MSA Self-Management Tool Utilizes Smart Debit Cards with a Lengthy List of Features
InsurCard the nation’s leader in electronic payment solutions, has launched a breakthrough 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.
“Our program is a debit card-based product designed for individuals who have received an insurance claim settlement and need to follow Medicare Set-aside regulations,” explained InsurCard Founder and CEO Robert Mendte. “The MSA program is a set of automated tools that give the advantages of professional administration to those who choose to self-administer their settlement.”
While professional MSA Administration companies are available, more than 90% of MSA recipients choose to self-manage their insurance settlements. However, the regulations established by the Center for Medicare Services (CSM) can be complicated, and MSA self-management requires meticulous record keeping and comes with steep penalties for errors. This is one of many reasons why InsurCard’s MSA solution is an ideal option.
Here are additional noteworthy features:
- Discount programs for pharmacies, medical providers, drugs and durable medical equipment
- Reduced pricing for hospital and medical bills based on State Workers Compensation schedules
- Automated record keeping and CMS reporting assistance
- Payment tracking
- Programmed Merchant Category Codes (MCC)
- Debit cards that avoid inappropriate purchases based on CMS guidelines
- Fund exhaustion mitigation through low balance notifications
- Website access to all account transactions and balances
- A HIPAA compliant 24-hour Call Center
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In 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 If appropriate, money can be withdrawn from the account, but must be tracked by the individual.
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.
Enrollment in the InsurCard MSA program is free of charge. Settlement recipients should always consult with their legal representative about the program.
