Today, The Journal News shared a letter tot the editor written by LRANY’s Thomas B. Stebbins which highlights a hidden subsidy for medical liability insurance buried in the recently released NYS budget.
“Buried in the recent New York state budget is a $127 million subsidy for medical liability insurance. Why is this? Our medical liability payouts are the highest in the nation by a truly mind-blowing margin — in 2012, New York accounted for fully 20 percent of all payouts. Per capita, our payouts are more than three times as high as the national average. New York taxpayers must subsidize insurance rates just to keep doctors from leaving the state.
New York has the best doctors in the world and we are willing to pay a bit more to retain them. But this subsidy is not really for the doctors, it is for the trial lawyers — they take advantage of our plaintiff-friendly legal system to file lawsuits in droves, then use the proceeds to pay Albany politicians to block meaningful reforms.”