There are at least 3 ways to leverage professional administration on a low dollar Medicare Set Aside (MSA)! Since Ringler is one of the top settlement planning companies in the country, we look at this segment at length. Ringler excels in our industry not only because of their expertise in structured settlements, but also because they take the time to focus on each individual case with passion and respect. In this post, we’ll look into why it’s beneficial to pair a structured settlement with professional administration, especially when navigating the intricacies of Medicare Set Asides (MSAs).
What Is Professional Administration?
Professional administration is a third-party service that helps clients better manage MSA medical funds after a settlement. The services include discounts on drug, providers, and medical equipment use, as well as providing a dedicated team that can help navigate medical care and answer specific questions. They handle the paperwork and can help explain some of the nuances that come with reporting medical expenses. Professional administration usually isn’t needed if Medicare isn’t involved, and the main point of using professional administration is to make sure Medicare’s interests are protected.
Why Should I Use Professional Administration, Especially When Medicare Is Involved?
A common question that often comes up during or after a structured settlement is “When should I used my medical settlement funds and when should I use my own health plan?” It’s very important that there’s no interruption to an injured individual’s treatment, which is why it’s vital to use professional administration along with the MSAs. Administrators make sure that injured parties are getting the best discounts on their treatments and medicine, and they work with a structured settlement consultant on a plan that will make the most of medical settlement funds while also prolonging the life of the funds so they last for years to come. A professional administrator also ensures that MSAs are spend according to the Centers for Medicare and Medicaid Services’ (CMS) guidelines.
For example, Ringler was working with a family whose son was injured on the monkey bars. They settled for $50,000 but the parents wanted to get the most out of the funds. They worked with Ringler as well as a professional administrator to come up with a plan that fit their long-term goals perfectly. Not only was the son’s medical expenses taken care of but the family was able to set aside money for college and a potential new house.
To conclude, adding professional administration to your structured settlement is a way to feel less stressed and more confident about your injury settlement. While working with a professional administrator is never required, it does make the post-settlement process a lot easier. Contact a Ringler consultant if you’re curious about professional administration or just want to learn more about how we can help you make the most of your funding.