POWER Account Balance Transfers Clause Samples
The POWER Account Balance Transfers clause governs the process by which funds are moved between POWER accounts, typically within a health savings or similar financial arrangement. It outlines the conditions under which such transfers can occur, such as eligibility requirements, timing, and any necessary approvals or documentation. This clause ensures that account holders can efficiently reallocate their balances as needed, providing flexibility and control over their funds while maintaining compliance with program rules.
POWER Account Balance Transfers. If a member transfers to another MCE during their benefit period, the Contractor shall submit an informational PRF to the State fiscal agent within thirty (30) calendar days of notification of the transfer, which shall include POWER Account balance information (including member contribution paid and POWER Account claims paid) for the new MCE, as applicable. The Contractor shall also submit a final PRF to the State fiscal agent within one hundred twenty (120) calendar days of notification of the transfer in order to close out the member’s POWER account and transfer any remaining funds in a manner and method prescribed by the State. If the member transfer occurs at the end of the calendar year benefit period, the Contractor remains responsible for determining the amount of member roll over, as well as any amounts that shall be credited back to the State. The Contractor will be required to forward the roll over amount to the State and credit to the State its share of the POWER Account balance, as described above. The Contractor must accept inbound PRF transactions when members transfer at the end of the calendar year. The Contractor must apply the member’s payments and rollover to the POWER Account for the calendar year. The Contractor shall comply with the MCE transfer policies and procedures set forth in HIP MCE Policies and Procedures Manual as well as the POWER Account technical requirements. The Contractor shall be required to comply with the requirements set forth in the documents as of the effective date of the Contract.
POWER Account Balance Transfers. If an enrollee transfers to a new MCO or ESP, the enrollee’s POWER Account balance will be transferred to the State within thirty (30) days from the date the MCO or ESP was notified by the State. For a transfer at the end of a coverage term, the current MCO or ESP remains responsible for determining the amount of the enrollee’s POWER Account that may be carried over, and forwarding that amount to the State. The State will forward the balance to the new MCO or ESP.