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Medicare Set-Aside Trusts are a type of special needs trust designed to preserve settlements in workers’ compensation and personal injury cases to pay for future medical expenses. If you have been injured as a result of someone else’s negligence or job-related injury, Medicare will consider your injury settlement to be the “primary payer” for your medical expenses. Medicare will want you to spend down your entire settlement to pay for your medical expenses before it begins paying for your care. A Medicare Set-Aside Trust can help preserve these funds while you receive your necessary Medicare benefits. As we all know, future medical expenses can become more and more expensive; this is why you need a Medicare Set-Aside Trust to keep your settlement safe for future care. The attorneys at Shalloway & Shalloway, P.A., are experienced Medicare Set-Aside Trust lawyers who understand this ever-changing and unpredictable area of the law. Due to the complexities surrounding the Medicare Secondary Payer law, it is always advisable to speak with a qualified special needs attorney.
The Medicare Secondary Payer law (MSP) was enacted to ensure that Medicare does not pay the cost of medical expenses that are or should be covered by another person or insurance (“primary payer”). Essentially, Medicare will pay as the primary insurer if the injured individual is not covered by other insurance or coverage. When you are injured in a job-related matter or at the hands of someone else’s negligence, you will either file a claim with your employer’s or another person’s insurance carrier. Sometimes these matters go to court but most often they settle. In Workers’ Compensation and personal injury cases, Medicare requires that you use up your settlement before Medicare picks up the tab for your future medical expenses; additionally, Medicare can recover for any amounts it paid out for your past expenses. At the time of your settlement, you will not know what your future medical expenses will be, and you will want to hold onto as much money as possible in the event the cost of your care greatly increases.
Medicare Set-Aside Trusts contain your settlement to help pay for your future medical expenses. Medicare will be paid back only after you pass away. If you anticipate receiving a settlement in a workers’ compensation claim or personal injury case and are also receiving or will receive Medicare, please contact Shalloway & Shalloway, P.A., today.