I have medical for rest for my life due to a back injury, but can I buy it out, and how do you go about it?
A couple of years ago I hurt my back at work and went through
the whole thing with workers comp, and hiring an attorney for
my case, and went through the surgery I needed at the time. At the end of my situation I settled like most people. My case is of course closed, but I have medical for the rest of my life, but from a friend I found out that I could buy out my medical through the insurance company, is this true or not? Could I buy out my medical and if so how do you go about it?
you need to speak to your rep.
Bad idea! I hurt my back 30 yrs+ ago, and the medical bills are to the moon and back, your deal is probbily a good one, don’t take a few $$ for it! Yu’ll hurt worse as time goes on!
It’s not up to you to cash out your future medical. And, IF you do,
you must use that money ONLY for treatment to your injured body
part. Medical money is not for you to use any way you choose, and,
all claims that settle by closure of medical coverage are reported
to CMS/Medicare and tracked. You will have to prove you have spent
that amount of money, plus reasonable interest, on your injury
before Medicare will pay benefits. You cannot use your own health
coverage to treat your industrial injury. If you don’t require
further treatment, you have not lost any “settlement money”… no
treatment no benefits due.