Skip to main content

Federal Legislation Relating to Settlements

Here is the latest Federal Legislation relating to structured settlements, Medicare Secondary Payer and Worker's Compensation settlements:

Federal Legislation and Regulation:
S. 3079, the “Medicare Secondary Payer and Worker’s Compensation Settlement Agreements Act of 2018,” is legislation introduced in the Senate by Senator Rob Portman, R-Ohio and Senator Bill Nelson, D-Florida that would negatively impact the use of structured settlements to settle Worker’s Compensation cases with CMS utilizing a Medicare Set-aside Account. The NSSTA Legs & Regs Committee is working on drafting detailed talking points for industry use on Capitol Hill to persuade Senators Portman and Nelson to drop this legislative initiative. The NSSTA Legs & Regs Committee plans to produce a report for members on S. 3079 and include the report in an upcoming edition of NSSTA News.

Federal Tax Reform Legislation—Part II: While there is considerable interest among major key Republican Members on the House Ways & Means Committee for a targeted Phase II Tax Reform bill to make the personal income tax changes passed in the 2017 Tax Reform bill permanent, there are a very limited number of legislative days remaining in the 2018 Session of Congress and action on a major tax bill is unlikely this year. There is a good chance the next Congress will revisit the 2017 Tax Reform bill and will make a number of technical corrections to that legislation. NSSTA will keep a very close watch on any tax legislation in Congress. CLICK HERE To view a copy of the House Ways and Means Committee “Tax Reform 2.0 Framework.”

CMS Liability MSA Developments: NSSTA is a member of the Liability MSA Stakeholders Working Group that has been organized to schedule meetings with CMS officials to highlight issues with proposed draft language regarding liability MSAs. Many members of the Liability MSA Stakeholders Working Group are also working to develop compromise solutions to major issues. The NSSTA Innovation Committee is working on the production of a “white paper” focused on how structured settlements could be effectively used to address the specific challenges confronting the P&C industry as it works to implement the new CMS Liability MSA Working rules.

SOURCE: National Structured Settlement Trade Association (NSSTA) August 2018 News 

We are Michigan's BEST and ONLY PLAINTIFF FOCUSED Financial and Structured Settlement Consultant 


Popular posts from this blog

Michigan Association of Justice Workers Compensation Seminar

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!

Using a structured settlement annuity pre-suit

 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

Thomas Bond Benefits of Structured Settlement Video

Please watch this excellent video where e xperienced and successful personal injury attorney, Thomas M. Bond from the firm of Kaplan/Bond in Boston tells you why a structured settlement is the best choice for the longterm financial security for you and your family when your lawsuit settles for a large sum. Hear how one man made the wrong choice and tragically lost everything.