Settling in Unsettling Times with Ken Paradis, Chronovo CEO and Founder

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Ken will be the featured guest for the latest in ExamWorks Webinar Series. Join him and ECS Vice President of MSP Compliance Marty Cassavoy on Wednesday, May 20 at 2pm EST for “Settling in Unsettling Times.” Claims organizations, attorneys and injured parties are all facing unique challenges and opportunities during these unprecedented times. From closed courtroom and remote mediations to the simple challenge of navigating technology, creative, swift and efficient settlement solutions are essential. [...]

PCEA’s Virtual Conference Features CEO Ken Paradis

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The Pacific Claim Executives Association announces its first-ever virtual educational webinar on Thursday, May 14, from 7:30-3:15 PST. Described as “an innovative day with some of the industry’s most sought-after speakers,” the day-long conference will address these timely topics: * COVID-19 Business Interruption Losses * Subrogation Funding and Other Modern Trends in Subrogation * COVID-19 Fraud Trends * and more One of the featured presenters, Ken will address “Decreasing Settlement Costs and Stretching MSA Dollars by Structuring and Professionally Administering MSAs.” He is scheduled to speak at 10am PST. [...]

Changing Course on Your MSA Submission Policy During the COVID-19 Crisis and the Role of Structures

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Since Medicare Set-Aside (MSA) submissions to Capital Bridge, CMS’ Workers’ Compensation Review Contractor (WCRC), are submitted via electronic portal and reviewed remotely, we have been told that review and approval of MSAs should not be delayed by the COVID-19 pandemic. Assuming that delays do not occur, the new focus on quick closures to meet cash demands or outpace Board closures, even the traditional 30-day turnaround might be too slow to optimize the value of a settlement for all the parties. [...]

Keep Claim Settlements Moving: Settling Cases During Coronavirus

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The coronavirus has thrown our daily routines into uncharted territory. Courts are closing, mediations are being cancelled, travel is limited and many are working from home. Despite these hurdles, there are still many tools and techniques available to help move cases along. The need certainly hasn’t gone away. The good news is that we are already well connected thanks to technology, including email, texting, webinars and phone. We can now make the best use of our time in creative ways, [...]

Bagging the best settlement

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In the hunt for optimal settlements, injured individuals and their families are often tempted by the promise of big and immediate bounty. “Take the money and run” sure sounds good. But bagging a lump sum settlement can bring beastly consequences. For one thing, that large, tasty prize is easily dissipated and always vulnerable to hungry creditors. Its growth or interest is subject to taxation. Also, lump sums may cut off eligibility for needs-based government benefits. [...]

Smart Planning for a Rainy Day

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The future is always complicated by unexpected events. For injured individuals and the professionals responsible for safeguarding their financial security and stability, there’s one way to weather the storm: build a solid structure.    With a structured settlement, customized to match the long “arc” of life—with provisions for medical expenses, college tuitions, home payments, and so much more—precious settlement awards are protected, even enhanced. Unlike a perishable, taxable lump sum, structures are designed to last. [...]

HONORED! CHRONOVO NAMED A TOP INDUSTRY STARTUP

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Insurance CIO Outlook Magazine has recognized Chronovo as a Top 10 InsurTech Startup for 2019. The current issue of the magazine features profiles of the stand-out companies impacting the industry, including this article on the transformational technology at the heart of Chronovo Compass. True North for structures has arrived! INCLUDING THIS ARTICLE ON THE TRANSFORMATIONAL TECHNOLOGY AT THE HEART OF CHRONOVO COMPASS: Chronovo Compass: True North for Structures Five years into its mission, [...]

Misconception #8: “A structure will jeopardize my government benefits.”

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FALSE! Subject to state laws and especially when combined with Special Needs Trusts, structures are typically considered policies—not assets—when calculating AFDC, SSI, Medicaid and other needs-based, governmental public assistance. Structures preserve and enhance these benefits. Lump sums, typically considered assets, can end your current or future eligibility for such benefits.    In all cases, the IRS has determined that structured settlements always provide tax-free, lifetime income. Again, this is unlike lump sums, [...]

Smart. Structured. Settled. Sweet.

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A budding entrepreneur comes up with an innovative approach to the problem of candy disbursement. After all, Halloween stockpiles never last. Chocolate Easter eggs are subject to forfeiture by older siblings and health-conscious parents might ration those Valentine hearts. The solution? Invent more opportunities! Structure the bounty over time so payouts keep pouring in. On schedule. For life.    This elementary wisdom is brought to you by Chronovo. We’ve made structured settlements easy to understand and easy to set up. [...]

Misconception #7: “If I get a structure, I’ll have to structure everything.”

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Not at all. Structures are just one part of a complete financial plan. Settlements can—and probably should—always include up-front cash, timed lump sums for big life events (like weddings, retirement, college tuition), as well as other features like professional administration or special needs trusts. You can structure as much or as little as you want. The whole idea is to structure your plan to match your unique and individual needs. [...]