CMS has added a WCMSA Self-Administration page to the Workers Compensation Medicare Set-Aside Arrangement (WCMSA) section of CMS.gov. The new page contains information for individuals who choose to self-administer their WCMSA accounts. Materials available on the new page include:
- New Self-Administration Toolkit for WCMSAs
- Account Expenditure for Lump Sum Account (Attestation Letter)
- Account Expenditure for Structured Annuity (Attestation Letter)
- Transaction Record Sample
- WCMSA Reference Guide
This long awaited guidance and detailed information regarding self-administration should be very useful to individuals who must comply with the CMS requirements pertaining to self-administration of WCMSA funds and annual reporting to CMS. Perhaps the most helpful document that CMS has provided is the Self-Administration Toolkit for WCMSAs. The Toolkit describes the process and guidelines for managing a WCMSA account and walks through the set-up of a WCMSA through its depletion (exhaustion).
Payers should direct claimants who wish to self-administer their WCMSA to this website prior to and upon completion of a settlement agreement so the claimant is aware of the requirements to self-administer their WCMSA. Those claimants who find the task of self-administering their WCMSA too complicated or daunting may wish to have their MSA professionally administered. Professional administration is a helpful alternative for those claimants who need assistance in administering their WCMSA. In determining whether professional administration may be beneficial or warranted on a case settling parties should evaluate the claimant’s education, level of mental function, as well as the severity of the injury and overall WCMSA costs.
For questions on self or professional administration, please contact firstname.lastname@example.org.