Employees -- A Better Healthcare System for You

FranHealth/LyfeBank is a whole new world of healthcare. It's a world where you are in charge, where you choose how to spend your health benefits. With funds in your LyfeBank account you can buy an individual or family health insurance policy that will, along with your LyfeBank account, follow you from employer to employer. Money you save is rolled over for future use. There is no loss of coverage as long as the premiums are paid and no need to ever again worry about COBRA premiums when you change or lose jobs.

- You choose the benefit level, the deductible, the co-pay and your doctors.
- You quit...your FranHealth/LyfeBank account and your health insurance go with you.
- You're fired...your FranHealth/LyfeBank account and your health insurance go with you.
- Employer goes out of business...your FranHealth/LyfeBank account and your health insurance go with you.
- If you move out of state...your FranHealth/LyfeBank account and your health insurance go with you.

With our system you choose the policy from the health insurance carrier of your choice. Want less medical and more dental? Want high reimbursement for prescriptions? Your choice! You can buy a healthcare policy, join dental networks, vision networks, buy long-term care policies, buy pain relievers or cough syrup or simply pay for a doctor visit. It's your money!

Myth: Group Policies are cheaper than individual policies. False. In almost every circumstance individual policies cost less and offer similar benefit levels as group policies.

Your Money!

With our system we deposit health benefit dollars you've earned into your your FranHealth/LyfeBank account. You decide how to spend the money in your account.

Many people will earn more than they spend each month. The surplus retained each month continues to accumulate in your account month after month, year after year. If you leave your employer your healthcare money follows you forever, no matter where you go.

If your healthcare insurance policy costs exceed your account balance you can authorize FranHealth/LyfeBank to transfer additional funds from your personal checking account or credit card to pay the difference needed to pay your premium in full.

A parent, grandparent, friend, charity, or state government program can also contribute whenever account funds fall short.

How does it work?

Your employer signs up with LyfeBank and sets a contribution amount for all employees.
Each employee who wants to participate is invited to set up a LyfeBank account. If you have more than one job, each employer signed up with LyfeBank can make pre-tax healthcare contributions to your account.
Each pay period, your account, held in trust at a Federally insured bank, will be credited the amount of healthcare dollars earned from your employer(s).
Our health insurance partner, Aklins Insurance, or your appointed local broker, can help you select an individual or family health insurance policy that best meets your health insurance needs from any carrier operating in your area.
Once your insurance policy is in place, Lyfebank can electronically pay your premiums from available funds in your account. You don't have to do a thing!
Any remaining funds can be used for reimbursement of deductibles, co-pays, and other health related expenses.
Each month LyfeBank will email you a statement showing your account balance. You can also review your account, including the status of existing reimbursement claims, online at www.lyfebank.com.
If in any month you don't have enough money in your account to pay your insurance premium, LyfeBank can transfer the funds needed to make up the difference from your pre-authorized checking account, credit card, or other authorized payment sources.

"Family" Definition: Money in your LyfeVault can be used to support the healthcare needs of your entire family. What counts as a family? Anyone you can claim as a dependent on your federal tax return qualifies as a family member. To meet the requirements for a family member they must be a "qualifying child" or "qualifying relative".

Examples: Children living at home under the age of 19 or up to 24 if still in school (or any age if permanently and totally disabled). Relatives (parents, brothers, sisters, other blood relatives) living with you and whom you support financially.

How Can I Use My Money?

You can use your LyfeBank account simply to be reimbursed for doctor, dentist, or health provider visits. You can use your money to pay for a medical expense for you or your family here or out of the country.

If you are over 65, you can use your money to pay premiums on Medicare Supplemental Part D policy. You can use your healthcare money to pay for:

Healthcare insurance premiums.
Deductibles.
Co-Pays.
Prescriptions.
Vision insurance, services, or products.
Dental insurance or services.
Long Term Care Insurance
Over-the-counter medications.

Note: Under federal law, LyfeBank account funds can ONLY be used for qualified medical expenses.

LyfeBank is different

My wife and I both work. Can both our employers pay into to our LyfeBank account to cover our healthcare costs?
Yes

I have two jobs. Can both my employers contribute to my LyfeBank account?
Yes

I work in different states. Does LyfeBank still work?
Yes

I was just laid off. Can I keep the money I have earned from my employer and saved in my LyfeBank account as well as my insurance policy?
Yes

My daughter just had an operation. The 20% co-pay is $3400. Can I use the money in my LyfeBank account contributed by my wife's employers to pay for it?
Yes

Can I use my LyfeBank money for just a visit to the dentist?
Yes

I was paying $125 a month as a co-premium for my employer's group policy and another $400 to cover my husband. Now using your LyfeBank and the individual/family policy you got us, just the money my employer pays into my LyfeBank account covers the whole policy. No out-of-pocket cost to us. You guys are good!

Yes. Thank you!