MyCarePortal, MyCarePortal with Health Reimbursement Arrangement (HRA), MyCarePortal with HealthcareIRA and CareGain’s Defined-Care Platform are the four new products from the health asset company, designed to enable employers, insurers, and TPAs to incrementally transition to consumer-driven health plans.
The MyCarePortal product is designed to integrate cost control and decision support tools with existing managed care plans. The plan features a points-based incentive system offered to employees, called Incents.
Incents are intended to encourage the selection of services offered in the plan and to reward compliance with treatment protocols and wellness programs. Employees accumulate points by using programs such as smoking cessation and weight reduction, or by using online support tools, such as prescription drug analysis, hospital selection and provider cost information tools. Points are then redeemable for HealthRewards, defined by the health plan or an employer, including discounts on certain healthcare services, subscriptions, or bonuses such as cash or travel.
The second product, MyCarePortal with HRA, combines the MyCarePortal features with a traditional Section 105 HRA tax-free rollover account. This product offers the traditional “consumer-driven” or “defined-contribution” plan with an HRA to cover upfront expenses, followed by an employee out-of-pocket component and a catastrophic high-deductible insurance policy. Unspent funds, which roll over tax-free to the next year, are not portable and are available only during employment.
Third, MyCarePortal with HealthcareIRA is based on the MyCarePortal features with CareGain’s portable HealthcareIRA account. This product converts an existing managed care plan benefit into an “asset” model, available with Incents, designed to comply with IRS Section 105’s tax-free rollover ruling.
Fourth, CareGain’s Defined-Care Model allows employers to provide healthcare dollars in an account for their employees’ personal and family use. At year end, a portion of the unspent balance in this account is distributed into an employee-owned, private, and portable HealthcareIRA account in the form of a dividend.
According to CareGain, the dividend encourages employees to efficiently use their healthcare services and take advantage of the cost saving decision support tools provided through their MyCarePortal. The dividends can be used for IRS qualified services, saved for future healthcare needs, or to pay for services not generally covered by traditional health plans.
Additional information can be found at www.caregain.com .
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