Is it true that the Louisiana Patient’s Compensation Fund has over a billion dollars in the bank?

“The actuary has estimated the PCF’s liabilities, both claims already filed and those expected to be incurred in 2017, at approximately $765,200,000,” reads the annual report of the Louisiana Patient’s Compensation Fund Oversight Board.

“Currently the PCF’s assets as of August 31, 2017, are approximately $1,054,000,000.”

The estimated liabilities and the assets of the fund — part of the medical malpractice insurance system — over the last several years:

December 2005 — $675.3 million; $253.3 million.

December 2006 — $737.5 million; $364.8 million.

December 2007 — $756.2 million; $431.2 million.

December 2008 — $738 million; $494.6 million.

December 2009 — $773.4 million; $576.4 million.

December 2010 — $771.4 million; $633.7 million.

December 2011 — $777 million; $669.6 million.

December 2012 — $787 million; $776.3 million.

December 2013 — $788.5 million; $833.1 million.

December 2014 — $756 million; $900.3 million.

December 2015 — $765.5 million; $972.8 million.

December 2016 — $765.2 million; $1.02 billion.

“Health care providers who choose to enroll in the PCF remain responsible for the first $100,000 of each claim, either through an insurance company or as a self-insured provider,” reads the oversight board’s report.

“Coverage is provided for the second layer of $400,000 plus all related medical expenses with the payment of the proper surcharge to the PCF.”

The fund balance on Jan. 31 stood at $1,091,737,593, according to records posted online.

For more info: www.doa.la.gov/Pages/pcf/Index.aspx.

 

State law recognizes two kinds of wills

Can you do your own will and have it witnessed and notarized?

Yes.

“A will may be olographic, which means entirely written, dated and signed in the testator’s handwriting; or it can be statutory, which means it is executed with certain formalities in the presence of a notary public and two witnesses,” reads a Louisiana State Bar Association consumer brochure.

“A will controls all the property (assets and liabilities) owned at the time of death, whatever and wherever, except for property that generally passes by beneficiary designation such as life insurance, annuities, IRAs and pension benefits. The estate of one spouse cannot be controlled by the will of the other spouse.”

For more info: www.lsba.org.

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The Informer answers questions from readers each Sunday, Monday and Wednesday. It is researched and written by Andrew Perzo, an American Press staff writer. To ask a question, call 494-4098 and leave voice mail, or email informer@americanpress.com.