V. REDEEM Sharing Platform
To make health care sharing convenient and efficient, we utilize a technology platform called a Virtual Share Exchange (VSE). The VSE enables all members to participate in the health care sharing process electronically, as well as to monitor the transactional activities of their individual share accounts and the community at large. Your membership requires that you activate your own Share Account and enable the Virtual Share Exchange to administer the sharing process on your behalf. By activating your Share Account and accepting the Virtual Share Exchange “Terms and Conditions” and Disclosures, you have given REDEEM HealthShare, and its Service Agents express permission to conduct specified financial transactions necessary for the administration of the program on your behalf.
A. Share Account
To participate in the REDEEM community, all members must activate a Share Account on the Virtual Share Exchange platform. Your Share Account is a virtual account, and all deposited funds are received by America's Christian Credit Union located in Glendora, CA which holds them “For the Benefit of REDEEM Members.” The Share Account will display your account balances, sharing transaction history, and other relevant information. The money in your Share Account is insured and is owned by the primary member and fully controlled by you except as described herein.
To activate your Share Account, you will be required to provide the necessary personal information of the primary member to comply with U.S. Banking Regulations (e.g., “Know Your Customer” KYC). Once your information is submitted and verified, you will be required to link your Share Account to one of your personal external bank accounts (e.g., a financial institution such as Bank of America, Wells Fargo, Chase Bank, local bank or credit union, or the like). Each month, you will fund your Share Account with an EFT (electronic funds transfer) from your external bank accounts.
B. Monthly Share Notice
REDEEM members will receive a Monthly Share Notice through the VSE to inform them and remind them of the monthly amount that they are to contribute. The monthly amount that you are to contribute (your Total Share Amount Due) is based on the program level that you have selected.
The amount specified in your Monthly Share Notice is transferred through an EFT drawn off your external bank account or a credit card. EFTs are always for the “Total Share Amount Due.” The Total Share Amount Due is displayed on every Monthly Share Notice, and it will include the current monthly share amount, any past due amounts, and any relevant service fees.
Your monthly contribution, the Total Share Amount Due, must be paid manually within the VSE. You will be notified each month when it is time to make your payment.
In addition to their monthly share, members can make additional voluntary contributions, such as donations to the Member Assistance Fund. These contributions can be made by the member in the Member Center and can be added, edited, or deleted at any time. Members will also be able to change their funding source, whether external bank account or credit card, at any time.
C. Account Management
Your Share Account is a financial account that you own and control. You will have the ability to add, edit, and delete your EFT settings, as well as your linked external bank account or credit card, at any time.
D. Publishing & Sharing
Participation in the REDEEM community is voluntary. This means that when you are selected to participate in a sharing event if you object to that sharing event for any reason, you may withdraw and terminate your membership during the three-day publishing period (described below) rather than participate.
Medical Bills that are eligible for sharing are matched, allocated, and published to the membership prior to sharing. To cooperate with state requirements and statutes, REDEEM HealthShare implements a member-to-member approach to sharing, which means that members share funds directly with one another, rather than drawing funds from a pool controlled by REDEEM HealthShare.
Your medical bills will primarily be submitted by your medical providers or bills may be uploaded by you. All bills will be processed for eligibility per the Guidelines. Eligible bills are then submitted into the Virtual Share Exchange for sharing. Amounts approved for Sharing are allocated to your fellow members who have been matched to contribute to your bill.
Members who have been matched to share your bill will be notified through a process called Publishing as to the amount that will be withdrawn from their Share Account for the funding of your bill. They will also be notified as to who will be receiving their funds unless you choose the anonymous setting in your Share Account's sharing permissions. Once the three-day publishing period has ended, the amount published to each member is transferred to a Virtual Bill Account for the payment of your bill.
Members who have been matched and allocated to share in another member's medical bill may withdraw from the membership prior to the expiration of the three-day publishing period, in which case no funds of a withdrawn member will be transferred to the receiving member.
Because a member may refuse to share in a particular medical expense for any reason or no reason, the sharing process remains entirely voluntary for every member. However, as noted above, any sharing refusal requires withdrawal from membership before the end of the three-day publishing period.
E. Virtual Bill Accounts
If you have an eligible medical bill that has been approved for sharing, the VSE will create a Virtual Bill Account for the payment of that bill. Virtual Bill Accounts are unique to a specific medical bill and are linked to your Share Account. Each Virtual Bill Account is unique to a member of your household, a medical provider, and a specific bill. Amounts collected in your Virtual Bill Account(s) are restricted and are displayed as a single line-item transaction in your Share Account.
F. Provider Payments
Virtual Bill Accounts remain open until the amount approved for sharing has been fully collected and transferred to your medical provider as payment for your bill or to you for the amount you paid. While Virtual Bill Accounts are aggregated in the transactional view of your Share Account, these funds are restricted and cannot be withdrawn from your Share Account. The transfer of funds out of your Virtual Bill Account will be displayed as a single line-item transaction in your Share Account.
G. Member Share Accounts/Wallet
In order to process and pay medical bills quickly, REDEEM HealthShare implements a practice called Share Account, sometimes referred to as wallets. REDEEM HealthShare Ministry is NOT insurance, so we do not collect and hold medical reserves in a centralized bank account. Instead, the monthly share amount is set at a level to build a small balance in every member's individual Share Account. These Share Accounts allow us to plan for the ebb and flow of medical usage and payments.
