MEDICAL CUSTODIAL ACCOUNT
Maximize the Value of Your Settlement with a Medivest Medical Custodial Account
If you’re finalizing a workers’ compensation or personal injury settlement, and you’re not covered by Medicare or Medicaid or require services beyond what your current insurance plan provides, now is the time to take control of your medical funds.
A large portion of most settlements is intended for future healthcare needs. But with today’s rising medical costs, those funds can run out faster than expected, especially if they’re not properly managed.
That’s where the Medivest Medical Custodial Account comes in. This trusted solution account is designed to safeguard and manage your settlement funds, ensuring they are used only for injury-related medical expenses not covered by insurance. A Medical Custodial Account ensures your medical funds are securely preserved and readily available when you need them most.
What Is a Medical Custodial Account?
A Medical Custodial Account is a secure way to manage your post-settlement medical funds. Medivest places them in a dedicated, interest-bearing, FDIC-insured account designed for your future injury-care expenses.
These accounts differ from a Medicare Set-Aside (MSA). Both are trust-like arrangements that carry 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 MCA houses funds for non-Medicare allowable fees or other costs specified in a settlement agreement.
Common Qualified Expenses
The Medical Custodial Account offers open provider access, allowing you to choose your healthcare providers. The funds in your account can potentially be used for:
Maximize and Stretch Funds with Cost-Containment
Medivest helps you get more from your settlement by applying cost-saving strategies that reduce out-of-pocket spending:
- Discounts through pharmacy benefit managers and medical supply companies
- Payments aligned with state and Medicare fee schedules
- Coordination of benefits with existing health insurance plans
- Direct negotiation with providers to lower high medical bills
- Access to discounted medications via our preferred mail-order pharmacy
Who Should Use a Medical Custodial Account?
The Medical Custodial Account is ideal for individuals who want to stretch and protect their medical settlement funds, especially if they are not a Medicare or Medicaid beneficiary (or within 30 months of becoming one) or need care services not covered by Medicare or most insurance companies.
- Injury cases involving high future medical costs
- Minors with settlement funds
- Undocumented workers
- Individuals who are unable to administer their settlement funds
- Those with ongoing medical care and wanting professional administration
For broader protection, Medivest offers the All-in-One account, a combined MCA and Medicare MSA Account, designed for uninterrupted care if the MSA funds temporarily exhaust, offering more robust healthcare savings.
Why Choose Medivest for Medical Custodial Account Services?
Medivest has been a trusted name in settlement solutions and MSA administration since 1996. We pioneered professional administration for post-settlement medical funds and continue to lead the industry with:
- Advanced software and secure claims processing
- Transparent reporting and account oversight
- Unmatched service and support for injured parties and their attorneys
- Privately owned, focused on what is best for our members
The Complex Made Simple for the Injured Person
Medivest makes utilizing the custodial account easy.
- The injured person shows their Medivest Member ID Card to their doctor when they seek treatment, or to their pharmacist when they fill prescriptions.
- Their doctor or pharmacist contacts Medivest to verify benefits, just as they would with any other major medical insurance provider.
- The injured party’s billing notices are then sent directly to Medivest for processing
No co-pays, deductibles or out-of-pocket expenses when you visit your doctor or fill a prescription for treatment.
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Call us toll-free at 877-725-2467.
