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Medicare set aside in NY
#1
Hello
Ok so agreed to accept a settlement of my lifetime WC and will be getting  a set aside for future medical. It will be paid out over 15 years with a large initial payment first year. If I don’t use all or most of it does Workers Comp take it back or do I keep it?  I am 65.  I know it needs to be in a separate interest bearing account but can I actually pay what is owed to office visits, prescriptions through my checking account and than transfer money from the set aside account?

Thanks!
Take Care and Be Well
Tom
 
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#2
You apply to CMS to reduce or return to you some or remainer of the set aside amount.
Are you sel-administering?
If so you should become familiar with the process and procedures:
https://www.cms.gov/Medicare/Coordinatio...nistration
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#3
(02-13-2021, 08:35 PM)1171 Wrote: You apply to CMS to reduce or return to you some or remainer of the set aside amount.
Are you sel-administering?
If so you should become familiar with the process and procedures:
https://www.cms.gov/Medicare/Coordinatio...nistration

Thank you, very confusing
Take Care and Be Well
Tom
 
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#4
Yup. Something workers should explore before deciding on going with an MSA.
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#5
here is link to reference guide which is helpful:
https://www.cms.gov/files/document/wcmsa...ion-32.pdf
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#6
(02-14-2021, 01:53 PM)1171 Wrote: here is link to reference guide which is helpful:
https://www.cms.gov/files/document/wcmsa...ion-32.pdf

Thanks!  I’ll check it out.  I will administer myself as I’m pretty stable now getting hurt back in 2005.  I only see a pain specialist once a month and a Neuro once every 3-4 months plus 2 prescriptions which I hope to be off shortly 

Thanks again
Take Care and Be Well
Tom
 
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#7
Sounds like you are on your way to a successful recovery. With such routine future treatment i wouldn’t think an MSA would be worth the hassel.
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#8
(02-15-2021, 12:37 PM)1171 Wrote: Sounds like you are on your way to a successful recovery. With such routine future treatment i wouldn’t think an MSA would be worth the hassel.

This is what I need to discuss with my attorney. Depending on who you talk to all money is returned to WC if not used, others say you may keep some. Seems to be a grey area.  ( NY State )
Take Care and Be Well
Tom
 
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#9
Whether unused funds are returned to you or the carrier depends on the terms of the settlement ; it can be negotiated either way.
see question 9:
https://www.youtube.com/watch?v=yKsod0AtnhY
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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