Health Matching Services Review

Navigating the complexities of healthcare costs can feel like an uphill battle. With deductibles soaring and out-of-pocket expenses becoming a significant burden, many individuals and families are actively seeking innovative solutions to manage their medical bills. This is where Health Matching Services (HMAS) and their flagship product, the Health Matching Account (HMA), enter the conversation. But what exactly are Health Matching Services, and can they truly be the answer to your healthcare cost concerns? This comprehensive Health Matching Services review will delve into how these accounts work, their potential benefits, and important considerations to help you decide if they're the right fit for your financial and health needs.

Understanding Health Matching Services: A New Approach to Healthcare Funding

Health Matching Account Services (HMAS) is a privately managed company based in Houston, Texas, dedicated to helping individuals and groups lower healthcare costs. Their primary offering is the Health Matching Account (HMA), which is presented as a medical reimbursement program designed to help you pay for out-of-pocket medical expenses. It's crucial to understand that an HMA is not health insurance. Instead, it functions as a voluntary medical benefit savings account.

How Do Health Matching Accounts (HMAs) Work?

The core concept behind an HMA revolves around monthly contributions and a "medical matching" system. Here's a breakdown:

• Monthly Contributions: Participants make regular, post-tax contributions to their HMA. Health Matching Account Services offers various monthly contribution levels, starting as low as $84, designed to fit different budgets.
• Medical Matching: For every dollar you contribute monthly, the HMA program aims to provide "medical matching" funds. This can be up to $2 or more for every $1 contributed as the program progresses, with some sources even mentioning potential matches exceeding two or three times the contribution as you approach a target medical cap. This matching is guaranteed to increase each month as long as the program is in good standing and not being used for medical costs, rewarding healthy habits.
• Accumulated Balance: The medical balance that builds in your HMA rolls over year-to-year, unlike traditional insurance deductibles that reset annually. This accumulated fund is intended to cover eligible medical expenses.
• Using Your HMA: Historically, HMA accounts came with a debit card for immediate use at providers. However, recent reports indicate a shift to a reimbursement model, where customers pay upfront and then submit claims for approval. Eligible expenses typically include a vast majority of qualifying 213(d) medical expenses such as doctor visits, dental care, vision care, prescription drugs, and even elective procedures like plastic surgery or LASIK, provided they are performed by MD surgeons.

Is a Health Matching Account Right for You? Pros and Cons

Deciding if a Health Matching Service is suitable requires a balanced look at its advertised advantages and the concerns raised by some users.

Advantages of Health Matching Services

• Increased Purchasing Power: The matching contributions mean your money goes further, potentially doubling or even tripling your available funds for medical expenses over time.
• Covers Out-of-Pocket Costs: HMAs are designed to help cover deductibles, co-pays, and other out-of-pocket expenses that traditional health insurance or Medicare might not cover. This can be particularly appealing for those with high-deductible health plans.
• No Pre-existing Condition Exclusions: Unlike some health insurance plans, HMAs are not affected by pre-existing conditions, and monthly contribution rates are the same regardless of age or health status.
• Long-Term Savings: The accumulated balance rolls over and can continue to grow, even after age 65. Once a participant reaches their predetermined "target medical cap" (which can range from $5,000 to $60,000), they may only need to pay maintenance fees until they use the account again.
• Flexibility and Additional Benefits: HMAs offer various contribution levels and the ability to adjust them. Some programs also include unlimited telemedicine services and proprietary pharmacy benefits, potentially leading to deeper savings on prescriptions.

Potential Considerations and Limitations

While the benefits sound appealing, it's essential to be aware of significant concerns reported by some customers:

• Reimbursement Challenges: A notable number of complaints on the Better Business Bureau (BBB) and Reddit highlight difficulties in getting reimbursed for medical expenses. Users report issues with claims processing, delays, and providers being unwilling to use the required portal for direct billing.
• Changes in Terms: Customers have reported changes in how services are accessed, specifically the elimination of a direct-use debit card in late 2023, shifting to a reimbursement-only model. This change has led to frustration and allegations of "bait and switch" tactics.
• Forfeiture of Funds: A critical term in the HMA contract states that if a customer fails to make a monthly contribution or cancels their program, any remaining HMA account balance may be relinquished to HMAS. This means you could lose all the money you've contributed if you stop paying or cancel your membership.
• Customer Service Issues: Many complaints mention extreme difficulty reaching customer service, long wait times, and unreturned calls, making it challenging to resolve issues or get reimbursements.
• Not Insurance: It's vital to reiterate that an HMA is a medical reimbursement program, not health insurance. It does not replace comprehensive health insurance for major medical events, but rather complements it by covering out-of-pocket costs.

Getting Started with Health Matching Services

If, after considering both the pros and cons, you are still interested in a Health Matching Services account, here's a general idea of how to get started:

1. Research Contribution Levels: Health Matching Account Services offers 10 different monthly contribution levels. Evaluate your budget and anticipated medical needs to choose a level that aligns with your financial capacity and desired medical cap.
2. Understand the Contract: Before enrolling, thoroughly review the HMA Member Contract. Pay close attention to the terms regarding reimbursements, cancellations, and forfeiture of funds.
3. Enrollment: You can typically enroll through authorized agents or directly with Health Matching Account Services.
4. Monitor Your Account: Keep track of your contributions and the growth of your medical matching balance through the member portal or mobile app.

Health Matching Services vs. Traditional Health Insurance & HSAs

It's common to compare Health Matching Services to more familiar healthcare funding mechanisms like traditional health insurance and Health Savings Accounts (HSAs).

Key Differences

• Health Insurance: Traditional health insurance covers a broad range of medical services in exchange for monthly premiums, often with deductibles and co-pays. It's designed to protect against catastrophic medical costs. HMA, conversely, is a savings and reimbursement program for out-of-pocket expenses, not a primary insurance plan.
• Health Savings Accounts (HSAs): HSAs are tax-advantaged savings accounts available to individuals with high-deductible health plans. Contributions are pre-tax, grow tax-free, and withdrawals for qualified medical expenses are tax-free. HSAs are investment accounts, meaning their growth is not guaranteed and depends on market performance. In contrast, HMA contributions are post-tax, and their "matching" growth is presented as guaranteed. HMAs also do not require you to be enrolled in a high-deductible health plan.

When to Consider Each Option

• Traditional Health Insurance: Essential for everyone to protect against major medical emergencies and ongoing care.
• Health Savings Accounts (HSAs): Ideal for individuals with high-deductible health plans who want a tax-advantaged way to save and invest for future medical expenses.
• Health Matching Accounts (HMAs): Could be considered by those looking for an additional layer of savings specifically for out-of-pocket medical costs, especially if they anticipate significant expenses not fully covered by their primary insurance, or if they are ineligible for an HSA. However, the reported customer challenges with reimbursement and fund forfeiture are critical factors to weigh.

Conclusion

The Health Matching Services HMA presents an intriguing alternative for managing healthcare costs, promising increased purchasing power for out-of-pocket medical expenses through its unique matching system. For those seeking to supplement their existing health coverage and potentially reduce their reliance on traditional insurance for smaller, routine costs, the concept may hold appeal.

However, a thorough Health Matching Services review reveals significant concerns, particularly regarding the practicalities of accessing funds and the company's customer service. The reported issues with reimbursement processes and the forfeiture clause for inactive accounts are serious considerations that prospective users must carefully evaluate.

Before committing to any healthcare funding solution, it's always wise to conduct your own due diligence, read recent customer experiences, and consult with a financial advisor or healthcare professional. Understanding all terms and conditions upfront can help you make an informed decision that truly benefits your health and financial well-being.

Frequently Asked Questions

What is the difference between a Health Matching Account (HMA) and a Health Savings Account (HSA)?

An HMA is a medical reimbursement program where your post-tax contributions are "matched" with additional funds that grow over time, specifically for out-of-pocket medical expenses. It is not health insurance and is not tied to a high-deductible health plan. An HSA, on the other hand, is a tax-advantaged savings account for those with high-deductible health plans, where contributions are pre-tax, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. HSAs are investment accounts, and their growth is not guaranteed.

Can I use my Health Matching Account for any medical expense?

HMAs generally cover a vast majority of qualifying 213(d) medical expenses, including doctor visits, dental, vision, and prescription drugs. They can also be used for certain elective procedures like plastic surgery or LASIK, provided they are performed by licensed medical doctors. However, some services like drugs/alcohol rehabilitation facilities are typically not eligible. It's crucial to check the specific HMA Member Contract for a complete list of eligible services.

What happens to my money if I stop paying into my HMA?

According to reports from customers and a class-action lawsuit, if a customer fails to pay their monthly HMA contribution or cancels their program, any remaining HMA account balance may be forfeited to Health Matching Account Services. This means you could lose the money you've contributed if your account becomes inactive or is terminated.

Is Health Matching Services a legitimate company?

Health Matching Account Services (HMAS) is a registered company based in Houston, Texas, that has been in business for nearly a decade. However, it has received a significant volume of negative complaints and an "F" rating from the Better Business Bureau due to unresolved issues, including difficulties with reimbursements and changes in terms. A class-action lawsuit has also been filed against the company.