After a workplace injury, your next step will be your road to recovery. Not only will you work to heal yourself physically, but mentally as well. However, worrying about medical expenses can make it harder to focus on recovering. Thankfully, you won’t have to shoulder the cost alone. Through a Medicare Set Aside (MSA), you’ll be able to find that your medical bills won’t break the bank…
Medicare Set Aside: What It Means For You
What is a MSA?
A Medicare Set Aside consists of funds that are set aside for future usage from your workers compensation claim settlement. You can then use these funds to cover any potential future medical expenses. These funds are determined by estimating all potential future medical costs. These include doctor’s visits, prescriptions, and any future surgeries.
A MSA is similar, but different than Medicare. A MSA is more of a “pre-Medicare” payment system. Once the MSA has been used up, then you’ll switch over to Medicare.
Why do you need a MSA?
According to the law, Medicare is a secondary insurance payer. If there’s another form of insurance available (like your workers comp insurance), then Medicare won’t begin until all those funds are exhausted. A MSA is a convenient way to put all those funds together in one place for you.
A MSA is also a way for Medicare to ensure proper usage of the funds set aside. That way, you get as much of your expenses fully covered before you’ll need Medicare. You wouldn’t want Medicare to kick in too early when you don’t need it yet!
How do you manage your MSA?
There are two ways to manage a MSA. The first is self-management. You’ll have complete control over your payments and funds with this option. Your second choice is using a professional administer. The administer will be able to then help with any provider negotiations or payment disbursements.
Either way, make sure to keep good records of your transactions. You could potentially lose access to future funds if suspected of misuse. It’s better to be safe than sorry for something like this.
Medicare Set Aside is a great resource that helps to remove the burden of medical bills from your shoulders. With that stress taken care of, you can begin to fully focus on your recovery.