Will Healthcare Reform Affect P&C Insurance Rates?
Industry experts speculate that the ACA will have the greatest direct impact on medical malpractice liability insurance and workers' compensation coveragesbut whether the changes will result in higher or lower rates is still an ongoing debate.
In theory, as more people gain access to healthcare, the number of medical malpractice liability lawsuits could decrease because patients will be able to receive earlier treatment for medical problems, leading to better health outcomes. Similarly, as more workers have access to healthcare, workers compensation (WC) rates may also decrease.
Alternatively, some analysts express concerns that the influx of newly covered patients could exacerbate existing staffing shortages and stretch doctors and nurses too thin. This could result in a higher frequency of medical errors and potentially increase the amount of time workers must wait to receive treatmentultimately leading to higher rates.
The only real answer is...time will tell.
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