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Continuing the Conversation

Elliott Gorog

On 5/11/22 we had with us Elliott Gorog, Owner of Health Matching Account Services 


The HMA (Healthy Matching Account):  A Great Tool to Grow the Cash Market

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Every Wednesday your Freedom Hub (founded by Jeff Kanter and Charles Frohman) hosts two Zoom calls. One is at 4pm, the other at 7pm. The 4pm call is eclectic (often regarding our liberties…or disappearing liberties) and the 7pm usually is centered around practitioners who use a cash-based practice and what they do. These are recorded and archived. There are over 90 to date!

Advisors are worried free market reformers are too dependent on the popular, tax-advantaged Health Savings Account as a tool both to empower patient shopping and allow cheaper plans due to higher deductibles.  Too many HSA holders are blue collar workers not sufficiently funding them to elude the bankruptcy risk that stems from insurers’ high Out of Pocket exposure.  Wealthy entrepreneurs are thriving with HSAs, because they represent a tax shelter even more powerful than IRAs - to build $100,000 or more to make a nice retirement nest egg.

How do we, then, help regular Americans for whom HSAs are not living up to their potential?  The late Don Levitt on LinkedIn argued for years with HSA defenders on his coming invention, and now the HMA represents the fastest growing tool among licensed health agents.  Why?

Because of the genius of the HMA - stemming from the brightest actuarial minds at the eminent Milliman firm.  Using the traditional 80-20 rule, where 80% of users will use only 20% of funds, Milliman analyzed “pooling” of risk and the frequency of claims to devise a system of increasing benefits - resulting in a prepaid VISA that doubles ones contributions over 3 years.  $40 over 3 years, for example, doubles to a $2500 prepaid Visa for Out of Pocket.  $140 over that same time period doubles to $10K.  Higher monthly amounts double to $40K or even more.  

What level you purchase depends on your expected Out of Pocket exposure.  Those with higher needs - like having a baby, needing braces, regular chronic treatments or some elective surgery - need bigger HMAs.  Many will want a modest HMA just for cavities, urgent care, the odd prescription or test, and unexpected hospitalizations. Doubling means Out of Pocket becomes effectively halved.

What healthy people don’t realize, though, is that a $5,000 health expense hits everyone every 5 years, on average.  And very few families can afford more than $1,000 for any given episode.

With several years of experience under HMA’s belt, they are about to release a rider for long-term care, solving finally the biggest worry on every retiree’s mind.  Speaking of seniors, Forbes Magazine just characterized the HMA as the best “supplement” for Medicare’s gaps.  They also have a money-doubling pre-paid VISA for pets.  

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