HEALTH MATCHING ACCOUNT

[myinsurebiz]

Thoughts?

[EXTERNAL LINK] - HMA Services - HMA Services, Inc.

 

[goillini52]

Thoughts?

[EXTERNAL LINK] - HMA Services - HMA Services, Inc.

How much does it cost? How much does it pay. Says it's not insurance.

 

[Lee Vena]

Just got off the phone with their "sales" department. This is a Medical Savings Account. What a waste of time. To begin with the person, I spoke to is reading from a script and could not give me any details. What I did learn is that you choose a level, for example $10,000. For 35 months you pay $140, which is a combination of $100 deposit and a $40 Maintenance Fee. They will match your contribution, but starting at a small amount, $10 per month, and then increasing each month. After 35 months I would have sent them $4,900 and they would have provided me with another $5,100.

I then asked her where their matching funds ($5,100) comes from. Her response was "we use pooling strategies just like insurance companies do". Pooling strategies? I have been in the self-funded medical market for 41 years and cannot figure out how pooling strategies will generate $5,100 for them to fund my account. Pool person was clueless.

I then told her that I was uncomfortable with her response because it does not make sense. Just like any great salesman she said ok, if you have any other questions please call back.

If anyone from HMA reads this, you should address these issues.

 

[goillini52]

Just got off the phone with their "sales" department. This is a Medical Savings Account. What a waste of time. To begin with the person, I spoke to is reading from a script and could not give me any details. What I did learn is that you choose a level, for example $10,000. For 35 months you pay $140, which is a combination of $100 deposit and a $40 Maintenance Fee. They will match your contribution, but starting at a small amount, $10 per month, and then increasing each month. After 35 months I would have sent them $4,900 and they would have provided me with another $5,100.

I then asked her where their matching funds ($5,100) comes from. Her response was "we use pooling strategies just like insurance companies do". Pooling strategies? I have been in the self-funded medical market for 41 years and cannot figure out how pooling strategies will generate $5,100 for them to fund my account. Pool person was clueless.

I then told her that I was uncomfortable with her response because it does not make sense. Just like any great salesman she said ok, if you have any other questions please call back.

If anyone from HMA reads this, you should address these issues.

Sounds a little like a pre-paid credit card.

 

[Lee Vena]

Sounds a little like a pre-paid credit card.

You may be correct. Litle concerning about their source of funding for their contributions.