As a liability or Workers’ Compensation attorney, being successful for your clients generally means reaching a settlement. Many injured people can find themselves almost as overwhelmed by the settlement terms as they were just after their accident. Medical custodial accounts with Medivest can help them navigate the waters more confidently.
What Is a Medical Custodial Account?
Medical custodial accounts house settlement funds intended for future medical care in a Workers’ Compensation or personal injury claim. An objective third party, like Medivest, oversees the account to ensure:
- The injured person uses the money for the intended purpose.
- Funds last as long as possible.
These accounts differ from a Medicare Set-Aside (MSA). A MSA is a trust-like arrangement that carries settlement proceeds for forthcoming medical costs. However, the MSA holds only those funds specifically earmarked for compliance with the Medicare Secondary Payer (MSP) statute and covers Medicare allowable expenses.
Conversely, a general non-MSA medical custodial account houses funds for non-Medicare allowable fees or other costs specified in a settlement agreement.
How Does a Medical Custodial Account Work?
The process is simple with Medivest:
- Injured parties present the Medivest ID card to doctors or pharmacists when getting treatment or medication.
- The provider verifies benefits with Medivest.
- Medivest receives, pays and records the bill.
There is no out of pocket expense involved in getting the care the injured party needs.
When to Use a Medical Custodial Account
A medical custodial account with professional administration from Medivest may be an ideal option when an injured person wants help with:
- Extending their funds: We can help ensure money is available for future needs.
- Managing custodial accounts and Medicaid: Medivest specialists can help safeguard future insurance benefits by only verifying and paying eligible expenses.
- Reporting accurately: Our services include the line item detail required to meet reporting standards.
- Reducing care costs: Medivest negotiates for discounts on medication, equipment and care.
- Managing bills: Our team handles validation and payment for peace of mind.
- Reducing risk: We’re the oldest in the industry for professional administration services — our experts know compliance.