IronHealth, the healthcare unit of Ironshore, Inc. recently announced that it will offer an insurance policy for carriers and self-insureds who elect to forego the Centers for Medicare and Medicaid Services (CMS) voluntary Medicare Set-Aside (MSA) approval process.
IronHealth states that this is an alternative to the traditional CMS approval process in that IronHealth will assume the risk of defending against future allegations by CMS that the non-submitted MSA was underfunded. They also state that this insurance policy will be issued for workers’ compensation MSAs on an individual or aggregate basis.
Time will tell, how successful this new product will be.
This is not the first insurance product IronHealth has introduced related to Medicare Secondary Payer (MSP) compliance. In 2011, they introduced a policy to protect against the risk of the $1,000 per day penalties for failing to file information under the reporting requirements of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (MMSEA).