Hello all!
Ok have a question and wondering if anyone has dealt with this before.
I settled a work comp claim @ a month ago. I received a large amount of money from the WC carrier for future medical treatment. My attorney told me I had to make a good faith estimate of what my future cost will be, and deposit said money into a SAVINGS acct. I'm on Medicare now. Was told that they won't pay for any WC related treatment, which is fine with me, as I was given the money to do so. Here's the rub, the amount I was paid I believe far out weighs the amount I will need, and the savings account only pays .25% interest. So here is a couple of questions.

What can happen if I put it into Very low risk investment instead ?
3-4 % return.
don't use the whole amount as set aside?

This is what my Attorney told me.
Case was settled BEFORE medicare was enforce so it needs only good faith deposit, he said 20-30% should be enough.
He also stated Savings acct. however he also stated he had never heard of anyone doing what I'm considering doing.
He handles just SS cases and WC. so I trust him with what he knows, which could bite me either way

I also spoke with my Doctor about future treatments. I have RSD/CRPS, which I KNOW can change. I have had it 3 yrs now and doing nerve blocks and meds. He stated that at some point what we are doing now may stop working, which isn't much anyway as far as getting pain relief.

So opinions please or real experience with this.

Even low risk investments have no guarantee. Did you sign an agreement that requires you to put it into savings?

I would follow the letter of whatever terms you agreed to. Any interest rate is low now, I found a 1% interest savings / checking account with Union bank that had no requirements like a CD for length of time it had to be kept in.

I wouldn't take a chance on this sum of money just to get a few dollars more a year on interest. If that $ is to cover your medical expenses related to this condition for the rest of your life - take it as a blessing that the amount seems more than what you will need. You never know. The same procedure or treatment that costs X right now may cost much more in future years.