Settlement With Client Dual Eligible for Medicaid and Medicare
John Darer • January 6, 2020
Understand Countable or You Could be Held Accountable
We are receiving a number of calls from individuals who received workers compensation settlements who were dually eligible, but there was a failure to recognize this in settling the workers compensation claim, possibly putting other public benefits in jeopardy. Whether you are a plaintiff's personal injury lawyer or workers compensation applicant attorney you obviously don't want to be there.
What Does It Mean to Be Dually Eligible?
Being eligible for both Medicaid and Medicare under the rules of the respective programs.
Medicaid, a state and federally funded program that provides basic health care coverage for those whose income and assets are below certain thresholds, can be used to supplement Medicare coverage if the claimant has both programs.
A Medicare Set-Aside account is considered an available resource for purposes of asset/income sensitive needs-based benefits such as SSI and Medicaid.
If the Medicare Set-Aside account is not set up inside a special needs trust or Supplemental Needs Trust (New York), the plaintiff/claimant may lose Medicaid/SSI eligibility. To maintain their Medicaid/SSI benefits, the MSA must be placed within a special needs trust, using a hybrid trust which addresses both Medicaid and Medicare.
Be mindful of this issue in the run up to settlement negotiations.
USAA Life Insurance Company, an A++ rated insurance company, issues structured settlement annuities with 1%, 2% and 3% COLAs. USAA Life structured settlements are exceptionally compatitive on lifetime benefit payments with long duration certain periods for ages under 35.
Owners of highly appreciated NY businesses or NY real estate may benefit from a structured installment sale tax deferral program as an alternative to a 1031 exchange. MetLife's structured installment sale program is now available in NY and in all 50 states. Call 888-325-8640 for more info
A qualified assignment is part of the process to establish a structured settlement that enables a Defendant, Insurer, or Qualified Settlement Fund, to achieve a complete novation of the future periodic payment claim established by suit or agreement, through a substitution of obligors.
An annuity and a structured settlement walked into a bar, how do you tell them apart? 4structures' John Darer reviews the differences for you right here.
A lifetime structured settlement annuity turns part of your settlement recovery into guaranteed income you can’t outlive that is contractually guaranteed by a regulated life insurance company. A lifetime annuity is sometimes referred to as longevity insurance.
Structured settlement annuities can be very helpful to the budgeting process by providing guaranteed income streams and deferred lump sum payments tailored to specific budget needs and time frames identified in the settlement planning process.
Structured settlement receivables are often deceptfully marketed to investors as annuities. When the originating structured settlement factoring company buys structured settlement payments in a structured settlement factoring transaction, they are buying a receivable not an annuity.
Avoid constructive receipt if a structured settllement or structured attorney fee is to be established. Care must be taken to avoid constructive receipt.
Financial services provider USAA ranks 94th on Fortune 500. USAA Life Insurance Company, which earns the top rating of A++ from AMBest is often super competitive on longer term payment streams.
John Darer reviews Prudential Income Advantage structured settlement annuity, which provides indexed structured settlement annuity option with the potential to grow personal injury settlement funds while offering protection from market declines. 2 IRS Private Letter Rulings!
