Quantcast

Subscribe to:
POZ magazine
E-newsletters
Join POZ: Facebook MySpace Twitter Pinterest
Tumblr Google+ Flickr MySpace
POZ Personals
Sign In / Join
Username:
Password:
Welcome, Guest. Please login or register.
July 29, 2014, 06:54:12 PM

Login with username, password and session length


Members
Stats
  • Total Posts: 632298
  • Total Topics: 47880
  • Online Today: 266
  • Online Ever: 585
  • (January 07, 2014, 02:31:47 PM)
Users Online

Welcome


Welcome to the POZ/AIDSmeds Community Forums, a round-the-clock discussion area for people with HIV/AIDS, their friends/family/caregivers, and others concerned about HIV/AIDS.  Click on the links below to browse our various forums; scroll down for a glance at the most recent posts; or join in the conversation yourself by registering on the left side of this page.

Privacy Warning:  Please realize that these forums are open to all, and are fully searchable via Google and other search engines. If you are HIV positive and disclose this in our forums, then it is almost the same thing as telling the whole world (or at least the World Wide Web). If this concerns you, then do not use a username or avatar that are self-identifying in any way. We do not allow the deletion of anything you post in these forums, so think before you post.

  • The information shared in these forums, by moderators and members, is designed to complement, not replace, the relationship between an individual and his/her own physician.

  • All members of these forums are, by default, not considered to be licensed medical providers. If otherwise, users must clearly define themselves as such.

  • Forums members must behave at all times with respect and honesty. Posting guidelines, including time-out and banning policies, have been established by the moderators of these forums. Click here for “Am I Infected?” posting guidelines. Click here for posting guidelines pertaining to all other POZ/AIDSmeds community forums.

  • We ask all forums members to provide references for health/medical/scientific information they provide, when it is not a personal experience being discussed. Please provide hyperlinks with full URLs or full citations of published works not available via the Internet. Additionally, all forums members must post information which are true and correct to their knowledge.

  • Product advertisement—including links; banners; editorial content; and clinical trial, study or survey participation—is strictly prohibited by forums members unless permission has been secured from POZ.

To change forums navigation language settings, click here (members only), Register now

Para cambiar sus preferencias de los foros en español, haz clic aquí (sólo miembros), Regístrate ahora

Finished Reading This? You can collapse this or any other box on this page by clicking the symbol in each box.

Author Topic: Is settlement reportable?  (Read 1544 times)

0 Members and 1 Guest are viewing this topic.

Offline dad1216

  • Member
  • Posts: 135
Is settlement reportable?
« on: November 22, 2011, 03:41:47 PM »
I am to receive the first payment next week on a settlement from a botched treatment.  I am on SSDI, Medicare, and Medicaid.  The settlement is all compensatory damages.  The first is 75k cash, and a 100k structured which doesn't start paying until 2028 (like I will be around for that)...and the final payment will be a million in July of next year.  My attorney says this is all non-taxable, however doesn't know how it will affect my SSDI and such.  Any ideas
Thanks
Bob
23 years HIV+ (Oct 88)
11 years AIDS (March 00)

CD4=83  VL=47,000  (May 2011)
CD4=63  VL=78,470  (Oct 2010)
Prezista..Norvir..Truvada

Offline denb45

  • Member
  • Posts: 5,051
  • "1987 Classic Old School POZ+"
Re: Is settlement reportable?
« Reply #1 on: November 22, 2011, 04:14:44 PM »
The way I understand this is, you won't loose your SSDI or Medicare, cause your still disabled, however your SSDI may be reduced by 1/2 or more, and you can kiss your State Medicaid goodbye, but you won't need any of that anymore, all of this is something a friend of mind went thur a few yrs. back, so you can expect something similar to that affect  ;)  anyway Congrats and good luck w/ you settlement  :)
"it's so nice to be insane, cause no-one ask you to explain" Helen Reddy cc 1974

Offline JR Gabbard

  • Moderator
  • Member
  • Posts: 250
  • Union Jacks
Re: Is settlement reportable?
« Reply #2 on: November 23, 2011, 11:59:33 AM »
I'm not sure exactly what the answer is to your question.  You need to consult with a local attorney who understands SSA rules.  But SSDI is not means-tested, meaning that the settlement should not affect your eligibility to be receiving benefits, nor the amount of your benefit.  Compensatory damages are not income--defined by the IRS as "the undeniable accession to wealth over which the recipient has custody and control"--because they are not new wealth, rather you are being paid back for something you lost.  Even though it may feel like you hit the jackpot.
Your benefit might become taxable, however.  If you have income over a certain amount, 1/2 of your yearly benefit becomes taxable income.  This is the part you need to speak to a knowledgeable local attorney about.
Medicaid is means-tested, and your settlement will probably put you over the assets limits for that program.  In other words, if the state is paying your Medicare premium, you would have to start paying it yourself.  SSA deducts it from your monthly benefit check.
It goes like this
The fourth, the fifth,
The minor fall, the major lift,
The baffled king composing Hallelujah!

L. Cohen

 


Terms of Membership for these forums
 

© 2014 Smart + Strong. All Rights Reserved.   terms of use and your privacy
Smart + Strong® is a registered trademark of CDM Publishing, LLC.