Understanding Your Funding Notice Amount
Introduction
This article explains how REDEEM HealthShare determines your funding notice amount and why it changes over time. The following are reasons your funding notice amount changes:
- Qualifying life events.
- Membership updates at renewal.
- Ministry-wide pricing updates.
Information
REDEEM HealthShare uses an age-based cost calculator to calculate pricing based on the age of the oldest member in the household. As the oldest household member ages, your funding notice amount will increase. In addition to age-based increases, qualifying life events, membership updates at renewal, and ministry-wide pricing updates will also change your funding notice amount.
Qualifying Life Event
For all qualifying life events, you must contact the ministry within 30 days of the event. The following qualifying life events will change your funding notice amount:
- Adding or removing members from your membership (birth, adoption, or child aging out).
- Change in marital status.
- Loss of employment.
- Loss of spouse.
- Turning 65 and joining REDEEM® Senior Saver.
Membership Updates at Renewal
The following membership updates will change your funding notice amount:
- Adding FlexShare® add-on to your membership.
- Changing the unshareable amount level.
- Changing programs.
A switching fee might apply. For information about changing the unshareable amount levels or changing programs, see Guidelines – 5.4 Changing Programs.
To change programs or your unshareable amount level, REDEEM HealthShare will send a renewal notification 60 days before your membership anniversary date.
You must submit the requested changes 30 days in advance of your membership anniversary date. If you are outside this timeline, you must call 1-877-641-1579 or email the Member Care team to request any changes.
Ministry-Wide Pricing Updates
To account for changes in healthcare costs, REDEEM HealthShare evaluates its pricing annually. As a result of this evaluation, REDEEM HealthShare may adjust your funding notice amount. To understand how REDEEM HealthShare announces the adjustment and when it takes effect, see Annual Pricing Evaluation.
References
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If you are adding a new member to your household, see Add a New Member to Your Household for step-by-step instructions.
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If you are nearing age 65 or you are already 65, see Membership Options for Adults Over 65.