The Health Matching Account (HMA) is a voluntary, medical benefit savings account owned by the participating employee or family. The HMA is a non-qualified account funded by the participant with post-tax dollars. The HMA Medical Benefits Account is exclusively offered by Health Matching Account Services, Inc. and pre-funds an individual’s (or family’s) out-of-pocket, medical costs into a medical savings account that is awarded a monthly, medical benefit crediting on their contribution, which grows each month.
The benefits that build in each HMA account balance are designed to pay for an individual or family out-of-pocket medical costs including copays and deductibles in order for participants to save money and complement high deductible, major-medical plans. The participant’s HMA account balance increases each and every month as the HMA account crediting continues to build.
This sample illustration demonstrates how an individual or family’s HMA account balance would grow over a three-year period. The rapid growth of the HMA account balance easily exceeds that of an HSA (Health Savings Account) or any other medical savings account. Over this three-year horizon, the crediting awarded to the participant’s monthly contribution is so strong that $4,900 of contribution can create a $10,000 HMA account balance in this example for the participant or family to use for their medical costs (assuming no prior medical claims). Once participants reach their target, account balance caps, which in this case is $10,000, they are no longer responsible for making a full, monthly HMA account balance contribution (and only maintenance fees are required) until they use their HMA Medical Benefits Account once again to pay for a medical expense.
By choosing an HMA, individuals and families now have the opportunity to fund a superior medical savings account that will permit them to increase their health insurance deductibles and lower their out-of-pocket premiums and medical expenses. In addition, HMA accounts can also be used to pay for elective procedures such as plastic surgery, lasik and fertility that are not traditionally covered by health insurance as well as long-term care and home health expenses. The HMA Medical Benefits Account creates additional health care savings for individuals and families by covering a larger portion of their out-of-pocket, medical expenses than any other medical savings account available.
The HMA is not considered health insurance. The HMA Medical Benefits Visa® Prepaid Card is issued by The Bancorp Bank pursuant to a license from the Visa® U.S.A Inc. The Bancorp Bank; Member FDIC. Card may not be used everywhere Visa® debit cards are accepted. See Cardholder Agreement for list of eligible goods, services and merchants.