Planning for Retirement

Insurance coverage designed for retirement and transition:

Retirement brings important insurance considerations that require careful planning.  We’ll guide you through your options and help you make informed decisions.

Deciding when to retire from clinical practice is personal. For some physicians, it means stepping away completely. For others, it may include part-time work, consulting, volunteering, or simply keeping the door open.

One of the most important — and often overlooked — decisions in that transition is whether to maintain an active medical license. That choice directly impacts your need for Medical Professional Liability (MPL) coverage and deciding whether tail coverage is appropriate or if an active policy should remain in place.

It’s a strategic decision, not just a financial one. While MPL premiums can influence this decision, the right approach depends on your post-retirement plans. Evaluating your license status and coverage options together ensures your retirement is structured intentionally — protecting both your legacy and your future.

Insurance Coverage for Retirees

• Medical Professional Liability (MPL) and Tail Coverage
  Even after you stop practicing, past work can still carry exposure. We’ll help you evaluate coverage options to ensure you remain protected. Or if you decide to scale back but continue to work part-time or volunteer we can help you explore your options.
• Long-Term Care Insurance
  Planning for potential future care needs helps protect your assets and preserve your independence. We’ll review options designed to safeguard your retirement savings.
• Medicare Supplemental Coverage
  As you transition to Medicare, a medigap supplemental plan that can help manage out-of-pocket costs and provide additional financial predictability. The Massachusetts Medical Society (MMS) offers group plans that cover members, spouses, and dependents.
• Legacy Considerations
  From malpractice coverage, Medigap supplemental insurance long-term care, and financial and asset protection planning, we will help you think through how your coverage supports your family, estate planning goals, and financial intentions.

How much does insurance cost in retirement?

Costs vary based on your prior practice history, desired coverage limits, health status (for certain policies), and your retirement timeline. Our approach is to help you strike the right balance — maintaining essential protections while thoughtfully reducing coverage that’s no longer necessary.

Retirement may include:

• Selling or closing a practice
• Transitioning patients to another provider
• Moving into part-time or volunteer work
• Relocating
• Fully stepping away from clinical care

Each path carries distinct insurance considerations. We’ll help you determine what coverage to maintain, adjust, or discontinue — ensuring a smooth transition without unintended gaps.

MMS Senior Volunteer Program Insurance Coverage

Through the Senior Volunteer Program of MMS, retired members can continue to mentor, teach, and serve their communities. As the MMS’s insurance agency, Actuate supports this initiative through facilitating access to medical malpractice coverage for eligible volunteers — helping ensure you remain protected while continuing to make a meaningful impact.

Learn about the senior vounteer program

Health Care Proxy and End of Life Care Planning

MMS has partnered with Honoring Choices Massachusetts to provide clinicians and patients with up-to-date care planning information, documents, and discussion guides. Every adult, 18 years and older, has the right to direct their health care decisions and make a personal care plan. Having a Health Care Proxy is not the same as a living will and it is an important component of emergency planning for retirees and people of all ages.

Learn more