Most attorneys are aware that the Medicare Secondary Payer Act can pose a significant risk for their clients and their own practices. Unfortunately, MSA guidance has been so vague in recent years, that the result has been more uncertainty and confusion than ever before.
What is an MSA account? It is money that is set aside after a settlement to satisfy the MSP requirements. It covers future medical expenses related to the injury for which medicare would ordinarily pay. An MSA is much like a deductible that must be spent down before Medicare will pay for future injury related medical care. Even though CMS does not currently take the position that MSAs are required in tort settlements, it could begin to take such a position at any time.
At Amicus Capital Services, LLC, we help plaintiff attorneys manage the complexities of settlement planning every day. For Medicare set aside requirements, we work with you to assess each client’s unique situation and recommend one of two distinct paths:
- Self Administration
- Full Administration
Every case is different, and no single option is appropriate for every client. But we can help you evaluate the needs of your client and manage the risk to your practice. So give us a call, we can help you put MSA concerns behind you.
Let’s face it, over the last several years the settlement process has become increasingly complex, making it more difficult than ever for attorneys to close cases. The time has never been better for comprehensive Settlement Planning.
Settlement planning addresses issues before they become a problem:
- Lien Resolution
- MSA Planning
- Special needs trusts | Blended Trusts
- Tax Planning
When it comes to financial settlements, not everyone needs a structured annuity, but everyone could benefit from a detailed settlement plan.
Our Settlement Planning Checklist ensures that every client has access to a wide range of financial options along with the expert guidance to make the right choice.
One key element of every settlement plan is the signed letter of acknowledgement – a document that describes the process and the client’s participation, ultimately protecting the plaintiff attorney from settlement liability.
To find out more about how we can help you navigate this surprisingly complex area of you practice, call today for a free consultation: (877) 926-4287
Personal injury attorneys are aware of the benefits that structured settlements
provide for their clients. But did you know that structured settlements may
offer you a similar advantage?
By structuring a portion of your attorney fees under a qualified or non qualified structured settlement, you may be able to defer income until a future time. Not only can this reduce your current taxable income, it also offers a secure way to set aside income for your future needs, such as those you’ll have in retirement.
By using a structured settlement you can:
•Defer all or any part of your fee derived from a qualified structured
settlement; there’s no limit.
•Choose when your payments will start at the time of settlement;
there’s no need to wait until age 59½ for payments to begin.
•Set up lump sum payments to cover known future needs such as a
college education for children.
•Your payments will be entirely predictable — unaffected by future
•Potentially reduce your taxes by spreading out income over time.
To find out more about how we can help you navigate this surprisingly
complex area of your practice, call today for a free consultation: (877) 926-4287
Many plaintiff attorneys are aware that the Medicare Secondary Payer Act of 1980 (MSP), requires Medicare’s interests be considered when settling a general liability case.
In recent months, it has become clear that in cases where this requirement is overlooked, the attorney can be held liable for fees and penalties up to $1,000 a day.
Despite the severe liability issues, very little guidance have been given by CMS on Medicare Set Aside requirements. This puts plaintiff attorneys in a difficult position.
At Amicus, we help plaintiff attorneys manage the complexities of settlement planning every day. For Medicare set aside requirements, we recommend one of three distinct paths:
- Self Administration
- Assisted Administration
- Full Administration
Every case is different, and no single option is appropriate for every client. But we can help you evaluate the needs of your client and manage the risk to your practice.
For more information, give us a call at (877) 926-4287 or contact us via the contact us form to the right. We’re here to help.
Medicare Set Aside requirements have become a consistent source of speculation and anxiety among plaintiff attorneys across the country.
Although CMS currently has given limited guidance on MSAs for general liability settlements, the original act, the Medicare Secondary Payer of 1980 (MSP), requires Medicare’s interests be considered when settling a general liability case. Furthermore, under Section 111, there is now a reporting requirement of that settlement by the liable party (defendant/insurer).
The most important thing to keep in mind is that although Section 111 does not require liability MSAs, protecting Medicare’s interest under the MSP statute still applies. There are several options available to consider, one of which is a liability MSA. The entire issue of general liability MSAs is a gray area and the best solution is to create thorough documentation to support whichever position one might take.
If you have any question about Medicare Set Aside requirements for structured settlements, contact us at (877) 926-4287 or email us. We’re here to help.
Not all structured settlement brokers have the interest of your client in mind. It’s not at all uncommon for the defense to argue to have their own Structured Settlement Planner handling the settlement. Not surprisingly, these arrangements often favor the interest of the defense over the interest of your client. (See our article, “Three Cases Every Plaintiff Attorney Should Know” for details.)
Moreover, these arrangements result in significantly greater long-term liability for plaintiff attorneys. The following questions will help attorneys assess their own long term risk:
1. Are you failing to retain your own financial expert?
2. Are you neglecting Medicare Set Aside Accounts?
3. Are you releasing your client’s medical records to defendants
without consideration of HIPAA requirements?
4. Are you inviting taxable confidentiality clauses into settlement
5. Are you unaware of tax consequences in taxable damage
If you answered, “Yes” to any of these questions, give us a call for a free consultation. (877) 926-4287. Call today to find out how we can help you and your clients.
As a personal injury attorney, you are already familiar with the benefits that a structured settlement provides your clients. Periodic payments under a qualified structured settlement ensure that money your client needs to meet ongoing expenses is available when it’s needed.But did you know that structured settlements may offer you a similar advantage?
Create A Supplemental Retirement Income Stream:
Surprising Statistics of Malpractice Lawsuits
As an attorney, you are no stranger to legal risk. Every day, you are reminded of the consequences that face business owners who are either negligent or uninformed. Unfortunately, plaintiff attorneys are often the ideal target for litigation.
Some of the statistics associated with malpractice lawsuits are surprising. Some are patently disturbing. But understanding them are the best way to protect yourself.
Here are some of the statistics every plaintiff attorney should know: MORE