Medicare Set Asides… Choosing the Right Path
by Rick Bishop
Principal, Settlement Planners
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 Settlement Planners, 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.
If you have any question about Medicare Set Aside requirements for structured settlements, CONTACT US. We’re here to help.