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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Death to MSA Annuities?
Death to MSA
Why You Should Care
About Senate Bill 3079
On June 18, 2018, Senator Rob Portman (R-OH)
introduced Senate Bill 3079, Medicare Secondary
Payer and Workers’ Compensation Settlement Agreements Act of 2018. The Bill introduces several initiatives aimed at
streamlining the CMS Medicare Set-Aside review and appeals process, including
an option to allow MSA funds be paid directly to Medicare.The Bill
suggests an alternative to self or professional administration of a MSA –
optional “direct payment” of the MSA to CMS.
Not only will the “direct payment” option have
the potential to significantly reduce the number of MSA annuities used in
Workers Compensation and Liability settlements, it will negatively impact
injured parties post settlement:
·Increased costs since the injured worker will be subject to
Medicare co-pays and deductibles.
·Reduced access to care since the injured worker would be
restricted to Medicare-approved providers.
·Injured worker will be 100% reliant on government Medicare
·Potential overpayment to Medicare if the injured worker
underspends the MSA funds, removing opportunity for savings or final
distribution to a beneficiary.
Our firm is keeping a close eye on these developments and all others with respect to the structured settlement industry and will keep you apprised of any important developments.
For 20 years we have been Michigan's best and only plaintiff focused structured settlement consultant.
If you have any questions or would like a custom structured settlement annuity quote on one of your cases please don't hesitate to contact us at firstname.lastname@example.org or (734) 433-1670.
We look forward to seeing many of our plaintiff attorney friends at the Michigan Association for Justice No-Fault seminar tomorrow!
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
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
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. www.whitehousellc.com