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Method and system for processing and recording the transactions in a medical savings fund account

  • US 6,044,352 A
  • Filed: 01/11/1996
  • Issued: 03/28/2000
  • Est. Priority Date: 01/11/1996
  • Status: Expired due to Fees
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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