Common use of State POWER Account Contributions Clause in Contracts

State POWER Account Contributions. The State will fund any gap between a member’s required contribution and the $2,500 deductible. For members on HIP Basic or HIP State Plan Basic who make copayments instead of POWER Account contributions, the State will fund the entire POWER Account. For purposes of illustration, if a HIP Plus member’s annual income is 100% FPL and their contribution is $15 per month, after 12 months of enrollment the member will be responsible for $180 of the POWER Account. When the POWER account is reconciled the state will pay $2,320 to the Contractor and any State POWER account balance not spent on covered member services will be refunded. The State will make an initial contribution of $1,300 to the POWER Account promptly after receiving notice from the Contractor that the member’s first POWER Account contribution has been processed. State contributions shall be credited to a member’s POWER Account immediately upon receipt by the Contractor from the State. At the conclusion of the member’s calendar year benefit period, the Contractor and the State shall reconcile the POWER Account balance in accordance with Section 5.8.4, which shall include determining any amounts owed by the State to cover the difference between the sum of the members required monthly contributions and the initial $1,300 contribution. During reconciliation, the maximum additional State liability towards the POWER Account will be $1,200 based on member claims and contributions.