Protocols^® medical custodial account administration

The Protocols^® medical custodial account administration service can be of value to all parties involved in the medical settlement planning process – especially when the process involves the settlement of workers’ compensation or personal injury liability claims.

Protocols^® can serve as formal custodian when settlement agreements call for medical custodial accounts and/or Medicare set-aside custodial accounts. In a custodial arrangement, Protocols^® holds and distributes the assets in accordance with the terms of a settlement on behalf of the owner of the assets.

In the case of medical custodial accounts, settlement funds for an injured person’s future medical care are deposited into an individual investment account – most often an FDIC-insured money market account or certificate of deposit account.

Providers are instructed to submit their bills for approved services directly to the Protocols^® account administrator for payment. The bills are reviewed to ensure that they are within the scope of the agreement and then paid. Our administrators also negotiate with providers to obtain the best pricing on behalf of the beneficiary – including re-pricing claims when necessary. When the account terminates, Protocols^® will distribute any remaining funds as instructed in the agreement and close the account.

In the case of Medicare set-aside custodial agreements, Protocols^® will take the additional required steps to make sure that the approved account is created and administered in accordance with Medicare guidelines. We will provide account reporting – as required – to both the beneficiary and the Centers for Medicare and Medicaid Services. If account funds are exhausted, Protocols^® will notify CMS so that Medicare can resume primary coverage for the injury that generated the settlement.