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FAQs
How does LyfeBank enable an individual or family to combine contributions from multiple employers to make more money available to the individual or family to cover healthcare expenses?
Millions of individuals in the United States work at more than one job. Millions of married couples have two working spouses (and sometimes one or both spouses have multiple jobs) and may also have one or more dependents who work. At LyfeBank we have developed our patent-pending LyfeVault™ to enable each of these individuals to obtain healthcare contributions from every employer for whom they work and then pool that money so that all the contributions are available to the individual or family to cover healthcare expenses. Each employer establishes a LyfeVault program with LyfeBank and agrees to make healthcare contributions based on hours worked.
Are you a health insurance provider?
LyfeBank is not a health insurance provider. We provide an innovative system for financing the purchase of health insurance and other healthcare services. Funds are contributed tax-free to worker accounts and the workers choose how to spend the money (with the only restriction being that the funds may only be used to help cover qualified medical expenses (see below)). Funds not sent at the end of the year carry forward and money remaining in a worker’s account at the time he stops working for a contributing employer remains accessible to the worker until spent.
Are employees obligated to buy health insurance from LyfeBank?
LyfeBank is not in the business of selling insurance. Aklins is an affiliated licensed insurance broker who helps individuals and families purchase medical, dental, vision, and long-term-care insurance policies and related healthcare services. There is no requirement for participants in the LyfeBank program to purchase insurance.
Can I view prices before signing up for the LyfeBank program?
LyfeBank is committed to fully informing its customers of all fees and charges associated with participating in our healthcare financing program. Prices for insurance policies and other healthcare services that may be purchased with funds in an individual or family LyfeVault are set by the respective providers of those policies and services.
How do benefit plan rules associated with “highly compensated employees” apply to the LyfeBank program?
The LyfeBank funding plans are subject to existing rules and regulations limiting the ability of companies to discriminate in favor of highly compensated workers. LyfeBank representatives can assist companies in structuring plans to comply with the non-discrimination rules and can assist owners and partners in LLCs and S corporations with establishing a plan that meets their needs.
How soon after I begin paying into LyfeBank can my employees begin to use their contributions?
Employees can gain access to funds in their LyfeBank account immediately upon enrolling with us to activate their account. After the account is activated, funds are available for use. Funds can be transferred electronically to carriers integrated with LyfeBank to cover all or part of healthcare insurance premiums. Premiums for non-integrated carriers and payments for many other “qualified medical expenses” can be paid out-of-pocket by workers and then reimbursed from available funds. Click here to download a summary list of qualified medical expenses and here to download IRS Publication 502, which presents the full range of medical expenses defined by the IRS as eligible for tax-preferred reimbursement.
Once I have paid into LyfeBank and my employee is enrolled, is there any guarantee of coverage for them?
The vast majority of workers will qualify for a health insurance plan. For those that do not, there are a variety of options that can be pursued, which varies from state-to-state. Dominium Advantage brokerage professionals are available to assist individuals who may be denied coverage for the plan of their choice to seek alternative solutions.
What is the benefit to dealing with LyfeBank instead of dealing with insurance carriers directly?
First, LyfeBank is not in the business of selling insurance. We offer a financing system supported by powerful electronic transactions software as a new and better way to collect and transmit pretax money for purchasing health insurance and healthcare services. Our system provides more flexibility than has ever been available. Second, for those engaged in the health insurance purchasing process, dealing with a licensed broker like Aklins provides several benefits: a) Aklins can use LyfeBank’s transactions system to efficiently pay premiums and benefit from the patent-pending LyfeVault functionality of combining contributions received from multiple employers (for an individual or family); b) Aklins can help you select the best individual or family plan available in a given market from multiple insurance carriers; and, c) Aklins will have customer advocates and decision-support tools to help with everything from the initial selection of a plan to claims and coverage questions.
What kind of prescription coverage and co-pay can my employees expect to pay?
These will vary widely among all of the available plans in a market. A licensed broker from Aklins can help workers choose the plan that offers the best overall set of features for their lifestyle and budget.
Can I use the money in my account to pay for a big screen TV?
No, LyfeBank requires receipts and/or other proof that a particular expense is a “qualified medical expense” before we will pay it directly or reimburse a worker for an out-of-pocket payment.
Do you offer group-rate insurance plans?
Our affiliated licensed insurance brokerage firm, Aklins, helps sell individual and family policies only. These are policies that the individual or family chooses and then manages. The policies are portable so if people change jobs they don’t have to worry about losing coverage, so long as premiums are paid.
Millions of individuals in the United States work at more than one job. Millions of married couples have two working spouses (and sometimes one or both spouses have multiple jobs) and may also have one or more dependents who work. At LyfeBank we have developed our patent-pending LyfeVault™ to enable each of these individuals to obtain healthcare contributions from every employer for whom they work and then pool that money so that all the contributions are available to the individual or family to cover healthcare expenses. Each employer establishes a LyfeVault program with LyfeBank and agrees to make healthcare contributions based on hours worked.
Are you a health insurance provider?
LyfeBank is not a health insurance provider. We provide an innovative system for financing the purchase of health insurance and other healthcare services. Funds are contributed tax-free to worker accounts and the workers choose how to spend the money (with the only restriction being that the funds may only be used to help cover qualified medical expenses (see below)). Funds not sent at the end of the year carry forward and money remaining in a worker’s account at the time he stops working for a contributing employer remains accessible to the worker until spent.
Are employees obligated to buy health insurance from LyfeBank?
LyfeBank is not in the business of selling insurance. Aklins is an affiliated licensed insurance broker who helps individuals and families purchase medical, dental, vision, and long-term-care insurance policies and related healthcare services. There is no requirement for participants in the LyfeBank program to purchase insurance.
Can I view prices before signing up for the LyfeBank program?
LyfeBank is committed to fully informing its customers of all fees and charges associated with participating in our healthcare financing program. Prices for insurance policies and other healthcare services that may be purchased with funds in an individual or family LyfeVault are set by the respective providers of those policies and services.
How do benefit plan rules associated with “highly compensated employees” apply to the LyfeBank program?
The LyfeBank funding plans are subject to existing rules and regulations limiting the ability of companies to discriminate in favor of highly compensated workers. LyfeBank representatives can assist companies in structuring plans to comply with the non-discrimination rules and can assist owners and partners in LLCs and S corporations with establishing a plan that meets their needs.
How soon after I begin paying into LyfeBank can my employees begin to use their contributions?
Employees can gain access to funds in their LyfeBank account immediately upon enrolling with us to activate their account. After the account is activated, funds are available for use. Funds can be transferred electronically to carriers integrated with LyfeBank to cover all or part of healthcare insurance premiums. Premiums for non-integrated carriers and payments for many other “qualified medical expenses” can be paid out-of-pocket by workers and then reimbursed from available funds. Click here to download a summary list of qualified medical expenses and here to download IRS Publication 502, which presents the full range of medical expenses defined by the IRS as eligible for tax-preferred reimbursement.
Once I have paid into LyfeBank and my employee is enrolled, is there any guarantee of coverage for them?
The vast majority of workers will qualify for a health insurance plan. For those that do not, there are a variety of options that can be pursued, which varies from state-to-state. Dominium Advantage brokerage professionals are available to assist individuals who may be denied coverage for the plan of their choice to seek alternative solutions.
What is the benefit to dealing with LyfeBank instead of dealing with insurance carriers directly?
First, LyfeBank is not in the business of selling insurance. We offer a financing system supported by powerful electronic transactions software as a new and better way to collect and transmit pretax money for purchasing health insurance and healthcare services. Our system provides more flexibility than has ever been available. Second, for those engaged in the health insurance purchasing process, dealing with a licensed broker like Aklins provides several benefits: a) Aklins can use LyfeBank’s transactions system to efficiently pay premiums and benefit from the patent-pending LyfeVault functionality of combining contributions received from multiple employers (for an individual or family); b) Aklins can help you select the best individual or family plan available in a given market from multiple insurance carriers; and, c) Aklins will have customer advocates and decision-support tools to help with everything from the initial selection of a plan to claims and coverage questions.
What kind of prescription coverage and co-pay can my employees expect to pay?
These will vary widely among all of the available plans in a market. A licensed broker from Aklins can help workers choose the plan that offers the best overall set of features for their lifestyle and budget.
Can I use the money in my account to pay for a big screen TV?
No, LyfeBank requires receipts and/or other proof that a particular expense is a “qualified medical expense” before we will pay it directly or reimburse a worker for an out-of-pocket payment.
Do you offer group-rate insurance plans?
Our affiliated licensed insurance brokerage firm, Aklins, helps sell individual and family policies only. These are policies that the individual or family chooses and then manages. The policies are portable so if people change jobs they don’t have to worry about losing coverage, so long as premiums are paid.
