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RJ
RJ, Professor
Category: Personal Injury Law
Satisfied Customers: 3070
Experience:  Former Torts professor and former personal injury paralegal
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i have just recieved my medicare set aside fund check with

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i have just recieved my medicare set aside fund check with the first annual installment. about 50 grand. Whats the penalty if i decide to spend this money on a house?

Unfortunately, you cannot spend a Medicare set aside on anything other than medical treatment. You cannot get any money paid directly to you as a reduction in the Medicare set aside. When you have a Medicare set aside, that is an allocation in your settlement. Your entire settlement dollars could be declared as future medical reimbursement if CMS takes the stance you have attempted to shift liability for your treatment to Medicare. There is no law that prevents you from using that money for other purposes. However, you are required to self attestation every year to CMS and Medicare, to show how you have spent the Medicare set aside. If they ask you to do an attestation and find out you used the set aside for a house, you may be denied Medicare benefits. For more information, go on http://medicaresetasideblog.com/2008/06/09/ask-jen-selfadministration-of-a-medicare-setaside-msa-allocation.aspx. Good luck and remember to press accept so that I may get credit.

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Customer: replied 5 years ago.

I get treatment from the va. Is medicare tied to this?

 

Medicare is involved. If the installment payment is for a Medicare set aside, it is a Medicare benefit.
Customer: replied 5 years ago.
How can i make the medicare setaside work for me financially what about interest or a secured loan?

The best thing to do is keep the set aside highly liquid because you may need the money for medical treatment. You need to put it in short term investments. For more information, go on

http://www.jjcelderlaw.com/MSAAdminMSABull.htm. Here is another site on investing set asides. For more information go on,

http://www.articlesbase.com/personal-injury-articles/advising-your-client-on-how-to-self-administer-a-medicare-set-aside-3196532.html.

RJ and 4 other Personal Injury Law Specialists are ready to help you