Have you heard of Health Matching Accounts or HMA‘s? If so, you may have felt like it was too good to be true or you were missing something. HMA`s allow account holders to contribute a specific dollar amount into an account every month to reach a target balance. So you may have a target balance of $5,000 and in order to reach that balance you’ll be asked to contribute $80 a month. If you don’t touch your account sometime around 35 months you’ll have reached your target balance of $5,000 even though your contributions only equal up to less than half that amount. That’s a HMA and it could change how you buy and pay for your health insurance.
Unlike an HSA, HMA’s are not tax deductible. They are however a great way to increase your medical expense purchasing power. However, as mentioned above the balance in the account increases more and more depending on how long you keep funds in your account without spending. This allows the insured to choose a higher deductible health plan cutting down on the overall cost of their insurance premiums. Funds can be used for elective surgeries, dental, vision, prescription, and other healthcare costs. The HMA participant receives a Visa card that can be used at the point of sale for them and their family. Only in limited situations does a claim need to be filed for payment. In most cases, the only thing required for payment is the swipe of a card. In fact, when your card is used for prescriptions, the Rx goes through the HMA’s discount prescription plan so that you receive the lowest possible price.
Also unlike HSA’s, the HMA does not require the purchase of a high deductible HSA qualified health plan. Account balances roll over year to year and once the target balance is reached, you can either increase your target balance or pay a small monthly maintenance fee to keep your account active. Below are a few circumstances where an HMA could be a great option.
High Deductible Plans
Have you thought about going with a higher plan deductible to keep cost down, but are concerned about having to pay a high deductible out of pocket? An HMA is a great way to cover the deductible and out of pocket cost of your health insurance plan.
It’s not really a secret that most dental plans are limited in coverage. What’s more is most dental plans require that the insured have their plan in force for 6 to 12 months before they receive benefits for restoration care. An HMA is a great way to pay for dental care.
Sometimes we want care that’s not medically necessary but important to us. For instance, cosmetic surgery or hair transplants. HMA’s cover these procedures too.
No matter what your reason a Health Matching Account is a great way to stretch your dollar. Contact us via text or book an appointment on our site. You can also apply yourself at http://www.nationalprosperity.com/select-your-hma-plan/?broker=5700007906MDL 24/7 your computer or mobile device.