Can I Spend My Medicare Set Aside Money?
Medicare Set Aside Money
When first initiated into Medicare’s complex and sectionalized process, people will typically have a lot of questions. The number one question asked by our readers is, “Can I spend my Medicare Set Aside money?” The short answer is Yes. This money belongs to you and not to Medicare. It is yours. It is money that was afforded to you by your settlement, and thus, it is your asset.
Set Aside money is money that protects Medicare’s interests. In the future, Medicare wants the money to be saved and used for Medical bills, since they would normally be paying your medical bills. Medicare will still cover illnesses and non-work injuries, but work injury compensation for time off, medical expenses, etc. is at the cost of the employee and the employer.
How Can I Spend My Medicare Set Aside Money?
If you plan on using your Medicare Set Aside for something other than future Medical expenses, Medicare will refuse to cover your medical bills for your injury and all related injuries. While the Set Aside money is supposed to be used for one purpose, it is understandable that many people will have to take out and use the money for current expenses. Rent, car insurance, and groceries are examples of everyday expenses that the money can be used for, though you could use the money for just about anything. It belongs to you, and so it is up to you how to use it. Before you ask yourself “Can I spend my medicare set aside money?”, you should probably first ask, “Should I save up this money for future medical expenses?” That would be a much wiser choice.
Related posts:
- How Can I Save Money While On Medicare?
- How Can I Save Money While On Medicare?
- Does Medicare Cover Surgery?
- Can My Doctor Refuse To Accept Medicare Coverage?
- How Does My Medicare Supplemental Insurance Help?
We fell on hard times. Had to spend some of our MSA money. I understand if I spend my money medicare will not cover my work injury. Will they stop my monthly checks for spending this and should I tell someone I spent some of this? Every year I have to send in how much I spent on medical and prescription. There is nothing more medically that I need other than prescriptions. and we could afford to pay out of our own pocket. Who should I inform that I used this money. Thanks for the replies
My wife quit her secretary job and went to college to be an RN. Now she’s a nurse making a good income. But we fell well behind in our bills and couldnt catch up and the car died. We could pay for my medical out of our own pocket when we catch up. I am totally disabled and will never need surgery for my work injury again. This money would really come handy but I dont want to risk losing my monthly SSD checks. Any info on this would be greatlt appreciated.
Please help me !I am so worried.. My wife was just admitted for emergency surgery. Her kidneys are failing and she does NOT have health insurance until Jan 1st. What am I going to do.