Protect Your Settlement From A Personal Injury
A financial settlement does not affect an individual’s receipt of Social Security Disability Income (SSDI) or Medicare. However, such settlements will potentially terminate an individual’s Supplemental Security Income (SSI) and Medicaid if the settlement funds are not transferred to a special needs trust.
How A Settlement Can Impact Benefits
The termination of SSI or Medicaid could result in a substantial economic impact on the disabled person. Although the receipt of a personal injury settlement could provide the individual with what appears to be a significant amount of money, the funds may not be enough to last for the lifespan of the individual. With the loss of Medicaid, the monthly costs may increase because more money is being spent on prescriptions, health aides, therapy, etc. The establishment of a special needs trust will allow the individual to maintain their needs-based public benefits as well as have the trust funds available to pay for the expenses that the government benefits do not cover.
Reach Out Today For Help
A lawyer can help evaluate your situation and take the steps necessary to protect your finances. Call O'Donnell, Weiss & Mattei, P.C., today at 610-323-2800, or send us an online message and we will respond as promptly as possible.