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For most people, retirement invokes thoughts of extensive travel, enjoying leisure activities and spending time with friends and family. However, before heading off to cruise the world, physicians in particular, must put certain safeguards in place to ensure a smooth transition for patients and themselves.
MAG Mutual malpractice insureds are entitled to a free reporting endorsement upon their full and complete retirement from the practice of medicine.(tail coverage) if they have been insured with the company for one year and are at least the 50 years of age. To receive the retirement benefit, notification of retirement must be sent to MAG Mutual in writing.
It is recommended that physicians notify their colleagues, employees and all active patients at least two months prior to closing the practice. This will allow enough time for employees to find other positions and patients will have time to get their records transferred to a new physician. It is important to retain all medical records and if a patient requests his/her medical records, send copies only.
A MAG Mutual Retention Associate can provide physicians detailed procedures to continue their malpractice coverage that will make retirement worry-free.
