Employee FAQ
Have unanswered questions? Call us today at 360-466-9100.
How does LyfeBank work?
What are the benefits of choosing a LyfeBank account over other programs?
I have two jobs. Can both my employers contribute to my LyfeBank account?
I was just laid off. Can I keep the money I have earned from my employer and saved in my LyfeVault® account as well as my insurance policy?
Are employees obligated to buy health insurance if they have a LyfeVault account?
What is a LyfeVault?
Once I have enrolled in LyfeVault, and I then apply for health insurance am I guaranteed coverage no matter what?
How soon after I begin collecting funds into my LyfeVault can I begin to use my contributions?
I work fewer than 25 hours per week. Can I still qualify for health benefits?
Are there probationary periods associated with a LyfeVault account?
Where can LyfeVault funds be used?
What happens if a LyfeVault customer dies?
Does having a LyfeVault account affect my credit score?
What fees are charged for using LyfeBank?
Q: How does LyfeBank work?
A: LyfeBank allows you to be in charge of how you spend your healthcare dollars. Here’s how the program works:
- Your employer signs up with LyfeBank and sets a contribution amount for all qualified employees, usually divided into two or more “classes” (such as, for example, part-time and salaried).
- After your employer makes their first contribution to your account, we will send you an email (or contact you by phone) explaining how to set up your on-line LyfeBank account. We call this account a LyfeVault®.
- Each month your account (or LyfeVault™), held in trust at a Federally insured bank, will be credited the amount of healthcare dollars earned from your employer(s) as well as any funds that have been withheld from your wages if you elected to participate in a 125 Premium Only Plan.
- Our health insurance partner, Aklins Insurance, or your local appointed health insurance agent, can help you select an individual or family health insurance policy that best meets your health insurance needs from any carrier affiliated with Aklins operating in your area.
- If you select a health insurance policy, LyfeBank can electronically pay your premiums each month from available funds in your LyfeVault (any remaining funds can be used for reimbursement of deductibles, co-pays, over-the-counter or prescription medications and other qualified medical expenses or simply remain in your account).
- If you have more than $50 remaining in your account following the payment of all insurance premiums, then you are qualified to receive a LyfeVault VISA Debit Card to use when paying for prescription, co-pays at your doctor’s or other medical expenses where VISA is accepted.
- You can review your account online at www.lyfebank.com. Your account profile will detail the deposits to your account(s) from your employer(s) as well as any payments made for insurance policies, as well as deductions made using your LyfeVault VISA card.
- If in any given month you don't have enough money in your account to pay your insurance premium, LyfeBank can also offer the technology to transfer the funds needed to make up the difference from your pre-authorized checking account, or other authorized payment source.
Q: What are the benefits of choosing a LyfeBank account over other programs?
A: There are several key advantages with LyfeBank:
- Increase your purchasing power by collecting money from multiple employers or for a family from employers of each working family member. (A feature unique to LyfeBank)
- Your LyfeBank account follows you from employer to employer.
- Money you don’t spend in your LyfeBank account accumulates and rolls over year after year
- The money in your account is available until you spend it down.
- No need to ever again worry about the high cost of COBRA when you change or lose jobs.
- With funds in your LyfeBank account, you can buy an individual or family health insurance policy as well as pay for any IRS qualified medical expense.
- You choose the health insurance that’s right for you which includes the health insurance provider, the benefit level, the deductible, the co-pays and your doctors.
- With LyfeBank funds you can buy a healthcare policy, purchase dental insurance, vision insurance, buy long-term care policies, buy pain relievers or cough syrup or simply pay for a doctor visit. It's your money.
Q: I have two jobs. Can both my employers contribute to my LyfeVault account?
A: Yes. A unique and patent-pending feature to LyfeBank makes it possible for you to contribute to your account through multiple enrolled employers.
Back to top
Q: I was just laid off. Can I keep the money I have earned from my employer and saved in my LyfeVault account as well as my insurance policy?
A: Yes. No matter where you go in terms of your job, your LyfeVault and health insurance goes with you. The money in your LyfeVault is yours until you spend it and your health insurance policy is yours as long as you continue to pay the premiums. Note: the portability of your insurance policy depends on the rules for your policy established by the insurance carrier offering the policy. Please check the details of your policy for areas of operation.
Back to top
Q: Are employees obligated to buy health insurance if they have a LyfeVault account?
A: There is no requirement for participants in the LyfeVault program to purchase insurance. LyfeBank does not sell health insurance. For those clients who want insurance, our affiliated licensed brokerage company Aklins Insurance is available to help individuals and families purchase medical, dental, vision, and long-term-care insurance policies and related healthcare services.
Back to top
Q: What is a LyfeVault?
A: LyfeVault is the account where you accumulate your pre-tax employer health contributions. LyfeVault is a unique financial offering that enables you to collect, for the first time, health benefit dollars from multiple employers for use by you and your family.
Back to top
Q: Once I have enrolled in LyfeVault, and I then apply for health insurance am I guaranteed coverage no matter what?
A: The vast majority of employees 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. Professionals from our partner company Aklins Insurancebrokerage, and our affiliated brokers, are available to assist those who may be denied coverage to seek alternative solutions.
Back to top
Q. How soon after I begin collecting funds into my LyfeVault can I begin to use my contributions?
A: You can gain access to funds in your LyfeVault account immediately once your account has been activated and your employer has funded the account. If you select an individual or family health insurance policy, LyfeBank will send your full premium payment each month to your insurance carrier.
Back to top
Q: I work fewer than 25 hours per week. Can I still qualify for health benefits?
A: We designed our solution to enable employers to provide a healthcare contribution to every worker for each unit of work whether the employee is paid hourly or a salary. So, even part-time employees working a few hours a week and seasonal workers with jobs that last just a few months may be able to get employer pre-tax healthcare contributions they can apply to cover health insurance premiums and other medical expenses.
Back to top
Q: Are there probationary periods associated with a LyfeVault account?
A: The employer may establish waiting periods before contributions are started, consistent with their business objectives and regulatory requirements.
Back to top
Q: Where can LyfeVault funds be used?
A: LyfeVault funds can be used in all 50 states, and in Mexico and Canada to reimburse for qualified medical expenses. Funds not spent roll over year after year.
Back to top
Q: What happens if a LyfeBank customer dies?
A: LyfeVault funds are passed to the beneficiaries of the employee, as defined by the Internal Revenue Service. Currently, beneficiaries include a spouse, if any, and any other qualified dependents (such as children up to a certain age, for example).
Back to top
Q: Does having a LyfeVault account affect my credit score?
A. There is no affect to your credit score.
Back to top
Q: What happens if a LyfeBank customer dies?
A: LyfeBank funds are passed to the beneficiaries of the employee, as defined by the Internal Revenue Service. Currently, beneficiaries include a spouse, if any, and any other qualified dependents (such as children up to a certain age, for example).
Back to top
Q: What fees are charged for using LyfeBank?
A.LyfeBank charges a one-time fee of $25 per employee to set up a LyfeVault account (Many of our employers pick up this cost for their employees). Then LyfeBank charges a $10 per month service fee for each employee LyfeVault account. This fee covers the following costs; collecting the contributions from your employer, paying your monthly insurance premium(s), providing on-line account management to review your account balance and transactions, the LyfeVault VISA Debit Card for all qualified account holders, and payment of eligible reimbursements where a LyfeVault VISA Debit Card is not accepted or unavailable. That’s it.
Back to top