You’re ready to establish a Medicare Set-Aside (MSA) account, the portion of your settlement ‘set-aside’ in a special account to pay only for the future medical treatments, services, and prescriptions directly related to the injury.
But you’re the hands-on type, and not ready to choose the full-service professional administration of your MSA provided by Opal.
No worries. That’s why we offer Onyx.
Why do you need Onyx?
The Centers for Medicare and Medicaid Services (CMS) requires you to submit the proper reports of all MSA expenditures each year, and stay in full compliance with all of its complex rules and regulations.
If you don’t manage your MSA account properly, pay more than the approved amount for a service or treatment, or pay for non-allowable expenses from the account, you can face serious repercussions. You could be forced to pay back improperly spent funds and overages, or even pay significant penalties. What’s more, you could jeopardize your future Medicare benefits.
Onyx provides you with all the instructions, forms, and resources (including telephone support) that you need to stay in full compliance with Medicare’s requirements, to help safeguard your Medicare coverage for your injury once the funds are gone.
Your MSA funds must be deposited into an interest bearing account. You must allow the interest earned in your MSA account to accrue in your account and it cannot be withdrawn. You may be taxed on the annual interest earned on the MSA funds. If you pay tax on the interest you can be reimbursed from the MSA funds for the taxes paid.
You can do it all with Onyx.
- Establish your MSA account in accordance with Medicare requirements
- Determine which items and services are typically covered by Medicare
- Communicate with providers about services payable from your MSA
- Identify Medicare-approved maximum rates for services
- Successfully negotiate to lower bills below those rates
- Submit annual accounting/attestation forms to Medicare
- Request coverage from Medicare, Medicaid, or your other private group insurances when your MSA funds are temporarily or permanently depleted
- Ability to use your choice of any willing provider
- Unlimited telephone and online live support
- Unlimited medical bill reviews, including identification of services payable by your MSA and the Medicare-approved rates
- Written notice of all Medicare updates in plain, simple language
All of the above services are available in English or Spanish.
Onyx provides everything you need, plus unlimited telephone and online support.
The Onyx debit card is your key.
The most important requirements of an MSA are that you pay only for Medicare-allowable expenses, and that you are able to provide documentation to validate every expenditure to Medicare.
The Onyx debit card makes this almost too easy.
Not only is access to your MSA money available at your fingertips 24/7, so is online payment tracking and accounting. Which means retaining detailed receipts and submitting the required reports to Medicare each year couldn’t be easier.
(That is, unless you have a team of professional specialists do it for you.)
Incredible savings, too. Every year.*
You might think that the biggest financial benefits we offer would be reserved for Opal customers. But Onyx delivers these as well.
Because we represent thousands of customers just like you, we’re able to secure major discounts on thousands of prescription drugs, as well as on durable medical equipment & supplies such as wheelchairs and catheters.
You could potentially save tens of thousands of dollars every single year,* just by presenting your Onyx card.
We save customers an average of 47% on prescription drugs, and 51% on medical supplies.
Enjoy major discounts on prescriptions at your local pharmacy or via mail order, as well as on durable medical equipment and supplies.
Small one-time fee provides unlimited guidance and telephone and online support — for life.
Very Important Reporting Tools
Get everything you need to self-administer your Medicare Set-Aside (MSA) account — including important notifications of any changes to requirements, and annual reminders to submit reports.
AVERAGE SAVINGS ON PRESCRIPTIONS
YEARS IN BUSINESS