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Medicare set aside arrangement - williet57 - 07-01-2013

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

RE: Medicare set aside arrangement - 1171 - 07-01-2013

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:
and the guide manual is here

RE: Medicare set aside arrangement - 1171 - 08-26-2013