by Structured Settlement Watchdog®
Bill Tilley , an affiliate of Settlement Professionals, Inc. recently took a stab at explaining Medicare Set Asides (MSA) and it's yet ANOTHER howler.
Tilley says:
"A federal health insurance program, Medicare can be availed of two years after a person becomes disabled. This is according to the norms set down by Social Security ". WRONG!
The actual facts:
Before they can get Medicare coverage, people with disabilities, who are under age 65, must first RECEIVE Social Security Disability Insurance (SSDI) for 24 months. But SSDI generally does not begin until five months after an individual’s disability has been certified. As a result, people with disabilities face three consecutive waiting periods prior to getting health coverage: (1) a determination of SSDI approval from the Social Security Administration; Among the requirements worth mentioning is that there is a "recent work" test and "duration of work" test requirement in most cases to determine eligibility for SSDI.(2) a five-month waiting period to receive SSDI; AND, (3) another 24-month waiting period to get Medicare coverage"
More Tilley Speak on "When a Claim Involves A Minor"
When a lawsuit involves a minor, structured settlement programs have significant advantages over receiving a settlement in a lump sum cash payment. Topic Sentience?
First, the probate court may govern the investment of the settlement proceeds. The allowable investments may be limited to annuities, bank deposits, United States Bonds and municipal bonds. In many cases a structured settlement may provide a higher after-tax rate of return than any of the allowable investments governed by the probate court, and there are not any trust fees involved. Does this articulate an advantage of a structured settlement as promised in the first paragraph?
Next, with a lump sum, the minor could gain immediate access to the funds upon reaching age 18. This could result in giving a very large check to an 18 year old. Does THIS articulate an advantage of a structured settlement as promised in the first paragraph?
Finally, with a lump sum cash settlement, tax returns must be filed yearly, creating a paperwork headache between settlement and the minor reaching age 18. In addition to this, if the taxes are paid out of settlement proceeds, a trip to the probate court will be required. Does THIS articulate an advantage of a structured settlement as promised in the first paragraph?
Tilley states what a lump sum does but not what a structured settlement does. WHAT DOES A STRUCTURED SETTLEMENT DO BILL?
In a coherent paragraph, each sentence relates clearly to the topic sentence or controlling idea, but there is more to coherence than this. If a paragraph is coherent, each sentence flows smoothly into the next without obvious shifts or jumps. A coherent paragraph also highlights the ties between old information and new information to make the structure of ideas or arguments clear to the reader.
Source: "Paragraphs and Topic Sentences" Writing Tutorial Services Indiana University, Bloomington, Indiana.
Time for a "song"
"When A Claim Involves a Minor" hummed to the tune of Percy Sledge (& Michael Bolton) When A Man Loves A Woman"
When A Claim Involves A Minor
They really can't afford
One who brings financial illiteracy
If he ain't got the knowledge
Makes us all look like fools
He's the last one to know
Ignorant eyes can't ever see.
When a Claim Involves a Minor
You really can't afford not
To Deal with an RSP or CSSC
Ah ,Your kid's too important
To not work with an expert
He's committed to the knowledge
Most of all financial literacy.
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