14% Medical Malpractice Insurance Rate Increase Approved in New York

Chrissie Cole

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On Monday, The New York State Insurance Superintendent approved a 14% raise in medical malpractice insurance rates that doctors will have to pay.

The increase is up 5% from last year's 9% increase and a 7% increases over the past two years.

Due to the increase, you will eventually pay more out of pocket for health care, says the head of the Chemung County Medical Society. Dr. David Schofield, Medical society executive director, says it means fewer doctors will want to practice medicine in New York.

Dr. Schofield said, "If you're an obstetrician and you're spending $160,000 to $200,000 just to get your malpractice insurance, why don't you go to one of the other 40 or 45 states where you can get that malpractice insurance for $70,000 or $80,000?"

The Governor announced, a task force will be formed to help come up with recommendations by the end of the yar for dealing with the causes of high medical malpractice costs in New York.