That money will be put into a medicare set aside account msa. As the preferred funding mechanism to the projected msa allocations structured settlement annuities meet the rules cms has identified in a series of policy memoranda.
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Structured settlements can be beneficial in resolving workers compensation claims involving medicare set asides msas according to industry experts.
Structured settlement medicare set aside. Using structured settlements for a medicare set aside provide many benefits including. A structured settlement can also be used to fund a workers compensation medicare set aside msa account where the employer is responsible for the cost of the primary medical treatment for the claimant and medicare is the secondary payer. Using a structured settlement for your msa can help you reduce the costs to all involved parties especially yourself. A medicare set aside arrangement msa is an allocation of a portion of a workers compensation liability or no fault settlement to pay for future medical expenses related to a workers compensation injury illness or disease or the injury illness or disease arising out of the accident or incident that gave rise to the liability or no fault claim. Structured settlement annuities are uniquely designed to preserve assets. The use of these annuity products to fund a medicare set aside account msa is essential since the periodic payments serve to preserve the integrity of the msa. What is a medicare set aside. It offers the most comprehensive advisory services and financial products in the industry designed to best serve claimants including loved ones by meeting their unique needs. Quest settlements is a leading provider of structured settlements. Workers compensation injuries involving. Settlement funds are paid periodically versus a single lump sum. So a 100000 cash msa might only cost 60000 if you annuitize it buechner said. The introduction of structured settlements as a funding mechanism for medicare set asides made handling ongoing medical expenses easier to manage and reduced the cost to the parties involved. Buechner said a structured medicare set aside can be less costly for both the medicare beneficiary and the defendant or insurance carrier because it takes advantage of the time value of money. Through a structured settlement earning tax free interest the injured party receives the benefit of meeting the medicare annual payments at a discount cost.
Simplified solutions via one structured settlement consultant. When you win a settlement in a workers compensation or personal injury case a certain amount of that money may be required to be set aside to cover medical care.
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