March 22, 2022

InsurCard MSA Webinar
Press Release

InsurCard will host a webinar to discuss its new technology-based MSA (Medicare Set-Aside) program at 2 PM, Tuesday, March 22. The presentation will discuss a shocking reality of today’s MSA Market – the fact that less than 10% of settlement recipients choose to use a Professional Administrator. This decision leaves settlement recipients without medical discount programs for pharmacy and doctor visits, without assistance in recordkeeping and reporting, and without a way to get answers to basic MSA questions.

Bob Mendte, president of InsurCard, will discuss CMS rules, the realities of the MSA Market, and how InsurCard is using technology to mitigate frequent problems encountered by settlement recipients who choose to self-administer their MSA funds. The InsurCard MSA program is offered at no cost to settlement recipients and insurers.

CMS (Center for Medicare Services) establishes MSA guidelines, which presume, but don’t require, that settlement recipients receive professional help. The InsurCard MSA program follows CMS rules, using modern debit card functionality to replace the need for professional administration. For example, InsurCard’s debit card doubles as a pharmacy card and a payment card. The debit card will only work on purchases allowed under CMS guidelines. Problems caused by the temporary exhaustion of settlement funds are avoided. All purchases are tracked and recorded for CMS annual reporting.

About InsurCard

InsurCard has been a leader in electronic payments for the insurance industry for more than a decade, processing over $4 billion in payments annually. InsurCard programs apply the latest electronic payment capabilities to meet the P&C Insurance industry’s needs. All InsurCard payment programs are designed to meet the legal requirements of the insurance and banking industries.

To learn more, visit https://www.InsurCard.com/msa/

Mr. Mendte is the founder of InsurCard. Prior to InsurCard, he spent over 20 years at Cigna P&C, followed by claims management and financial consulting at Prudential, NJM, Zürich, US Bank, and Discover Card.

Please Use this Link to Register: 
https://attendee.gotowebinar.com/register/3103277432944588046

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.   

Contact information:

• Richard Meek, InsurCard CRO   630-292-0218,   Rmeek@insurCard.com
• Claire Roth, InsurCard MSA Administrator  215-855-1112,    croth@insurcard.com 
• General InsurCard inquiries 215-855-1115,   InsurCard MSA 215-855-1083
• www.insurcardMSA.com