V. REDEEM Sharing Platform
To make health care sharing convenient and efficient, REDEEM HealthShare uses a virtual share exchange (VSE) technology platform. 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 VSE to administer the sharing process on your behalf. By activating your Share Account and accepting the VSE terms and conditions and disclosures, you have authorized REDEEM HealthShare to communicate your transfer instructions as displayed on the platform to the Financial Institution or payment processor.
A. Share Account
To participate in the REDEEM community, all members must activate a Share Account on the VSE platform. Your Share Account is a virtual account. The America’s Christian Credit Union located in Glendora, CA receives all deposited funds and 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 the primary member owns and fully controls it except as described herein.
To activate your Share Account, you must provide the necessary personal information of the primary member as part of the Know Your Customer (KYC) process to comply with U.S. Banking Regulations. Once you have submitted and verified your information, you must link your Share Account to one of your personal external bank accounts (e.g. a financial institution such as a local bank, national bank or credit union). Each month, you will fund your Share Account with an electronic funds transfer (EFT) from your external bank accounts or credit cards.
B. Monthly Share Notice
As a REDEEM member, you will receive a Monthly Share Notice through the VSE to inform and remind you of your monthly contribution amount due. The monthly contribution amounts due (Total Share Amount Due) is based on the program level you selected. You must manually pay the monthly contribution, which is the Total Share Amount Due, within the VSE.
The amount specified in your Monthly Share Notice is transferred through an EFT drawn off your external bank account or credit card. Your Monthly Share Notice will display the Total Share Amount Due and includes the current monthly share amount, any past due amounts, and any relevant service fees.
In addition to your monthly Share, you can make additional voluntary contributions, such as donations to the Member Assistance Fund. You can make these contributions in the Member Center. You can add, edit, or delete a donation amount at any time. You can change your funding source, whether external bank account or credit card, at any time.
C. Account Management
Member Share Accounts are a financial account that each member owns and controls. Members can add, edit, and delete their EFT settings, as well as their linked external bank account or credit card, at any time.
D. Publishing and Sharing
Participation in the REDEEM community is voluntary. This means that when you are notified about another member’s medical need, but you object for any reason, you may withdraw and voluntarily inactivate your membership during the three-day publishing period (described below) rather than participate.
REDEEM HealthShare implements a member-to-member approach to sharing, which means that members share funds directly with one another. Before you share any funds with another member, REDEEM HealthShare allocates, matches, and publishes medical bills that are eligible for sharing to the membership.
Medical providers will submit medical bills, or when necessary, members can submit their own medical bills. REDEEM HealthShare processes all bills per the Guidelines to determine eligibility. REDEEM HealthShare submits eligible bills into the VSE for sharing. REDEEM HealthShare allocates and matches amounts approved for sharing so those in the sharing community can contribute to other member bills.
Each member matched to share your bill receives a notification about the amount due through a process called publishing. The information includes the amount withdrawn from their Share Account to fund your medical bill. The member matched to share your medical bill will receive a notification about you and your need unless you choose the anonymous setting in your Share. Once the three-day publishing period has ended, the published amount for each member will display on a Virtual Bill Account for the payment of your bill.
A member could and can withdraw from their membership prior to the expiration of the three-day publishing period even though REDEEM HealthShare already completed matching and allocating the Share of another member’s medical bill. REDEEM HealthShare will not transfer funds (from a member who voluntarily inactivated) 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 approved for sharing, the VSE will create a Virtual Bill Account for the payment of that bill. Each Virtual Bill Account linked to your Share Account is unique to 1) a member of your household, 2) a medical provider, and 3) a specific bill. Your Virtual Bill Account has restrictions so you cannot withdraw funds from your Share Account. Amounts collected will display only as a single line-item transaction in your Share Account.
F. Provider Payments
Virtual Bill Accounts remain open until the system receives all funds and transfers the approved sharing amount to your medical provider as payment for your bill, or to you for the amount you paid.
G. Member Share Accounts/Wallet
To process and pay medical bills quickly, REDEEM HealthShare uses a Share Account for all sharing transactions and activities. REDEEM HealthShare Ministry is NOT insurance. The ministry does not collect and hold medical reserves in a REDEEM controlled bank account. Instead, the monthly share amount is deposited in every member’s individually controlled Share Account. These Share Accounts allow REDEEM HealthShare to plan for the cost fluctuation of medical services.