By far, the most complicated aspect of a structured settlement involves Medicare-Set-Asides (MSAs).
Atlas Settlement Group has compiled answers to a list of MSA questions frequently asked by clients. These 12 questions and answers provide a clear understanding of MSAs.
They start with the basic “Why are MSAs necessary?”
“The purpose of the Medicare Set-Aside arrangement (MSA) is to provide funds to the injured party to pay for future medical expenses that would otherwise be covered by Medicare, known as ‘qualified medical expenses.’ If the injured party incurs qualified medical expenses that exhaust the anticipated set-aside sum, Medicare will pay for allowable expenses in excess of the properly exhausted MSA funds. By establishing a Medicare Set-Aside Account, parties to a settlement are protecting Medicare’s interest and complying with the Medicare Secondary Payer Act.”
The Atlas MSA page is a quick and easy resource for clients and attorneys alike. Check it out at Medicare Set-Aside FAQs. For further information about MSAs, please feel free to contact me or give me a call.