What Is an Accumulation Period?

An “Accumulation Period” is the period of time during which an insured person incurs eligible medical expenses toward the satisfaction of a deductible and out of pocket maximum.  Most plans typically run on a calendar year basis, meaning from January 1st through December 31st.

Related Post: What is a deductible?

For more information or questions about your plan, email service@claimlinx.com or call 513.677.6262 or 1-800-858-1772.

What Is Cost-sharing?

What is cost-sharing? Health care provider charges for which a patient is responsible under the terms of their health plan. Common forms of cost-sharing include deductibles, coinsurance, and co-payments. Balance-billed charges from out-of-network physicians are not considered cost-sharing.

Related Post: How Coordination of Benefits Saves Money for Your Employees

ClaimLinx is committed to helping you navigate your way through healthcare reform with tools and information that are ACA compliant.

For more information or questions about your plan, email service@claimlinx.com or call 513.677.6262 or 1-800-858-1772.

What Is a Co-payment?

What is a co-payment, and how does it affect my health insurance plan?

Related Post: IRS Guidance Causes Confusion About ACA Requirements

A co-payment is a specific charge that your health insurance plan may require that you pay for a specific medical service or supply, also referred to as a “co-pay.” For example, your health insurance plan may require a $15 co-payment for an office visit or brand-name prescription drug, after which the insurance company often pays the remainder of the charges.

Related Post: ClaimLinx Glossary: Common Health Insurance Terms

ClaimLinx is committed to helping you navigate your way through healthcare reform with tools and information that are ACA compliant.

For more information or questions about your plan, email service@claimlinx.com or call 513.677.6262 or 1-800-858-1772.

What is a Medical Expense Reimbursement Plan (MERP)?

One of the first differences members notice with the ClaimLinx solution is that they now have two cards to show at the doctor instead of one. This is because ClaimLinx uses a medical expense reimbursement plan (MERP).

Related Post: ClaimLinx Glossary: Common Health Insurance Terms

MERP is the key to the ClaimLinx Solution for providing more cost-effective health insurance.

The medical expense reimbursement plan, a Section 105 plan of the tax code, is any arrangement under which a business reimburses an employee for out-of-pocket medical expenses. And all of these reimbursements are paid to the employee 100% tax free.

ClaimLinx uses the MERP to lower insurance costs but still cover employees’ qualified medical expenses.

Related Post: Why did my employer purchase a MERP?

Normally if a business reduces medical insurance coverage to lower premiums without adding a MERP, the expense shifts from employer to employee. The MERP allows for employees to receive the same coverage while employers save money.

If you have questions about your plan, email service@claimlinx.com or call 513.677.6262.

Defined Contribution Health Plans

Tom Quigley, National Business Consultant, provides consulting services, and is in charge of recruitment and new business for ClaimLinx.

Today he’s discussing Defined Contribution Health Plans and how they can be utilized to save a company and its employees thousands in tax dollars.

Related Post: What is an employer-sponsored, or self-funded, plan?

There is no reason to buy a traditional group health insurance plan as of January 1, 2014.  If you would like to attract & retain good employees by offering health benefits without the high cost & requirements of Group Health Plans, then Defined Contribution Health Plans are a good solution. Employees choose their own health plans with the carrier and coverage that work best for them, and pay for it with tax-free dollars. Using a private exchange online portal, it’s easy to set up.

You can now add extra revenue to your bottom line by going to our healthcare exchange to learn more; or contact Tom Quigley.

ClaimLinx is proactively ready for the many changes of Health Care Reform.  Our Health Care Exchange has its own call center to enroll individuals in the many policies that are available to them. Please visit the site for more information.

Related Post: What is the difference between primary and secondary coverage?

ClaimLinx is positioning its clients to move in the right direction.  We can structure benefits in their favor to ensure they are in full compliance with the law without cutting benefits or employees.  Feel free to contact Tom at tquigley@claimlinx.com or (800)858-1772 X 25 with your questions. Look for our new book, “How to Beat Obamacare” to be released later this year.