(a) Benefits shall not be awarded:
(1) Unless the claim has been filed with the cotrustees of the Special Needs Trust Revolving Fund after the injury, disability, or medical condition exists; or
(2) If any governmental entitlement or insurance program provides comparable benefits to persons eligible to participate in those programs.
(b) Benefits otherwise payable to a beneficiary shall be diminished to the extent that the economic loss is recouped from collateral sources and retained by the beneficiary or claimant.
(c) In determining eligibility for benefits from the Special Needs Trust Revolving Fund, the cotrustees shall apply the same eligibility standards as those then in effect for assistance under the state medical assistance program.
(d) In the event that the fund results in a contributing beneficiary’s being declared ineligible for state medical assistance payments, the contributing beneficiary may elect:
(1) To take no action;
(2) To withdraw from the fund, whereupon the contributing beneficiary shall be entitled to the unexpended portion of his or her contribution; or
(3) To continue to participate in the fund and be eligible for benefits from the fund, but to relinquish any other interest in the fund, including any right the contributing beneficiary or the contributing beneficiary's estate may have had to any unexpended portion of the beneficiary's contribution. Any such relinquishment shall be deemed to have been made for adequate consideration.