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New law: You must report any payments to Medicare beneficiaries

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in Discrimination and Harassment,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

by H. Bernard Tisdale III, Esq.

Failing to comply with a new law could wind up costing some employers lots of money—if they’re self-insured or pay deductibles on Employment Practices Liability Insurance (EPLI) coverage.

As of Jan. 1, entities that pay Medicare-eligible individuals to resolve claims involving medical expenses must report those payments to Medicare. The penalty for noncompliance: $1,000 per day.

If you could conceivably have to settle a personal injury claim involving an employee who is eligible for Medicare, you need to understand this new law.

Background

Medicare is a government-funded health insurance program primarily for individuals age 65 or older. However, Medicare isn’t intended to be the primary insurance coverage for people who have other funds available to pay for medical treatment. In other words, Medicare is a “secondary payer.”

In response to increasing Medicare costs and funding c...(register to read more)

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