When a personal injury case is settled for a Medicare beneficiary, be it workers’ compensation or liability, a Medicare Set Aside (“MSA”) may be implemented. Once the decision is made to utilize an MSA, the question becomes how will it be administered? The criteria for MSA administration is that the funds may only be used to pay for future medical expenses of the type normally covered by Medicare for treatment of the injury victim’s injury related medical conditions. CMS’s guidelines (for workers’ compensation cases) indicate that set aside funds should be placed in an interest bearing account and may be either professionally administered or self-administered. For most injury victims, administering their own set aside can be a daunting task because they must determine what is Medicare covered, pay the right amount for the Medicare covered services and keep records of all expenditures.
Professional administration is a much better alternative for larger set asides. The question becomes who do you turn to for administration services for a Medicare set aside when one will be utilized? How do you choose between providers? These aren’t simple questions to answer. However, Synergy does have the answers and a solution to Medicare Set Aside administration. Synergy’s Medicare Set Aside Administration program is different because it employs a Medicare Set Aside Trust arrangement instead of a custodial agreement like most other professional administration programs.