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maryland-settlement and WCMSA lifetime - Printable Version

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maryland-settlement and WCMSA lifetime - tammy68 - 05-04-2020

What is an appropriate settlement figure as a lifetime settlement and amount for the set aside. Do I only take the present value of the money for the rest of my life or just not settle and take weekly payments.

Also for the MSA, can I put that into a separate account and do I have to get authorization from WC Insurance to be able to use it or are they thankfully out of the picture. I am 39 right now and on medicare. thanks


RE: maryland-settlement and WCMSA lifetime - 1171 - 05-04-2020

Any settlement amount varies with the impairment level and future medical needs; There is not one amount for every case.
Again there is no one answer that fits every case; some like the guaranteed future payments. Others Not so much.
Yes medicare set aside $$$ can be put in a separate account. The comp carrier has no more say as to how its used. But Medicare/CMS does. Any funds not spent appropriately can be used as a credit agaIst future Medicare expenses.
You should review the info on the CMS setaside site

https://www.cms.gov/Medicare/Coordination-of-Benefits-and-Recovery/Workers-Compensation-Medicare-Set-Aside-Arrangements/WCMSA-Self-Administration


RE: maryland-settlement and WCMSA lifetime - 1171 - 05-06-2020

Glad that was helpful.


RE: maryland-settlement and WCMSA lifetime - tammy68 - 05-06-2020

(05-04-2020, 09:22 PM)1171 Wrote: Any settlement amount varies with the impairment level and future medical needs; There is not one amount for every case.
Again there is no one answer that fits every case; some like the guaranteed future payments. Others Not so much.
Yes medicare set aside $$$ can be put in a separate account. The comp carrier has no more say as to how its used. But Medicare/CMS does. Any funds not spent appropriately can be used as a credit agaIst future Medicare expenses.
You should review the info on the CMS setaside site

https://www.cms.gov/Medicare/Coordination-of-Benefits-and-Recovery/Workers-Compensation-Medicare-Set-Aside-Arrangements/WCMSA-Self-Administration

Thank you, I worry over future payments as they always " forget" to send my check and then I have to repeatedly file for a hearing. Also for WCMSA would I go to the dr and they file for medicare and what medicare doesn't cover for WC related visits, the set aside money would pay. Or would I be responsible for getting those funds to the dr.
Thanks


RE: maryland-settlement and WCMSA lifetime - 1171 - 05-06-2020

Yes, leavIng it their hands is problematic.
No, you use The set aside $$$ first. When they run out then medicare kicks in. If you are self-administering you have to keep a record of paments.