The Centers for Medicare & Medicaid Services (CMS) strongly recommend professional administration for a Medicare Set-Aside (MSA). This service helps alleviate the burden on the injured party by managing funds, ensuring proper reporting to CMS, and tracking expenses.
Importance of Professional Administration
Professional administration is recommended due to the complex rules and regulations involved in managing a Medicare Set-Aside account. The CMS updated their Workers’ Compensation Medicare Set-Aside (WCMSA) Reference Guide in July 2017 to emphasize this, stating in Section 17.1: “It is highly recommended that settlement recipients consider the use of a professional administrator for their funds.”
Benefits of Professional Administration
- Compliance Management: Professional administrators ensure adherence to all relevant rules, reducing the risk of mismanagement that could jeopardize Medicare benefits.
- Fund Tracking: They help track the funds, making it easier for the injured party to manage their settlements efficiently.
- CMS Reporting: Accurate and timely reporting to CMS is handled, ensuring continued eligibility for Medicare benefits.
How Ametros Helps
At Ametros, we strive to offer a seamless process for protecting Medicare benefits through our professional administration service, CareGuard. With CareGuard, the injured party does not have to handle bills or worry about Medicare reporting, ensuring their Medicare benefits remain intact upon settlement.
For further details about MSAs and professional administration, consult the WCMSA Reference Guide. This guide provides comprehensive information on the best practices for effectively managing a Medicare Set-Aside account.
