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.
How Do You Integrate a Medical Custodial Account into Your Settlement
Medical Custodial Accounts are simple to setup. All that is needed is a completed referral form, signed agreement, the lump sum deposit (or initial deposit if structured), and any administration fee that may be applicable.
We’ve helped settling parties engineer win-win solutions in every state in this nation. From simple straightforward claims, to the most complex, we’ve developed resolutions that address an array of post-settlement concerns. Medivest’s settlement consultants provide the necessary agreements, settlement language, and guidance to considerably simplify the integration of professional administration into a settlement. Services such as file review, mediation consultation, on-site training, and waiver language are provided free of charge, regardless of whether professional administration is utilized. Call us today. We’re committed to creating solutions.