Philadelphia Medicine Fall/Winter 2019 - 32

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managing work/life balance

If You're Thinking
about Retirement,
Here are a few Things to Consider
By: Mark Austerberry, PCMS Executive Director

T

he average age of active licensed doctors is 51. In a 2017
survey of physicians age 50 and older by health care staffing
firm CompHealth, respondents, on average, said they intend
to retire at age 68. By comparison, the average retirement age for
all Americans is 63.

If you want to keep your active license, but will not practice
at all, you may qualify for an exemption from the state's medical
professional liability insurance requirements. To confirm your
exemption from the malpractice requirement, complete the Mcare
Declaration of Compliance form at www.insurance.pa.gov/mcare.

Physicians contemplating this step in their careers have a number
of things to consider -- like what to do about your medical license,
medical malpractice insurance, and medical records. And, even
though these issues may be the tip of the iceberg (and maybe not
even high on your list of priorities) when it comes to the many
retirement issues you will need to think about, they are definitely
still worth your time and attention.

Instructions for completing the form are available. You may
also contact Mcare by phone to request this information (717)
783-3770, Ext. 280.

Medical License and Retirement
Retiring Pennsylvania physicians have a few things to figure
out regarding your medical license to practice. Below are options
available. Each option has its own conditions and requirements.
Keep an Active Medical License: You may decide that you want
to keep your Pennsylvania license active after you retire. Why? The
reasons why physicians choose this option are myriad. But, from
what I've learned through conversations with physicians taking this
step, some believe that they might return to practice at some point
in time and do not want to go through the "hassle" of meeting the
requirements to reactivate their license. Others, although technically
"retired" from their day-to-day practice, plan to (eventually) consult
or moonlight at their convenience.
If you decide to keep your active license, you must meet all of
the current licensure requirements:

1. Get an Active-Retired Medical License: Pennsylvania
physicians can also apply for an active-retired license. With
an active-retired license physicians are only allowed to write
prescriptions for themselves and immediate family members
who live with them.
Physicians with an active-retired license are required to do all
of the following:
* Complete the biennial application and submit the required
fee to maintain the active-retired license
* Fulfil the mandatory child abuse recognition and reporting
training, as a condition of license renewal.
Active-retired physicians are not required to have medical
professional liability insurance, participate in Mcare, or meet 100
credit CME requirement.
Go to inactive status: Total retirement means you are no longer
licensed to practice medicine in the state. You do not have to:
* Complete the biennial application and required fee to maintain
your license
* Complete the CME requirements

* Complete the biennial application and pay required fee to
maintain your license

* Complete the mandatory child abuse recognition and reporting
training

* Meet continuing medical education (CME) requirement

* Maintain medical professional liability insurance or participate
in Mcare

* Fulfil mandatory child abuse recognition and reporting training,
as a condition of license renewal
* Maintain medical professional liability insurance, including
participation in Mcare
32 Philadelphia Medicine : Fall/Winter 2019
http://www.insurance.pa.gov/mcare
Philadelphia Medicine Fall/Winter 2019

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