POWER account definition
Examples of POWER account in a sentence
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 a member is determined no longer to be medically frail, the member will be transferred to either (i) HIP Plus if they are currently making the required POWER account contributions, or are otherwise over 100% FPL, or (ii) HIP Basic if they are currently paying copayments at the time of service and under 100% FPL.
The Contractor shall provide all HIP members with a High Deductible Health Plan (HDHP) paired with the Personal Wellness and Responsibility (POWER) account.
Members with income at or below one hundred percent (100%) of the federal poverty level (FPL)2 who do not to make monthly POWER account contributions will be placed in the “HIP Basic” plan, a more limited benefit plan.
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.
Members that continue enrollment in HIP for multiple calendar years have a POWER account assigned to them for every calendar year in which they are enrolled.
Where a member leaves HIP and then reenters the program within the same calendar year, the member’s POWER account is reactivated.
To allow for claims runout, one hundred and twenty (120) days following the end of the calendar year, the POWER account is reconciled with the state.
Members who consistently make required contributions to their POWER account will maintain access to the “HIP Plus” benefit plan that includes enhanced benefits such as dental, vision, and chiropractic manipulation coverage.
At the end of a calendar year benefit period, members shall have the opportunity to roll over funds from the current calendar year’s POWER account to the next calendar year’s POWER account.