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Annuity & WCMSA - Triksey - 04-11-2011 08:30 PM
After my atty. sent me a letter stating that I would receive an atty. for the MSA, what happens next? Of course I've never been this far down the road with a settlement, but heck I'm ready to get this over with.
To everyone going through this process, keep the faith.
RE: Annuity & WCMSA - 1171 - 04-11-2011 09:13 PM
what is "an atty. for the MSA"?
you should not need to hire a second lawyer just to do the Medicare SetAside Agreement.
are you familiar with the MSA rules?
more here
http://www.cms.gov/WorkersCompAgencyServices/
RE: Annuity & WCMSA - freebird - 04-12-2011 10:22 AM
I 'think" atty is for Annuity? Anyway, A Annuity funded by the IC is normal. You will receive a 2 year "bank" of MSA funds then a yearly draw of Money from the Annuity based on the your life span and how much was agreed to concerning the MSA.
I suggest you talk to your Attorney and get familiar about your MSA. Is your MSA funded properly? Many will say that its not real important because Medicare will kick in or your personal insurance if you
are not Medicare eligible BUT you will be responsible for Medicare deductions, cost not covered by Medicare etc. If you have no Insurance and you run out of money, You are solely responsible for the lack of funding on your MSA.
IC's are notorious for "low balling" a MSA and "slipping" it past CMS for review and approval.
IT IS VERY IMPORTANT TO MAKE SURE YOUR MSA IS PROPERLY FUNDED. ONCE YOU SIGN THE DOTTED LINE, THERE IS NO CHANGING IT!
Read and become familiar; It is your life. I would not Trust any Attorney at this point because both sides are looking to settle to get there paycheck. Be careful and cover thy own booty.
RE: Annuity & WCMSA - Triksey - 04-13-2011 12:44 AM
(04-12-2011 10:22 AM)freebird Wrote: I 'think" atty is for Annuity? Anyway, A Annuity funded by the IC is normal. You will receive a 2 year "bank" of MSA funds then a yearly draw of Money from the Annuity based on the your life span and how much was agreed to concerning the MSA.
I suggest you talk to your Attorney and get familiar about your MSA. Is your MSA funded properly? Many will say that its not real important because Medicare will kick in or your personal insurance if you
are not Medicare eligible BUT you will be responsible for Medicare deductions, cost not covered by Medicare etc. If you have no Insurance and you run out of money, You are solely responsible for the lack of funding on your MSA.
IC's are notorious for "low balling" a MSA and "slipping" it past CMS for review and approval.
IT IS VERY IMPORTANT TO MAKE SURE YOUR MSA IS PROPERLY FUNDED. ONCE YOU SIGN THE DOTTED LINE, THERE IS NO CHANGING IT!
Read and become familiar; It is your life. I would not Trust any Attorney at this point because both sides are looking to settle to get there paycheck. Be careful and cover thy own booty.
FreeBird, You are right! Those no good IC's tried low balling CMS, which did NOT work, so I figure the IC'S will have one more time to try to screw me. And I figured just like you said, under funding the MSA. The only check-n-balance that CMS has is I must sign an attestation AFTER I receive the MSA 2 yr. bank check, which is weeks AFTER I receive the indeminity check, which is also AFTER I have signed off on the entire case.
The only other way for me to cover my a** is to make a photo copies of ALL checks and send them in with the attestation form. Can you recommend what else I can do? I can take the two year "bank" of the MSA and multiply that by the number of remaining years left on the life span.
You are so right, you can not take any of the MSA lightly! If you do you end up screwing yourself, without knowing it. The judge did say to me that the Fed. Gov't can penalize the judge, the Employer, and the atty if the MSA is NOT funded properly, maybe this is why they are taking so long to close me out. Your response was greatly appreciated. Thanks so Much!
(04-11-2011 09:13 PM)1171 Wrote: what is "an atty. for the MSA"?
you should not need to hire a second lawyer just to do the Medicare SetAside Agreement.
are you familiar with the MSA rules?
more here
http://www.cms.gov/WorkersCompAgencyServices/
Sorry this was a typo, I meant to type "annuity". Yes, I've read up on the rules for MSA, but they do not disclose any of the info that "FreeBird" posted, which is really informative. Thanks anyway.
RE: Annuity & WCMSA - 1171 - 04-13-2011 01:22 AM
it's not required that you buyout your future medical with an MSA; you have the option of keeping it with the comp carrier.
RE: Annuity & WCMSA - Bummer Knees - 04-13-2011 09:30 AM
My settlement papers read if the MSA is not approved by CMS open medical will be in place.
In my case the insurance company low balled the MSA in the total amount of $4,000.00 total for life.
My attorney laughed and said the MSA will not be approved by CMS.
RE: Annuity & WCMSA - freebird - 04-13-2011 09:41 AM
(04-13-2011 01:22 AM)1171 Wrote: it's not required that you buyout your future medical with an MSA; you have the option of keeping it with the comp carrier.
I disagree to a certain extent; Let me explain from my experience;
A 3rd party vendor had a Life Care Plan built for my MSA. This Vendor was hired by the IC.
The MSA was to "high" for the IC. We offered to settle like you stated above and they refused. They have actually had 3 life care plans built(mediaition was 2 years ago) and finally they get the low ball figure they want. We approved and off it went to CMS 2 months ago
My cash out settlement is contingent on the MSA being approved by ALL before being sent to Medicare for review. We still have not settled and we ask for open medical but they will not do it.
I still have not received my CASH out check because the IC will not accept open medical instead of a MSA.
The last thing the IC wants is to keep future medical open; They want this IW out of there system and they will seldom sign for open medical.
It sounds good but not to the IC.
I am still receiving my weekly check and all my medical/prescriptions are taken care of.
Only one MSA can be filed per claim with CMS.
Anything goes with WC!
(04-13-2011 09:30 AM)Bummer Knees Wrote: My settlement papers read if the MSA is not approved by CMS open medical will be in place.
In my case the insurance company low balled the MSA in the total amount of $4,000.00 total for life.
My attorney laughed and said the MSA will not be approved by CMS.
This is exactly my hope but MSA's slip by CMS all the time and IC's know this. All this does is cause Medicare to pay early screwing the hard working American Citizen's but the IC's know this.
RE: Annuity & WCMSA - Bummer Knees - 04-13-2011 10:21 AM
Freebird the letter I received from CMS said they are processing things much quicker than in the past. I believe they gave a time line of 8 weeks to 3 months for approval of the MSA.
My 3 months is up later this month.
Is there any reason why an injured worker can not call CMS and visit with them about the MSA?
Thanks
...........................
(04-13-2011 09:41 AM)freebird Wrote:(04-13-2011 01:22 AM)1171 Wrote: it's not required that you buyout your future medical with an MSA; you have the option of keeping it with the comp carrier.
I disagree to a certain extent; Let me explain from my experience;
A 3rd party vendor had a Life Care Plan built for my MSA. This Vendor was hired by the IC.
The MSA was to "high" for the IC. We offered to settle like you stated above and they refused. They have actually had 3 life care plans built(mediaition was 2 years ago) and finally they get the low ball figure they want. We approved and off it went to CMS 2 months ago
My cash out settlement is contingent on the MSA being approved by ALL before being sent to Medicare for review. We still have not settled and we ask for open medical but they will not do it.
I still have not received my CASH out check because the IC will not accept open medical instead of a MSA.
The last thing the IC wants is to keep future medical open; They want this IW out of there system and they will seldom sign for open medical.
It sounds good but not to the IC.
I am still receiving my weekly check and all my medical/prescriptions are taken care of.
Only one MSA can be filed per claim with CMS.
Anything goes with WC!
(04-13-2011 09:30 AM)Bummer Knees Wrote: My settlement papers read if the MSA is not approved by CMS open medical will be in place.
In my case the insurance company low balled the MSA in the total amount of $4,000.00 total for life.
My attorney laughed and said the MSA will not be approved by CMS.
This is exactly my hope but MSA's slip by CMS all the time and IC's know this. All this does is cause Medicare to pay early screwing the hard working American Citizen's but the IC's know this.
RE: Annuity & WCMSA - freebird - 04-13-2011 10:43 AM
You can call; My letter dated Feb.2,2011 provides a CMS Case Control number and a number to talk to the WC Review Contractor. It says to wait 45 days before calling.
I tried calling 1x and was put on hold for 45+ min. and I gave up. The way I figure this is
.1 They approve it at the low ball rate OR
.2 They increase it
What can we do if we call was my latter thoughts. Worry more? LOL
The IC will either except what CMS decides or open medical will be there only other option I believe....
8 years in this system is a long time. I have seen a lot and I never to this day want to under estimate what these IC's can and will do.
Once again, I am not bragging BUT they cannot "smoke me out" financially. The wife and I are sound in this area; We are debt free and my wife has a really high paying job for our area; I also bring home $3700 a month myself between WC and SSDI with no offset. I am fortunate and thank God for this.
If only my Back was not injured....... If only I could roll back time and not fell asleep and flipped that Van 3x end over end at 60 mph on the wrong side of the road.
RE: Annuity & WCMSA - Triksey - 04-13-2011 10:23 PM
(04-13-2011 01:22 AM)1171 Wrote: it's not required that you buyout your future medical with an MSA; you have the option of keeping it with the comp carrier.
I want to settle my future medical. A friend of mine was "Tricked" into taking the open medical where the IC was to continue to pay for on going medical bills, well the IC paid for them, about 45 days worth, AFTER the case was signed off by the IW, now they have stopped paying and guess what? The injured worker has to file a brand new freakin claim in court to have the IC re-start paying the bills. This is some sh**. He was in court for about 4 years prior to this to get the settlement, now he is waiting again for a court case! Everyone I know going through this is staying AWAY from an "open" medical.
(04-13-2011 09:30 AM)Bummer Knees Wrote: My settlement papers read if the MSA is not approved by CMS open medical will be in place.
In my case the insurance company low balled the MSA in the total amount of $4,000.00 total for life.
My attorney laughed and said the MSA will not be approved by CMS.
"Bummer Knees"....... My paperwork states that if CMS does not approve the MSA then no settlement. Also, my IC sent in the MSA through a third party contractor, that number was a complete insult to CMS. Months later CMS sent out the "increased" MSA amount and stated in my paperwork that the new number was final, binding, and could not be appealed by the IC. OF course the IC is pissed. I called my MSA case worker, and she said the number MSA approved will not be changed, and the life time annuity does not "start" until the IW signs off on the settlement. Just some info you may need to ask and know for yourself.