How Your Family Healthcare Plan Works
How Your CHP Manages a Medical Event
The following is and example used to explain how your Family Health Plan operates.
Assumptions: Your monthly CHP Contribution is $200.00. From this amount, you have $100.00 in Pool Credits which are deposited monthly into the CHP Family Healthcare Pool (the "Pool").
A Medical Event Occurs: You have a major accident while skiing. You receive treatment and your medical bills are $20,000. You register your Medical Event.
Your Concierge Services: Your Concierge contacts the medical providers to negotiate your medical bills and payment terms. Your medical bills are
reduced from $20,000 to $15,000. A payment plan is also established; $1,000 per month for 15 months.
This saves you $5,000 and gives us time to pay your medical bills.
The CHP Pool Pays All Bills
Your Pool Account Balance: You have been making your CHP Contributions for 12 months before your accident. Your Pool Account Balance is $1,200 ($100 X 12). You pay your $1,000 CHP Deductible to the Pool. Your Pool Account Balance is now $2,200.
Additional Pool Credits: Your have a $5,000 CHP Third-Party Cash Reimbursement Benefit. $5,000 is added to your Pool Account Balance for a total of $7,200.
Using the Pool to Pay Your Bills: Each month the Pool pays the medical providers the $1,000. Your $100 Pool Credit is first used then the Pool advances $900
from your Pool Account Balance. This process continues until your Pool Account Balance reaches $0 in month 8.
You have 7 payments remaining before the medical providers are fully paid.
Other Members Now Help to Pay Your Bills: The Pool now advances $900 from the Pool's General Capital for 7 months. At month 15 your bills are paid and your Pool Account Balance is a negative $6,300 ($900 times 7).
Refilling your Pool Account Balance: Your $100 Pool Credits continue and are first used to pay back your $6,300 Pool Advances and then, to increase your Pool Account Balance.
Summary of Benefits
CHP lowered your medical bills $5,000. Your monthly Contribution remained the same. Your Max Out-of-Pocket was only $1,000. Not the traditional $7,000. This saved you $6,000. Your total savings is $11,000. Your healthcare budget was not changed and CHP eliminated all your financial risks.
No Cost, no credit check to use of the Pool: There is no charge for use of the Pool and you will not pay any interest on the Pool Advances. Your obligation is to repay any negative Pool Account Balance.