If a case settles with a Medicare Set Aside, the you have a responsibility to report injury-related purchases annually to Medicare, in order to protect your Medicare benefits. Ametros is the industry leader in managing Medicare Set Aside funds, providing full professional administration as well as self-administration tools.
Medicare requires that all Medicare Set Asides be administered following these six main guidelines:. If you or your attorney does not comply with this complex list of requirements, you risk being denied your benefits by Medicare.
CareGuard was created with one goal in mind: making the post-settlement process seamless. We do this through our combination of member support and professional administration services. CareGuard is the first fully automated solution for professional administration which gives the member insight into their spending and savings trends.
Our team is experienced working with settlements that are both structured into annuities or paid out in a lump sum. We also manage funds for both Medicare Set Asides and other medical allocations. Our team reviews every bill for possible savings, in efforts to make your funds last longer. Freedom to Treat: Members can see any doctor or provider, without Utilization Review. Technology: A state-of-the-art online portal where members can review the status and total savings of their CareGuard Medicare Set Aside Account.
Reporting: With CareGuard, all reporting is handled and members are compliant with Medicare guidelines. Amethyst is designed to allow you to remain in complete control of your funds, while ensuring a seamless process for both the member and facility providing services. With Amethyst you have the ability to link your settlement funds directly to a personal bank account. The Amethyst platform functions by managing transactions, funds, and ensuring funds are available to support charges in question.
Technology: A state-of-the-art online portal where members can chat, view spending trends and savings amounts. Ametros has made no warranties, promises, representations or guarantees whatsoever about potential cost savings or the level of potential discounts obtained on any item, service or prescription payment.
Speak to one of our experts to get more information about our products, services, and how we can help you. One of our experienced settlement planners can assist you or your client in determining how much money is appropriate to place in the account. What happens to unused Medicare set aside funds, such as in cases where the beneficiary passes away before the funds are gone? If the claimant has named a beneficiary on the Medicare set aside account and has passed away before the proceeds are exhausted, the remaining money will go to that person — but only the amount of money that is already in the account as cash.
If there is no named beneficiary, then these funds pass in accordance with state intestacy statutes. However, the majority of Medicare set asides are set up with life-only annuities with no remainder interest to beneficiaries — a potential windfall to the insurance company, but not to the beneficiary. Beneficiaries can either elect to self-administer Medicare set asides or retain a professional administration firm to handle the process. The decision between self-administering or retaining professional assistance is one that should be made by consulting with an unbiased expert, such as your attorney.
Interested in learning more about establishing a Medicare set aside? Contact Milestone for a free, no-hassle chat. Types of Medicare set asides. Is a Medicare set aside required in a liability case? Establishing a Medicare set aside. Determine the appropriate allocation. Prepare for compliance. This amount is put into a special account — the MSA Account — and all medical expenses for the designated injury that would normally be covered by Medicare are paid from the MSA Account.
If you do not do everything right, you can put your future Medicare benefits at risk. MSA Account regulations are complicated and can be confusing. If you are still not convinced that you need our help, test your knowledge by taking this MSA Quiz. Consequences If your MSA Account is not handled properly or if you pay more than the approved Medicare Set-aside price for any items, or pay for non-allowable expenses out of the account, the consequences include:.
When an injury settlement is made, the intention is for the money to cover the injured person's medical needs for their lifetime. If the money does run out, Medicare will step in and help, but only if the MSA Account has been in compliance with every rule and regulation that Medicare has including spending, record keeping and reporting.
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