Breakthrough Medicare Set-Aside Program
InsurCard, the nation’s leader in electronic payment solutions, introduces a breakthrough in insurance technology for MSA recipients. InsurCard’s Medicare Set-aside (MSA) Program helps MSA recipients manage their own insurance settlements – using technology available through the payment card networks.
The rules from the Center for Medicare Services to manage insurance settlements can be complicated. Professional MSA Administration companies are available to provide these services; but over 90% of MSA recipients choose to self-manage. MSA self-management requires meticulous record keeping and comes with steep penalties for mistakes. This is one of many reasons why InsurCard’s MSA solution is an ideal option for the 90% of recipients who have elected self-administration.
The InsurCard program features:
- Discount programs for pharmacy, doctors, and medical equipment
- Automated record keeping and CMS reporting assistance
- Debit cards that avoid inappropriate purchases based on CMS guidelines
- Fund exhaustion mitigation by low balance notifications
- Website access to account transactions and balances
- A HIPAA compliant Call Center
The program follows CMS guidelines for bank account structure, reporting and tracking as well as for allowed purchases.
As part of the InsurCard program, a debit card doubles as a pharmacy card and payment card. The debit card will only work on purchases allowed under CMS guidelines. All purchases are tracked and recorded for CMS annual reporting. If appropriate, money can be withdrawn from the account but must be tracked by the individual. Doctor and hospital bills are significantly reduced based on the State Workers Compensation schedules.
Enrollment in the InsurCard MSA program is free of charge. Settlement recipients should consult with their legal representative about the program.
Congress established the MSA legislation and subsequent regulations to protect the interests of Medicare and the U.S. taxpayer. Failure to properly administer an MSA account carries potentially severe consequences including the denial of Medicare coverage when needed, which potentially leaves the beneficiary responsible for all medical claims and mismanaged funds.
InsurCard has been the leader in electronic payments for the insurance industry for more than a decade – processing over $4 billion in payments yearly.
InsurCard is headquartered at 881 Sumneytown Pike in Lansdale, PA.
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