nurse may be able to purchase a policy through an independent provider.
Personal Liability Insurance Details?
Personal liability insurance can help you financially if you are sued by a patient or their family. It is a type of insurance that protects you from claims brought against you and the service you provide as a nurse.
According to the Nurses Service Organization (NSO), the average cost of a nurse’s malpractice claim is $201,916. Some states require nurses to carry personal liability insurance, but for the most part, it is a personal decision.
Personal liability insurance can also be referred to as:
- Medical malpractice insurance
- Nursing malpractice insurance
- Errors and omissions insurance
Pros of Personal Liability Insurance
Many nursing forums advise nurses to carry personal liability insurance, even if you are covered through your facility. Some nurses believe that despite facilities having coverage for you, they might protect themselves first, referring to it as “throwing you under the bus.”
It is advantageous to have personal liability insurance. If you get sued, facilities might limit coverage, and you could be responsible for the rest of the claim. This is when your personal liability insurance kicks in.
Other pros to personal liability insurance include:
Covers medical negligence
Covers failure to follow the Health Insurance Portability and Accountability Act and protect personal healthcare records
Covers incorrect advice
Pays for legal fees like defense, judgement, and settlement costs
Pays for loss of income from attending trials and/or dispositions
Cons of Personal Liability Insurance
While personal liability insurance can be helpful, it may not be the best choice for everyone. One of the main deterrence of personal liability insurance is cost. Although costs vary, if it’s not in your budget, then you may opt out of carrying insurance. Some nurses also have additional medical malpractice insurances, which can get pricey. Other cons include:
Complicated language and complex policies
Gaps in your coverage dates
Do you think you need Nursing Insurance as a Nurse?
Are you confused of which insurance is best for you?
Then speak to your colleague and some professionals for proper guidance.
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