Medicare and Medicaid Recipients
Are you Protecting Your Eligibility?
It is important to understand the requirements to protect your eligibility if you are in the process of settling a workers' compensation or liability claim. If you are receiving government benefits (Medicaid or Supplemental Security Income), it is critical to realize the implications of how your settlement can be affected by Medicare or Medicaid laws. Our qualified Millennium Consultants are dedicated to working with you to navigate the nuances of protecting your benefits and establishing the best plan to help meet your needs and future expenses.
Social Security Disability Income (SSDI) and Medicare benefits are not needs based and unearned income is irrelevant to maintain these benefits. SSDI does not have an income cap for unearned income. However, if you are a workers’ compensation claimant, you can potentially lose Medicare benefits if you do not “set aside” a portion of your settlement for future Medicare covered expenses. This is done with the use of a “Medicare Set Aside.” Your Millennium Settlements consultant can help you satisfy this requirement and maintain your Medicare benefits.
If you receive Supplemental Security Income (SSI) or if you are on Medicaid, you may lose those benefits when you settle your personal injury claim. Both of these government programs are needs based which means unearned income could impact your eligibility. However, if you are disabled, you can settle your case and still retain eligibility by putting your settlement proceeds into a Special Needs Trust. Assets in a Special Needs Trust are not counted for purposes of qualifying for needs based programs such as SSI and Medicaid. Your Millennium Settlements consultant can evaluate your situation and help establish a Special Needs Trust when appropriate.