We’ve taken the time to prepare an MSA, so Medicare’s interests are protected… Right???
No. The duty to protect Medicare from making future payment when a primary form of insurance is available does not end by simply authoring an MSA. All parties involved in the settlement must determine whether or not the claimant or the claimant’s guardians have the ability to properly administer the MSA. Failure to comply with CMS regulations can fines and penalties to all parties, including forfeiture of the claimant’s Medicare benefits for life.
THE SOLUTION: PROFESSIONAL ADMINISTRATION
By professionally administering the MSA, you are relieving all parties from the nuisance of having to comply with ever-changing Medicare regulations. Instead, you’re hiring a claims professional to administer the funds on behalf of the claimant, ensuring compliance and accuracy of payment, timely completion of annual accounting attestations, and year-end tax forms.
All services are repriced through a Preferred Provider Organization and Pharmacy Benefits Program. This ensures the funds are there for use in the future. Medical services typically receive 20-25% discount below usual and customary, and pharmacy prices are approximately 40% below average wholesale price.
Hassle Free Medications
All clients receive a prescription benefits card to be used at a pharmacy of their choosing. This card is preloaded with all of the approved prescriptions, and allows clients to visit the pharmacy without paying any out of pocket expenses or copays.
Lower the initial out-of-pocket expense of funding the MSA account by annuitizing the fund, rather than simply funding the entire amount with a lump sum. CMS allows and approves structuring MSAs so that funds are dispersed throughout the life expectancy of the claimant.
Within the administration agreement, both parties can agree on who retains any unused funds at the end of the claimant’s life. Reversionary agreements can help settlement negotiations, by specifying, in advance, which party will assume control of any remaining unused funds.
MSA Administrators is a licensed TPA with the expertise required to properly administer and account for the funds that were established to protect Medicare’s interests.
We can customize our services to fit your needs, on a case by case basis. Contact MSA Administrators now for a quote on professional administration services.