Injured parties have the option to self-administer their Medicare Set Aside (MSA). While Medicare does not recommend this approach, it is possible for individuals to manage their own accounts.
Self-Administration Toolkit
For those choosing to self-administer, there is a 31-page Self Administration Toolkit available. It is essential for the injured party to become acquainted with this toolkit to effectively manage their MSA funds.
Importance of Legal Familiarity
Besides the toolkit, it’s crucial for the individual to understand the WCMSA Reference Guide and the Federal Medicare Secondary Payer Act (42 U.S.C. §1395 et seq), which are subject to periodic amendments.
Using Ametros’ Amethyst Service for Self-Administration
Ametros provides a service known as Amethyst, which aids individuals in self-administering their MSA with added support. This service links directly to the injured party’s personal bank account, offering the convenience and control of their settlement funds. With the Amethyst card, functioning similarly to a traditional insurance card, individuals can easily manage their medical funds while benefiting from support and savings — akin to what is offered by CareGuard.
Why Consider Professional Administration?
Many parties opt for professional administration to avoid potential pitfalls and to ensure compliance with Medicare guidelines. For further reading and detailed information about self-administration, you can explore additional resources in the WCMSA Reference Guide and other relevant documents.
For comprehensive guidance and the most up-to-date information, it is recommended to review the latest WCMSA Reference Guide and consult with professionals who can provide personalized advice based on current regulations.
