White House Financial & Settlement Consulting, LLC helps families live an easier and less stressful life through the achievement of their financial goals by providing comprehensive, fee-only, client focused financial advice and exceptional service.
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CMS MAKES MAJOR ANNOUNCEMENT IN LIABILITY AND NO-FAULT CASES!
Are You and Your Clients Compliant?
Thismonth CMS publishedMatter#MM9893,datedFebruary3,2017with
NoFault MSAs (“NFMSA”).
Partiesshould notetheprovisionthatthecontractorwouldreviewothernon-grouphealthplan set-asides,whichwouldbereviewsof
MSAson liability cases.TheLMSAreviewwouldbe broken downintofullreviews(similar
towhatiscurrentlydoneon workers'compensation MSAs)anda cursoryreviewwhich would only requirethat allrequireddocuments were providedforan
aseriesof indicationsfrom CMS thattheyareonce again
LMSAs.Thefirstwasin May2016whenCMSreleasedtheRFP-CMS-2016-8A-0008PRE- SOLICITATIONnotice,whichamendedtheStatementof
Non-GroupHealthPlanMedicareSetAsidesArrangements.Thiswas followedin Junewhen CMSupdateditswebsitewith
a noticetitled:"Considerationfor ExpansionofMedicareSet-
AsideArrangements."Thenoticestatesthat"the CentersforMedicareand Medicaid Services
process toincludethereviewof proposedliabilityinsurance(includingself-insurance)and no-
amounts.CMSplansto workcloselywiththestakeholdercommunityto identifyhowbesttoimplementthispotentialexpansion.CMS will
year. Pleasecontinuetomonitorthis websiteforadditionalupdates."
attorneysshould note thatCMSdoes not neednewlawtoimplementLMSAsor NFMSAs.Under42 U.S.C.Sections1395y(b)(2)and 1862(b)(2)(A)(ii)ofthe Social SecurityAct, Medicareisprecludedfrommakingpaymentwhenpayment“hasbeen madeor canreasonably be expectedtobemadeundera workers’compensationplan,an
or liability insurancepolicyorplan
insurance.”MSAs have beenusedinworkers'compensationsettlementsfornearly15 years,and
regularconsiderationinliability and nofaultsettlements.
changessincelast year and havebeen
preparingourclients accordingly. Whileothersmayadvocateusing the
workers'compensation methodology fora
is bothinappropriate and
thelegal equivalent of
a round hole.LMSAsand
administratorwithextensiveexperiencein liability and
no fault cases.CMShasannounceda targetdateofOctober1st,2017.If you wouldlike
assistance in settingup a LMSAor NFMSAcomplianceprogram,please
we wouldbe pleasedto assist you. We can be reached at (734) 433-1670 or email@example.com
I hope that you are doing well! We just FINALLY completed the settlement of a case for a minor (age 17) that we were initially engaged by our plaintiff attorney client in February 2021, to provide structured settlement annuity quotes! Although the claimant was very close to the age of majority the key to the case was not giving him all of the settlement proceeds, which was over $120,000, at age 18. Having been in this business for over 20 years I cannot tell you the number of sad cases we have witnessed where the young claimant receives their settlement proceeds at age 18 only to blow through all the funds before anyone can blink and make bad decisions with the proceeds! This case involved two liability insurance carriers Liberty Mutual and Member Select. We coordinated multiple rounds of document revisions and had to have a separate set of different documents for each insurance carrier. In addition, one of the carriers would not fund the annuity until we had a fully executed court ord
We recently were engaged by the Guardian Ad Litem (GAL) in the case of an 11 year old boy who was struck by a care while riding his bike. The father of the boy settled the case directly with the liability auto insurance carrier pre-suit and the GAL contacted us to ensure that the boy's settlement funds were handled appropriately. The case settled for a total of $65,000 and $59,000 was being allocated to the structured settlement annuity for the boy as follows: $5,000 paid immediately upon settlement $10,000 at age 18 $20,000 at age 21 $25,000 at age 25 $35,718 at age 30 this is total benefits of $95,718! The annuity was placed with a large life insurance company rated A+ by the A.M. Best rating agency and provided the family and GAL with the peace of mind that the young man would not receive the entire amount at age 18. In addition, due to the use of the structured settlement annuity, all of the interest gained during the payout period ($31,718 to be exact) is INCOME TAX FREE! T
We had an awesome time at the Michigan Association of Justice Worker's Compensation seminar where Cyril spoke on the best strategies for using structured settlements in Worker's Compensation cases. Click the link below to watch the short video of his presentation! Click Here to Watch Video! www.whitehousellc.com