Malpractice insurance

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I am starting PharmD school in the fall and I am currently working a a CPhT in a busy store (~600 scripts/day) and I am getting ready to switch to full time for this summer. We get a ton of CII's and pain meds at my store, and our customer base is the "we're above average income so we're entitled to this and we'll sue if we don't get our way" customers.

I was wondering if I should get malpractice insurance for the next four years, and if I should buy it as a tech or student (for when I get my intern license in a couple of months).

Any suggestions?

Originally Posted by ArcSil

I am starting PharmD school in the fall and I am currently working a a CPhT in a busy store (~600 scripts/day) and I am getting ready to switch to full time for this summer. We get a ton of CII's and pain meds at my store, and our customer base is the "we're above average income so we're entitled to this and we'll sue if we don't get our way" customers.

I was wondering if I should get malpractice insurance for the next four years, and if I should buy it as a tech or student (for when I get my intern license in a couple of months).

Any suggestions?

Unless you're the only pharmacy available, which is doubtful, they can't win a lawsuit for that. The pharmacist can give them their script back or offer to transfer it.

Originally Posted by ArcSil

I am starting PharmD school in the fall and I am currently working a a CPhT in a busy store (~600 scripts/day) and I am getting ready to switch to full time for this summer. We get a ton of CII's and pain meds at my store, and our customer base is the "we're above average income so we're entitled to this and we'll sue if we don't get our way" customers.

I was wondering if I should get malpractice insurance for the next four years, and if I should buy it as a tech or student (for when I get my intern license in a couple of months).

Any suggestions?

You might be covered through your school for rotations. I'd check with your school and take their recommendation. It's never been recommended for us as students...

Originally Posted by ArcSil

our customer base is the "we're above average income so we're entitled to this and we'll sue if we don't get our way" customers.

Ah, yes, the whole "Do you know who I am?" phenomenon.

I met a pharmacist at an association meeting who did 2 days of relief work at a store in a neighborhood like that, and she was cursed at more, had more things thrown at her, was threatened more times, etc. in those two days than she had in all her other 30 years of practice put together! She added, "Give me a 100% Medicaid practice over these goofs any day!" The funny thing is, she probably made more money and had more education than any of the people who thought she was fair game because she was standing behind a counter.

waste of money to get malpractice insurance as an intern or tech

Originally Posted by Rx MPLS

You might be covered through your school for rotations. I'd check with your school and take their recommendation. It's never been recommended for us as students...

Agreed. Our malpractice insurance was paid by the school.

UF makes us it get. It's like $25 annually, so you know...whatever.

Originally Posted by confettiflyer

waste of money to get malpractice insurance as an intern or tech

The buck stops with the pharmacist.

Unless you're making IV's or something I wouldn't worry about it.

The situation of actually needing it as a technician or intern would be exceedingly rare.

On the other hand, its reasonably cheap.

Originally Posted by confettiflyer

waste of money to get malpractice insurance as an intern or tech

How about post-graduation?

Who do pharmacists use to provide this kind of insurance?

Originally Posted by pharm B

Who do pharmacists use to provide this kind of insurance?

Oh how I want to google that for you...

Anyway, HPSO seems to be a common one.

I've always used Pharmacists Mutual. My premium has not changed in 18 years, either; it's $144 a year for $1 million in coverage. It's tax-deductible, too.

Originally Posted by owlegrad

Oh how I want to google that for you...

Anyway, HPSO seems to be a common one.

I wanted a subjective answer.

Originally Posted by rph3664

I've always used Pharmacists Mutual. My premium has not changed in 18 years, either; it's $144 a year for $1 million in coverage. It's tax-deductible, too.

It is not tax-deductible.

Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). You can claim the amount of expenses that is more than 2% of your adjusted gross income. You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37

Deductions subject to the 2% limit are discussed in the following three categories.

Unreimbursed employee expenses (Schedule A (Form 1040), line 21 or Schedule A (Form 1040NR), line 9).

Only unreimbursed employee expeneses > 2% of AGI (~$2000K for an RPh) are deductible.

It's tax deductible for me, as I own my own business.

Both COPs I've been associated with have required students to have it, and I think both schools paid for it. I require the interns who work for my business to have proof of insurance.

Originally Posted by All4MyDaughter

It's tax deductible for me, as I own my own business.

Both COPs I've been associated with have required students to have it, and I think both schools paid for it. I require the interns who work for my business to have proof of insurance.

Yes, it is deductible as a business expense if one owns their own pharmacy. Do you own a pharmacy All4MyDaughter?

Originally Posted by awval999

Yes, it is deductible as a business expense if one owns their own pharmacy. Do you own a pharmacy All4MyDaughter?

No, I own an MTM/consulting company. I founded it about halfway through residency and will be devoting my time to it after I finish residency on 6/29.

Originally Posted by awval999

It is not tax-deductible.

Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). You can claim the amount of expenses that is more than 2% of your adjusted gross income. You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37

Deductions subject to the 2% limit are discussed in the following three categories.

Unreimbursed employee expenses (Schedule A (Form 1040), line 21 or Schedule A (Form 1040NR), line 9).

Only unreimbursed employee expeneses > 2% of AGI (~$2000K for an RPh) are deductible.

More specifically, all deductions subject to the 2% limit must be more than 2% of AGI when added together...then you get a deduction of only the portion over 2%.

http://www.irs.gov/publications/p529/ar02.html

Go tax law!!

Yeah biggest pet peeve is when people say "it's tax deductible!" as if it magically makes any opposition to buying a product/service irrelevant.

Worse is when people believe it.

Worse than that is when people say this to college students about membership dues when like 98% of them use the standard deduction anyway.

Originally Posted by confettiflyer

Yeah biggest pet peeve is when people say "it's tax deductible!" as if it magically makes any opposition to buying a product/service irrelevant.

Worse is when people believe it.

That has always confused me. Do people not understand the concept that being a tax deduction does not automatically make something a good idea (financially or otherwise)?

Would you spend a dollar to save a dime? What are people thinking, chasing tax deductions or acting like that is a smart way to spend money? Even if something is a deduction, you are still spending the money...

Not to mention the whole "standard deduction" thing.

i think people confuse tax credits with tax deductions

Originally Posted by confettiflyer

i think people confuse tax credits with tax deductions

And I think people are just stupid.

Sometimes. Especially about money.

Originally Posted by owlegrad

And I think people are just stupid.

Sometimes. Especially about money.

a fool and his/her money are soon parted

Originally Posted by All4MyDaughter

No, I own an MTM/consulting company. I founded it about halfway through residency and will be devoting my time to it after I finish residency on 6/29.

Congrats! I hope you keep us posted on how you do!

Whatever it is, I keep the bill and take it in to my accountant every spring, along with my other tax-related paperwork, and let him or her deal with it.

Originally Posted by All4MyDaughter

No, I own an MTM/consulting company. I founded it about halfway through residency and will be devoting my time to it after I finish residency on 6/29.

I hear medicaid will stop giving you cocaine baggies if they find out you're actually working on the side. Keep it on the DL

Originally Posted by joetrisman

I hear medicaid will stop giving you cocaine baggies if they find out you're actually working on the side. Keep it on the DL

You're right. I don't want them to repo my Hummer, either!