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Medical Custodial Account is an agreement used to administer future expenses not covered by Medicare or for cases that do not involve Medicare. The agreement requires that a predetermined amount of money be transferred to Medivest to be administered on behalf of the injured party for future medical care and other needs. The terms of the agreement set forth how Medivest is to distribute the funds and addresses the type of expenses that the agreement will cover.
Benefits of a Custodial Agreement
For Injured Party:
- Professional administration of medical claims
- Continuity of administration of medical funds
- Reduced costs of medical goods and services
For the Payor:
- Transfer of mortality risk with concurrent purchase of structured settlement annuity
- Potential recapture of claims dollars
- A tool to satisfy CMS (Medicare) statutory requirements
Reversionary Medical Trust & Reversionary Custodial Agreements
- Cost containment device used in settlement of catastrophic cases upon the injured party as death, undistributed funds revert to the payor, and/or injured party as estate
- Funds distributed as a result of injured party as "stay healthy" incentives can be shared between payor and injured party
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