$8500 was held out from my settlement in case medicare said I owed money to them. Does that money earn interest for me ?

Asked over 4 years ago - Sewell, NJ

While waiting to hear from medicare - it is now 5 years after the accident and 2 years after receiving the settlement minus the money held out for medicare....

Attorney answers (3)

  1. Lawrence Charles Kroll

    Pro

    Contributor Level 15

    Answered . To add to what my colleague said, dealing with Medicare is painfully slow. Many times, it does take a number of years for them to resolve their ultimate lien amount. The money held out from the settlement has most likely been sitting in your attorney's trust account. You do not earn interest on money held in an attorney trust account.

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  2. Sam Louis Levine

    Contributor Level 14

    Answered . The money, assuming you have an attorney, should remain in the lawyer's trust account earning interest until it is paid out to medicare. The interest usually goes to some type of state bar foundation that benefits some type of worthy cause or is used to help people. You do not get any of the interest. That said, check /w an attorney in your area for clarification.

  3. Joseph A Blaszkow

    Contributor Level 15

    Answered . You don't say who is holding the money, whether it is your attorney or the insurer, but it all liklihood, if the money was earning interest you would know it. And although it is painfully slow to deal with medicare, this issue should have been resolved by now. If your attorney is handling this for you, you need to get some information as to where the matter stands. If the insurer is holding the money (and you are representing yourself), you are going to have to take action to get the matter resolved. Good luck.

    The author of this post is licensed to practice law in the District of Columbia, Maryland, and Virginia. This post is intended as general information only, and is not provided as legal advice in connection with any specific case, and does not create an attorney-client relationship.

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