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Received a $17k settlement for injury settlement on an accident at work. Of course Attorney get $5k.I get $12k but said that $2K must be put in a Medicare Set aside arrangement .

He gave me couple sheets of paper about this.

Was not too impressed with him,here is my questions.

I am 65 and not on SSI till 3 more years since I am on my wifes insurance.

How do I set up this account ,have looked on net and get all type answers.

Can I just put this $2k in a interest savings account and put my wife as beneficiary and leave it in there till I die because I really do not think I will every use it.

Or since under $25K can I just save it and use it on something for myself.

Would like to get some options. Thanks
first off the feds have to approve the amount.
your atty may already have the $2K pre-approved; if not it could be more or possibly less.
generally you have to have the amount re-reviewed by Medicare to reduce or take money out.
you can set up a self-administered account.
"If payments from the WCMSA account are used to pay for services other than Medicare-allowable medical expenses related to medically necessary services and prescription drug expenses, Medicare will not pay injury-related claims until these funds are restored to the WCMSA account and then properly used up."
more here:
http://www.cms.gov/Medicare/Coordination...rview.html
and the guide manual is here
http://www.cms.gov/Medicare/Coordination...3-copy.pdf
reported