Medicare Set Aside question

[monster1963]

Hey guys it's me, monster. Haven't been here in forever but have missed you all. I hope this finds everyone as well and happy as possible!

My case has finally settled and I am about to receive a medicare set aside. According to my attorney they figured I would need a whopping $500 per year for the next 30 years.

My question is....do I have to pay out the entire amount of money received before I can be treated under medicare or is it based on the yearly amount? I probably not asking that right. Let's say I go to a neurologist and the bill is $500 for my neck. Am I then covered under medicare for the rest of the year?

I was injured in California and now live in Texas.

As always I appreciate any help you guys can be.

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BTW I don't have internet at home so I may not be back on for a few days. Please don't think I'm ignoring anyone or being rude just have to come to town to get online. Thanks again.

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BTW I don't have internet at home so I may not be back on for a few days. Please don't think I'm ignoring anyone or being rude just have to come to town to get online. Thanks again.

[jayne]

welcome home Monster to say we missed you is an understatement! and yes on your medicare question....come on over to the other side and bring us up to date on your life so we can all know whats going on...Missed you a whole lot.

[Bummer Knees]

Jayne, Is this our much loved Monster who has been missing from our lives?

[jayne]

yeppers and she better not leave again....

[monster1963]

I've really missed you guys too! Love you all bunches and will try to be here more.

So Jayne, if I spend 500 per year I will then be covered under medicare the rest of the year? Does medicare already have the documentation or how does that work exactly/

[monster1963]

I've really missed you guys too! Love you all bunches and will try to be here more.

So Jayne, if I spend 500 per year I will then be covered under medicare the rest of the year? Does medicare already have the documentation or how does that work exactly/

[lucky]

(01-29-2012 10:22 PM)monster1963 Wrote:  I've really missed you guys too! Love you all bunches and will try to be here more.

So Jayne, if I spend 500 per year I will then be covered under medicare the rest of the year? Does medicare already have the documentation or how does that work exactly/

Did you receive "seed money"? You should have received 2 years in advance for your required interest bearing account.

You would go to Medicare after your bank account with your MSA is exhausted. For instance, You have accumulated $1500 in your MSA account. You would exhaust this amount before Medicare would kick in. When your yearly seed money arrives, you revert back to your MSA account.
It is very important you understand your self administrating of your MSA. You have to supply annualy annualy a self-attestation form which states what your MSA was used for. This is not a itemized form. It will ask how much was used for Medical Services and Prescription drug expenses.

I hope this helps. I actually have a MSA. My seed money was approx. $11800 with a annual drop of $5900 for 26 years.

Keep good records and spend your money only for your work related injury. Report every year your attestation form.

[monster1963]

Thank you for your reply Lucky. I am supposed to receive 15,000 all at once the way I understand it. Supposedly this is 500 per year for 30 years. I just had the documents notarized and mailed them on Monday so I should be receiving it in the next month. I really don't want to put this money in the bank as I am afraid it will be attached while I am trying to straighten out my school loans. My ortho doc says he won't fill out 'complicated' paper work as it is to time consuming for he and his staff. So now I've got to find another doc who will see me and familiarize himself with my injuries so that I can get that mess straightened out.

Why can't anything be simple lol?

Thank you again I appreciate the help.

[monster1963]

Thank you for your reply Lucky. I am supposed to receive 15,000 all at once the way I understand it. Supposedly this is 500 per year for 30 years. I just had the documents notarized and mailed them on Monday so I should be receiving it in the next month. I really don't want to put this money in the bank as I am afraid it will be attached while I am trying to straighten out my school loans. My ortho doc says he won't fill out 'complicated' paper work as it is to time consuming for he and his staff. So now I've got to find another doc who will see me and familiarize himself with my injuries so that I can get that mess straightened out.

Why can't anything be simple lol?

Thank you again I appreciate the help.

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Why is everything I do on here double posting?

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Why is everything I do on here double posting?

[lucky]

(01-31-2012 02:53 PM)monster1963 Wrote:  Thank you for your reply Lucky. I am supposed to receive 15,000 all at once the way I understand it. Supposedly this is 500 per year for 30 years. I just had the documents notarized and mailed them on Monday so I should be receiving it in the next month. I really don't want to put this money in the bank as I am afraid it will be attached while I am trying to straighten out my school loans. My ortho doc says he won't fill out 'complicated' paper work as it is to time consuming for he and his staff. So now I've got to find another doc who will see me and familiarize himself with my injuries so that I can get that mess straightened out.

Why can't anything be simple lol?

Thank you again I appreciate the help.

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Why is everything I do on here double posting?

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Why is everything I do on here double posting?

You are required to put this $15k in a Interest bearing account. There is nothing complicated for your current Doctor to do paper work wise. They should get on the WC fee sch. for your state which they are currently billing you. Go to the billing dept. where this Doctor does his work with your MSA and they should do this for you.

YOU are responsible for reporting your MSA to Medicare yearly. Your Doctor has no responsibility here. Did you have a Attorney? Someone needs to explain to you what your responsibilities are concerning self administrating your MSA.

You pay your doctor from the MSA with a check or debit Card. You pay your prescription drugs with the MSA money. The sum of these totals are reported yearly to Medicare. Really simple paper work but you must have knowledge of what to do.

DID YOU HAVE A ATTORNEY? If you did, you are not informed at all. I will help all I can even to the point of talking by phone with you if necessary.

Also, I failed to recognize your MSA is below $25000 meaning Medicare is not required to approve
http://www.medivest.com/index.php/resour...ssary.html

http://www.articlesbase.com/personal-inj...96532.html

Good Luck