Method and system for processing and recording the transactions in a medical savings fund account
First Claim
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1. A method of operating a computer system for providing health insurance, health payments, and recording keeping for participants comprising the steps of:
- entering into a computer a plurality of accounts one for each participant, and with a credit balance of money in each account,opening a custodian account with the money of said accounts,engaging a mutual fund to hold substantially all of said money shown on each account credit balance, and which mutual fund from time to time produces money income,periodically crediting in said computer each of said accounts with its proportional share of the money income accumulated since the last periodic crediting, said proportional share being automatically calculated and being the ratio of each account credit balance divided by the total mutual fund credit balance,establishing an insurance policy for beneficiaries of each account,periodically automatically transferring via a computer money from said custodian account to an insurance company for payment of said insurance policy as said payments become due, and via said computer calculating and debiting each of said accounts for its share of said insurance,to each account holder, vouchers to be used by the beneficiary to pay medical/health expenses not covered by said insurance for the account'"'"'s beneficiaries,entering and debiting via a computer the appropriate account whenever checks are drawn and presented to the custodian account, andautomatically transferring periodically causing a periodic transfer of money between the custodian account and the mutual fund so that a minimum balance is kept in the custodian account at substantially all times and money in excess of said balance is in the mutual fund.
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Abstract
Method and system for processing transactional data and monitoring funds invested in money market mutual funds for use in the purchase of health insurance policies and the payment of medical expenses. The method and system permits the establishment of a medical savings account for payment of medical/health insurance premiums and medical/health expenses not covered by the insurance and the efficient record keeping and income production from money not fully utilized for insurance or spent for medical/health services and products.
200 Citations
24 Claims
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1. A method of operating a computer system for providing health insurance, health payments, and recording keeping for participants comprising the steps of:
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entering into a computer a plurality of accounts one for each participant, and with a credit balance of money in each account, opening a custodian account with the money of said accounts, engaging a mutual fund to hold substantially all of said money shown on each account credit balance, and which mutual fund from time to time produces money income, periodically crediting in said computer each of said accounts with its proportional share of the money income accumulated since the last periodic crediting, said proportional share being automatically calculated and being the ratio of each account credit balance divided by the total mutual fund credit balance, establishing an insurance policy for beneficiaries of each account, periodically automatically transferring via a computer money from said custodian account to an insurance company for payment of said insurance policy as said payments become due, and via said computer calculating and debiting each of said accounts for its share of said insurance, to each account holder, vouchers to be used by the beneficiary to pay medical/health expenses not covered by said insurance for the account'"'"'s beneficiaries, entering and debiting via a computer the appropriate account whenever checks are drawn and presented to the custodian account, and automatically transferring periodically causing a periodic transfer of money between the custodian account and the mutual fund so that a minimum balance is kept in the custodian account at substantially all times and money in excess of said balance is in the mutual fund. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A method for data processing relative to the establishment, processing, maintenance and supervision of a Medical Savings Fund Account ("MSFA"), a financial services product, consisting of a money market mutual fund (which may produce taxable or tax-free dividends) and a health insurance policy purchased by a plurality of customers, including individuals, family groups and other defined groups comprising employers on behalf of their employees, funding said money market mutual fund account to pay for health insurance benefits with systematic premium payments, a checkwriting service for payment of medical expenses up to the amount of the deductible stated in the insurance policy, records provided for tax reporting requirements and possible income tax benefits, said data processing method comprising in a data processing system the steps of:
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establishing an account in a money market mutual fund; recording data relative to the issuance and maintenance of a health insurance policy; providing a supply of checks (drafts) to be drawn on the money market mutual fund account of the system for payment of medical expenses; systematic payment of health insurance premiums when due and payable; payment of monthly dividends automatically on average account balance; monthly automatic financial status reports to participants; notices and reminders automatically when account balances are not sufficient to pay premiums and/or medical expenses; and annual statements automatically for general accounting and tax reporting purposes.
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24. A system for providing health insurance, and medical/health/tax recording keeping for participants comprising:
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a data base having a plurality of participant'"'"'s accounts with a credit balance of money in each account, a mutual fund account having a balance of substantially all of said participant'"'"'s accounts credit balances, and a custodian account having a balance of substantially a difference between said mutual fund account balance and said participant'"'"'s account credit balances; program and computer means for periodically automatically crediting each participant'"'"'s account with its proportional share of money income accumulated since the last periodic crediting, said proportional share being the ratio of each participant'"'"'s account credit balance divided by the total mutual fund balance; program and computer means for periodically automatically transferring money through said custodian account to an insurance company which provides health insurance to beneficiaries of said participant'"'"'s accounts for payment of an insurance policy as said payments become due, and for debiting each participant'"'"'s account for its share of said insurance; program and computer means for automatically issuing to each participant'"'"'s accounts beneficiaries means for use by the beneficiaries to pay medical/health expenses not covered by said insurance; computer and program means for debiting the appropriate participant'"'"'s account whenever said checks are validly drawn and presented; and computer and program means for causing a periodic automatic transferring of money between said custodian account and said mutual fund so that a minimum balance is kept in the custodian account at substantially all times and money in excess of said minimum amount is in said mutual fund account.
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Specification