Does Merck & Company Give Refunds?

Posted on January 28, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

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“I Want My [Prescription-Drug] Money Back!”

[By Patrick C. Cox; Jr.]

Merck & Company may have to as a result of a recently filed lawsuit in the state of Florida.

Coming on the heels of the disappointing Vytorin™ Enhance Trial results, patient Marion J. Greene, 72, is suing to get her money back.  She had been taking Vytorin™ at $100 a month instead of generic cholesterol medications at about one third the costs.

Apparently Ms. Greene feels she hasn’t been getting her money’s worth and claims Merck has misled the public. Although some of her costs were reimbursed, she is seeking a refund of what her attorneys are calling “overpayments.” 

Class Action Lawsuit Status Sought 

The lawsuit has been filed in Jacksonville and attorneys are seeking class-action status charging Merck & Co. with misleading patients about the effectiveness of Vytorin™.

State consumer protection laws, breach of warranty, and unjust enrichment law violations will form the basis of the charges that Merck overstated Vytorin’s effectiveness vs. generics. 

Oversight 

The lawsuit certainly will raise more public eyebrows and questions about drug company sales and marketing practices.

You can bet too that Congress will be looking into expanding its oversight as the public demands more accountability. With more awareness and scrutiny physicians cannot afford to be caught in the middle by continuing take drug company promotional claims at face value. 

As things heat up MD/DO’s can count on being challenged even more to defend their choices of one medication over the other, or they too could be faced with a patient screaming, “I want my money back!” 

Assessment

Has a patient ever cried foul like this to you; if so, what have you done?  

Conclusion

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What is the Probate Process?

Posted on January 28, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

Estate Planning for Medical Professionals

By Lawrence E. Howes; CFP™ and Joel B. Javer; CFP™

The motivating issue and primary purpose of estate planning is for the physician is to assure the proper transfer of property to desired heirs with a minimum expenses and taxation [not avoidance]. The process of transferring property is called probate.

Definition and Terms

Probate, meaning “to prove,” is the legal process of a court-supervised property transfer whose disposition is guided by either your will, or if you do not have a will, by the state laws of intestacy. 

Other property or non-probate assets include property held in trust, in joint tenancy, most life insurance policies [because they have a named beneficiary] and most retirement plan assets [401-k and 403-b], again because of a named beneficiary.

All property is subject to estate taxation – whether or not it goes through probate. But, avoiding probate does not mean you can also avoid estate taxes. 

Probate Avoidance

Probate avoidance is the subject of numerous seminars across the country. These programs rely mainly on doctor’s fears of the unknown.   In actuality, many states have adopted all or part, of the Uniform Probate Code [UPC]. The UPC provides for a streamlined probate process and in most situations, residents of these states have little to fear when it comes to probate.  

However, the probate process is a public process. Anyone can go to the court and look up the will of a decedent and delve into their personal life and bequests. This may be a negative idea for physicians.

State of Domicile 

An estate is usually probated, distributed, and taxed under the laws of the state in which you are domiciled. There are some states (e.g. California, Florida, and Nevada) that have no additional death taxes beyond what the federal estate tax would allow. 

Changing your residence to one of these states may avoid significant death taxes at the state level. You can do several things to establish domicile in a particular state.

Examples involve voter registration, automobile registration, driver’s license, safe-deposit boxes and having a principal residence there.   

Owning property in more than one state may also cause multiple taxation by multiple states claiming jurisdiction, if you are not careful. So, it’s best to determine in advance the requirements for each state and take a definitive position on where you wish your property to be taxed and probated.

Assessment 

The above considerations should be included in the estate planning process of any medical professional.

Conclusion:

And so, what is your experience with the probate process or estate planning process; and remember your opinion counts! 

Related information: http://www.jbpub.com/catalog/0763745790/

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