When you’re a doctor planning to retire or have a break from medical practice, you have a couple of options to consider for professional indemnity insurance.
The Australian Government introduced the Run-Off Cover Scheme (ROCS) on 1 July 2004 to provide run-off insurance cover to medical practitioners who have ceased private medical practice and who satisfy specified eligibility criteria, and to the estates of deceased medical practitioners. Under ROCS, the government guarantees to pay the cost of medical indemnity insurance claims against eligible medical practitioners covered by the scheme.
As a medical practitioner, when you become eligible for ROCS cover, your last medical indemnity insurer issues a ROCS insurance policy. The government will reimburse the insurer for any valid claims it pays under that ROCS policy. If you aren’t yet eligible for ROCS but are going to retire or take an extended break, you can apply for Run-off cover from Avant.
The Retirement Reward Plan* is one way we share our financial success with members. The plan gives us the ability to return surplus capital to eligible members by way of dividend, when they permanently retire from paid medical practice.
A medical practitioner becomes eligible for ROCS if they:
Find out more here.
Run-off cover under Avant’s Practitioner Indemnity Policy is available to practitioners who have been members of United Medical Protection, MDAV or have held medical indemnity insurance with Avant Insurance. It is available when you:
If you plan to take a break from your career to start a family, you will need to ensure that you have the appropriate level of run-off cover to protect you from any incidents that may have occurred during your career but have not yet been notified to insurers. You may be eligible for the Government ROCS scheme. Contact Avant today on 1800 128 268 to learn more.
We cover you in case you're sued by a patient or another person because of the healthcare you provided. You are also covered for lawyers to defend you in the case and legal costs of the other side (if you're ordered to pay those too). Cover is up to $20 million. Your run-off policy only covers healthcare provided by you during your run-off period.
We defend you in front of AHPRA, the Medical Board and the Coroner when your practice is being examined. We also support you through investigations by your state's health complaints entity and the criminal courts. Cover is up to $2 million. Your run-off policy only covers healthcare provided by you during your run-off period.
We'll cover you, where permitted by law, if you are fined by a government regulator for a breach of privacy, consumer protection, environmental or workplace health and safety laws. We will also cover you for any notification costs for privacy breaches. Cover is up to $250,000. Your run-off policy only covers healthcare provided by you during your run-off period.
Employment disputes can be stressful, so it's good to know that Avant will help you defend a matter from the ground up, or even pursue a matter against your employer (including when you're a visiting medical officer). Cover is up to $175,000 (subject to joint contribution). Your run-off policy only covers healthcare provided by you during your run-off period.
You come into contact with Medicare and private health funds a lot as a doctor, so it's good to know that Avant will assist you with an audit or an investigation by either of these sorts of organisations. Cover is up to $2 million. Your run-off policy only covers healthcare provided by you during your run-off period.
Mistakes happen, and you might inadvertently not notify us of a claim or circumstance in the right year. If you've remained continually insured with Avant, we will still cover you. Your run-off policy only covers healthcare provided by you during your run-off period.
We understand that as a doctor you have the opportunity to take your skills abroad, so it's good to know that Avant will cover you for healthcare that you provide anywhere in the world (excluding the USA). Cover is valid for less than 120 days and less than 2 years if in a training program. Please read the policy wording for full cover information. Your run-off policy only covers healthcare provided by you during your run-off period.
This cover is optional. Under this cover, you may be reimbursed for your out of pocket expenses relating to travel and accommodation and also your loss of earnings, if you have to be off work to attend a legal matter you're involved with. Your run-off policy only covers healthcare provided by you during your run-off period.
We'll support you if you're having trouble being indemnified by another organisation, like your employer, a hospital or an area health service, which you have an agreement with to indemnify you. Cover is up to $500,000. Your run-off policy only covers healthcare provided by you during your run-off period.
^Cover is subject to the full terms, conditions and exclusions of the policy. Your Run off policy only covers healthcare provided by you during your run-off period. Communicable disease cover and away from work costs are not available under your Run-off policy.
The annual, multi-trip cover provides you and your family with protection for both business and leisure travel.
Especially for doctors by doctors, Doctors’ Health Fund provides comprehensive health insurance with benefits for services that are most important to you.
*The Retirement Reward Plan reflects the current policy of the Board for determining which members of Avant are eligible to participate in the Retirement Reward Plan and any Retirement Reward Dividends declared by Avant. The Retirement Reward Plan is entirely at the discretion of the Board and no member will be eligible to receive a Retirement Reward Dividend until such time as the Board declares a dividend in favour of that member. The Retirement Reward Plan is subject to change, suspension or termination by the Board at any time.
#IMPORTANT: Avant travel cover for trips commencing 1 January 2019 is available under a Group Policy between QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE) and Avant Mutual Group Limited (ABN 58 123 154 898 ) (Avant). The Policy is underwritten by QBE and Avant may receive a benefit for arranging cover. For full details including the restrictions, terms, conditions and exclusions that apply, please read and consider the Product Disclosure Statement, Avant’s Financial Service Guide and Avant’s Terms and Conditions of Travel Insurance Cover available at avant.org.au or by contacting us on 1800 128 268. An excess may apply, depending on policy and claim type. For Interns and RMOs, travel insurance is subject to registration with Avant prior to each trip.