NEW EPISODE LIVE for public access!
Do you know the difference between dental indemnity and insurance? And which one might be better for you? Today we have Dr. Neel Jaiswal, founder of Professional Dental Indemnity (PDI), to shed light on this crucial topic (as our security and sleep depends on it!)
https://youtu.be/SmLM5cr4mzo
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Should you choose a 'claims occurred' or 'claims made' policy? Dr. Jaiswal's transparent advice aids in choosing what is best for you at your stage of your career.
Need to Read it? Check out the Full Episode Transcript below!
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Click below for full episode transcript:
Episode Teaser: And what you don't want to do is have to cover the costs of somebody else's mistakes. So, with an insurance pool, we put all the good dentists, so to speak, in one pool. And let's call them the distressed dentists, paying 30, 40, 50, 80, 100 grand in another pool. So, there's different risk factors and different prices. So, if something happens in the other pool, it's not having a knock-on effect on yours, so your premium doesn't go up. Whereas with a mutual everyone's in the same pool. So that's why you can be saying, I haven't had a complaint. Why is my indemnity going up, insurance going up every year? Now, obviously some of that's expenses, cost of living, but it's disproportionately high, but it's because you're paying for other people's errors and emissions.
Jaz's Introduction:Indemnity vs Insurance. I don't know if it's like a UK thing. I'm kind of sure it is. Although when I was in Singapore, I was with dental protection. So let's give you a bit of background first, right? Indemnity is a bit like the big organizations, mutuals like DDU and dental protection, whereas Insurance are kind of like a newcomer in the last 10 years. There's these different insurance products.
So what's the need for these? Well, when I was in Singapore, when I moved from the UK to Singapore, I was paying so much lower to be part of dental protection at the time, like, compared to UK fees, Singapore, it was so much easier to get protected as a clinician.
This is because in Singapore at the time, dentists were getting sued way less than they are in the UK, which is nice, and also taxes are lower, which is really cool. Anyway, came back to the UK, and now that I've been paying way less in Singapore, to have to pay what I was getting quoted for with DDU at the time, or Dental Protection, or whoever, It was a bitter pill to swallow.
So already I was thinking surely there must be a better way. Why am I a non-implant dentist who hadn't had any complaints at that point? Why am I paying so much so that it covers the high-risk dentist, right? Cause that's the way it works. These mutuals, they work because they've divided all the costs between all the members.
And this is why your premium goes up year by year by year, even though you didn't really use their services. That's when insurances came my radar and my friend, Dr. Neel Jaiswal, who's a fantastic conscientious clinician. He started PDI, which is Professional Dental Indemnity. So, I had a chat with him, I went to their evening, I met the underwriters, the lawyers there, and I was very impressed with what he was setting up.
But what he taught me and what I learned also from the Facebook groups and dentistry is that, oh, I had this complaint, and my indemnity organization is choosing not to defend me. Now that's a big eye opener, right? Because what we learn now is that these big mutuals, their cover is discretionary. Meaning that should they choose not to defend you, they won't.
They're not obligated to. They're not an insurance. Okay.
