We are not aware of any Illinois requirements for Workers Compensation Medicare Set-aside Arrangements (WCMSAs). Medicare requires that WCMSA funds are held in interest-bearing accounts (CMS Memo, July 11, 2005, Q13), but aside from that there are no other requirements on the type of account used. If the beneficiary of the account has a representative payee or a professional administrator, you should verify that individual as you would any other representative payees under your Customer Identification Program policies and procedures.
Does Illinois have a specified means of titling Medicare Set Aside Accounts? And, for documentation purposes, would these be similar to a trust account for purposes of verifying a conservator or representative payee?
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