If there was a limit to the amount of money people could receive in medical lawsuits, wouldn't this reduce the cost of a doctor's liability insurance? If so, wouldn't this also help reduce the cost of the doctor's visit/procedure. This might only lead to a small improvement in healthcare cost, but it wouldn't lead to worse healthcare.
Laura B
Perhaps, but who is to set this limit? I don't believe it's the government's business to limit or define the amount of money involved in a lawsuit.
desotobrave
Punitive damages exist, at least partially, to dissuade others in the future. Many hospitals are multi-billion dollar operations. Smaller settlements would mean less disincentive.
laughter_every_day
Some states have imposed limits, despite the fact that there is no limit to the harm someone can do. The rates have not gone down even a little bit.
Boredom Becomes Me
"[W]ouldn't this reduce the cost of a doctor's liability insurance?"
No. It's like a joke. Anything you've ever heard an insurance company say about lowering rates is a big fat lie. Nothing lowers their rates. They're out to make a profit.
I also have to point out that in the real world, juries do not like to make millionaires out of ordinary people. When you see large awards, it means something terrible happened. I know a five year old who has already met his insurance lifetime limit. Their care will cost millions out of their parents' pocket. And he'll only live another ten years. That money is not for liability insurance.
Next time try researching before making assumptions.
Orignal From: Why isn't there a limit to the settlement amount in medical related lawsuits?
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