Alternative to MedSupp & MedAdvantage being marketed, anyone heard of this?

[yorkriver1]

Health Matching Account is the name of the product. It's not insurance. The balances in each person's account accumulate over 48 months to a target amount somewhat larger than their contributions. I don't see how this works out although they say they have actuaries who ran numbers for them. The way it's being sold is that in addition to unexpected medical expenses it can be filled up intentionally, then used for things like Lasix, orthodontia, plastic surgery, that insurance usually doesn't cover. While the account balance is available on a prepaid Visa that is FDIC insured, I don't get the math here. They say they have a large cash reserve, because they started out intending to do this as insurance, but with no regulations requiring audits, or other oversight, it's a concern.
Final word, not insurance, not on my E&O, so passing on this one. They do pay commission to licensed health agents.
They also work with the online STM/scheduled benefit sales organizations.

 

[goillini52]

Health Matching Account is the name of the product. It's not insurance. The balances in each person's account accumulate over 48 months to a target amount somewhat larger than their contributions. I don't see how this works out although they say they have actuaries who ran numbers for them. The way it's being sold is that in addition to unexpected medical expenses it can be filled up intentionally, then used for things like Lasix, orthodontia, plastic surgery, that insurance usually doesn't cover. While the account balance is available on a prepaid Visa that is FDIC insured, I don't get the math here. They say they have a large cash reserve, because they started out intending to do this as insurance, but with no regulations requiring audits, or other oversight, it's a concern.
Final word, not insurance, not on my E&O, so passing on this one. They do pay commission to licensed health agents.
They also work with the online STM/scheduled benefit sales organizations.

This sounds like something that makes me think of DNA swabbing. There're enough good , safe products that are covered by your E&O...why take a chance.?