As the COVID-19 pandemic continues to impact the legal and medical industries, it is time to maximize your client’s settlement as much as possible. Here are three strategies that will help:
Review and Resolve Liens Early
Your client’s lien report should be reviewed by a professional. If unassociated medical costs are paid out of the settlement, it could create liability for your law firm. Outside of the potential malpractice issue, lien resolution specialists may be able to work with providers to reduce your client’s liens. For instance, lien resolution expert ARCHER reports an average savings of more than 65% across all single event lien types. In an illustration, ARCHER cites a $1,914,206 Pennsylvania Medicaid lien their team had reduced to $191,421, saving the claimant more than $1.7 million.
Maximize Health Insurance
If your client is Medicaid-eligible (Medi-Cal in California) and is disabled, a special needs trust may help protect benefits. The special needs trust can be funded with a structured settlement, providing an extra layer of security. In addition to preserving Medicaid eligibility, a special needs trust protects other needs-based benefits, including Supplemental Security Income (SSI), Food Stamps (WIC, SNAP, CalFresh), Subsidized Housing (Section 8), and Children’s Health Insurance Program (CHIP).
Claimants who are Medicare-eligible may need a Medicare Set-Aside (MSA) to comply with Medicare Secondary Payer provisions. Funding an MSA with a structured settlement can save your client significant money—once your client’s yearly MSA deposit is exhausted, Medicare resumes as the primary payer until the next annual deposit.
If government-subsidized healthcare is not an option, your client or their family members may be in search of private healthcare insurance. Your Sage consultant can connect the family with experts who will shop private insurance rates to find affordable, quality coverage.
Save on Prescriptions
Another money-saving tool your clients should consider is Ametros’ CareGuard program. CareGuard provides access to Ametros’ discount networks, which the company reports as saving up to 62% on medical provider bills and 28% on other medical expenses, including prescription drugs and medical equipment. For clients with Medicare Set-Asides, CareGuard also handles required reporting to CMS.
Contact Your Sage Consultant to Start Saving Today
Your Sage consultant offers more than just tax-advantaged structured settlements. To access the full range of tools your clients need to maximize their settlements, contact us today.