Claims can arise at any time. If you're no longer practising in Australia, you're required to maintain cover for future claims that may arise from your past practice. This not only protects you and your assets, but also ensures that you meet your Ahpra obligations.
The type and cost of run-off cover will depend on your individual circumstances. Medical practitioners may be eligible for run-off cover at no cost if they are eligible for the Australian Government Run Off Cover Scheme (ROCS).
If you've been with MIPS for five continuous years and you're permanently retiring from all healthcare, you will be eligible for ERP Loyal Run-off Cover, which is offered at $50 per membership period. If you're only ceasing to practise temporarily, the cost of run-off cover will be individually calculated on your previous practice details.
To update your membership details, complete the Ceasing Practice in Australia form. If you complete this form and return to MIPS prior to 30 June 2023, you may be eligible for a refund.