By Michael Stack, Principal of Amaxx Risk Solutions
Among the biggest fears of many people you may know are heights, snakes — and MSAs. Workers’ compensation stakeholders often want to avoid the very idea of Medicare Set-Asides. Among their concerns are:
- Fees for MSA preparation
- MSA professional administration
- Cost of the MSA
- Requirements to obtain additional medical documentation
- Time involved
- Submitting the MSA to the Centers for Medicare and Medicaid Services
- Failed settlements due to rejected MSAs
For injured workers, their concerns about MSAs may be the biggest thing keeping them from settling their claims. The fear of running out of money too soon is often stronger than their dislike of the workers’ compensation system. Knowing they will have to navigate their own healthcare with no support from adjusters and/or case managers can also generate concerns. Finally, there is the uncomfortable prospect of having to administer their own MSA funds, or turning that task over to someone else
With so many parties apprehensive about MSAs, it’s no wonder many workers’ compensation claims go unsettled for years.
On Aug. 14, a panel of experts will discuss the fear of MSAs and how to overcome them to allow settlements to move forward. The session, Allaying the MSA Fear at the Time of Settlement, takes place during the 74th annual Workers’ Compensation Educational Conference (WCI), Aug. 11 – 14 at the Orlando World Center Marriott. I’ll have the pleasure of moderating the session.
With expertise in MSAs, structured settlements, and professional administration, the speakers include:
- Kris Sallee, Claims Manager-Eastern Region, American Airlines
- Daniel Anders, Chief Compliance Officer, Tower MSA Partners
- Marques Torbert, Chief Executive Officer, Ametros
- Joe Bornstein, Structured Settlement Consultant, Arcadia Settlements Group
Using real case studies, the panelists will demonstrate how to approach settlements logistically by using an intervention-driven method to develop MSA allocation, professional administration to protect MSA dollars and support the injured party after the settlement, and a structured settlement to extend the dollars over the person’s lifetime.
The speakers will provide practical solutions to ‘MSA fear,’ and show how using each type of expert creates a synergy that allows for a smooth settlement process when an MSA is involved. They will also address the risks of not submitting an MSA for CMS review. And they will take questions from attendees.
Read the full article.