■ Individuals and Families can select from a variety of different account balance level maximums ranging from $5,000- $60,000
■ Product options can fit any individual or family budget with the ability to scale up or scale down the monthly contribution amount and the corresponding target account balance cap as needed
■ No further monthly, participant contribution once HMA balance reaches target account balance cap (only maintenance fees are required)
HMA Contribution Options
HMA product options are designed to be flexible in order to accommodate individuals and families seeking to build a valuable, medical savings account in order to reduce their out-of-pocket, health care expense obligations. National Prosperity Health Matching Services (NPHM™) is the exclusive provider and offers a variety of different levels of HMA Medical Benefits Account product options that all come with corresponding target account balance caps per participant ranging from $5,000 all the way up to $60,000. The HMA program provides participants with the ability to adjust their monthly contribution amounts and target account balance caps in order to scale up or scale down their benefits as they see fit. The HMA account balances are permitted to carry over year-to-year and can be used to complement a high deductible health insurance plan by covering an increased portion of an individual or family’s out-of-pocket, medical expenses.
The HMA Medical Benefits Account pre-funds an individual or family’s medical costs into a medical benefit savings account that is awarded a monthly, medical benefit crediting. This crediting grows following each monthly, participant contribution to rapidly increase the HMA account balance that can be used to pay for out-of-pocket, medical expenses including copays and deductibles. The HMA leads to significant savings by addressing the most expensive, out-of-pocket portion of health care costs for individuals and families. The HMA crediting results in up to $2 or more in medical benefits being awarded to the participant’s HMA account balance for every $1 contributed as the program progresses.
Once participants begin to hit their target HMA account balance caps, the individual or family is no longer responsible for contributing the full amount every month towards their HMA account balance (and will only be paying small maintenance fees) until another medical expense is paid for using their HMA Medical Benefits Account. This will serve to drastically decrease the participant’s monthly amount contributed towards the HMA program while also simultaneously allowing them to increase their underlying health insurance plan deductibles, which will result in a further reduction to their out-of-pocket premiums and overall, health insurance expenses. In addition, HMA accounts can also be used to pay for elective procedures not covered by health insurance such as plastic surgery, lasik and fertility as well as long-term care and home health expenses among others. The HMA Medical Benefits Account creates additional health care savings by granting its owners with the ability to cover a larger portion of their out-of-pocket costs than any other medical savings account available.
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.