6. REDEEM® Sharing Platform
To make health care sharing convenient and efficient, the Member Center is a central platform that enables you to participate in the health care sharing process electronically, as well as monitor the transactional activities of your individual Share Wallet and the community at large. Your membership requires that you activate your own Share Wallet and enable Virtual Share Exchange® (VSE) to administer the sharing process on your behalf. By activating your Share Wallet and accepting the VSE terms, conditions, and disclosures, you authorize REDEEM HealthShare to communicate your transfer instructions to the Financial Institution or payment processor.
6.1 Share Wallet
To participate in the REDEEM HealthShare community, you must activate a Share Wallet on the VSE platform. Your Share Wallet 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 HealthShare members.” The Share Wallet will display your account balances, sharing transaction history, and other relevant information. The money in your Share Wallet is insured, and you (the primary member) own and fully control it except for as described herein.
To activate your Share Wallet, 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 Wallet to one of your personal external bank accounts (a financial institution such as a local bank, national bank, or credit union). Each month, your Share Wallet will be automatically funded with an electronic funds transfer (EFT) from your external bank accounts or credit cards.
6.2 Automatic Monthly Funding & Service Fee Payment
Each month your bank withdraws the Total Amount Due electronically from your bank account and transfers it to your Share Wallet. Your Total Amount Due is based on the Unshareable Amount level that you have selected, and includes the current monthly share amount, any past due amounts, and any relevant Service Fees. The current monthly share amount is the share portion in your wallet that you Pledge to share with another member with an eligible need. The Service Fees will be automatically paid to REDEEM HealthShare monthly. See the full accounting of your funds in the Member Center.
Additionally, you may make voluntary contributions, such as donations to the Member Assistance Fund through the Member Center. You may add, edit, or delete a donation amount any time. You may also change your funding source at any time, whether external bank account or credit card.
6.2.1 Membership Requirement
For questions concerning membership requirements, a member may appeal to the Samaritan Ministries Board of Directors who make the final, non-appealable decision.
6.3 Account Management
Your Member Share Wallet is a financial account that you own and control. You can add, edit, and delete your EFT settings, as well as your linked external bank account or credit card, at any time.
6.4 Sharing and Matching Medical Bills
6.4.1 Sharing
Each month you will receive a Share Notice to send your Share portion from the funds you have Pledged in your Share Wallet to another member in need. You send Shares online through the Member Center. When sending your Share, you will see who is receiving your Share and you can write that member a note of encouragement.
6.4.2 Submitting Medical Bills
Your medical provider will submit your medical bills. If necessary, you will submit your bills through the Member Center. REDEEM HealthShare processes all bills for eligibility per the Guidelines. REDEEM HealthShare uploads eligible bills into the Virtual Share Exchange for sharing.
6.4.3 Matching Medical Bills
Your medical bills that are eligible for sharing are matched and published to another membership prior to sharing. REDEEM HealthShare implements a member-to-member approach to sharing, which means that you share funds directly with another member, rather than drawing from funds controlled by REDEEM HealthShare.
Members matched to share your bill will receive a Share Notice indicating the amount that he or she will pay and information about you and your Need. Once the member sends his or her Share through the Member Center, the amount is transferred to a Virtual Bill Account for the payment of your bill.
Upon inactivation of your membership, REDEEM HealthShare will automatically share any available balance in your Share Wallet to a member in need.
6.5 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 Wallet is unique to 1) a member of your household, 2) a medical provider, and 3) a specific bill. You may not withdraw funds from your Virtual Bill Account. Amounts collected will display only as a single line-item transaction in your Share Wallet.
6.6 Provider Payments
Your Virtual Bill Account will remain open until the system receives all funds and then transfers the approved sharing amount to your medical provider as payment for your bill, or to you for the amount you paid.
6.7 Member Share Wallets
To process and pay medical bills quickly, REDEEM HealthShare uses a Share Wallet for all sharing transactions and activities. REDEEM HealthShare Ministry is NOT insurance. The ministry does not collect and hold medical reserves in a REDEEM HealthShare controlled bank account. Instead, a monthly share amount is deposited in your and other members’ individually controlled Share Wallet.