Question- Settlement Timeframe in Iowa

[doesthismatteranyway]

I have two questions for anyone who may know the answer? My Attorney called me the day before our court date to say that we settled with the opposing side agreeing to pretty much everything I had requested. We decided to do a MSA trust account. However, after a few years if I no longer need the MSA what happens to the money that is in trust?

My second question is in regards to settlement timeframe in Iowa. It has now been 3 weeks since we settled and still no paperwork for settlement. What is the timeframe for this issue once we agree to settle out of court? I can’t find anything on the matter for reading? Thanks in advance for any help on this matter.

[1171]

I don't believe there is a time limit to write up the agreement.
information on MSA is here
http://www.cms.gov/WorkersCompAgencyServ...#TopOfPage
medicare decides the need. you can ask medicare to review the trust at any time.

[doesthismatteranyway]

Thanks so much 1171! Hey, Do you know how the new Health Care Reform Bill will effect settlements with MSA accounts? Especially when pre-existing clause kicks in?

[jayne]

Most MSA are set up to where if you dont use it you lose it......some lawyers and states can set it up different.....HCRB is still a work in process .....most wont see a change for 4 years...

[1171]

My understanding is the opposite. in most cases unused amounts are deducted and/or returned from the trust.
"However, if the treating physician concludes that the claimant's medical condition has substantially improved, then the claimant (or the claimant's representative) may submit a new WCMSA proposal covering future expected medical expenses. Such proposals must justify at least a 25% reduction in the outstanding WCMSA funds."
http://www.cms.gov/WorkersCompAgencyServ...#TopOfPage

jayne: do you have an example or citation where CMS refused to reduce unused trust $$ or the injureds settlement $$ were forfeited to CMS?