GetMOR Enterprises LLC
8825 S. Howell Ave. Suite 305, Oak Creek
Industry: Health Care Product/Services (non-insurance)
Innovation: A hybrid tax-advantaged health care funding mechanism.
Nancy Melcher, who founded FlexMOR Corp. in 1998, came together with Matt Skiles, who headed Benefits Management Consulting LLC (BMC), to co-develop GetMOR, a hybrid tax-advantaged health care funding mechanism.
The two consolidated their companies in July 2009 to form Oak Creek-based GetMOR Enterprises LLC.
“We had two services and the product brought us together,” said Melcher. “We became one entity for the groundswell of activity to bring to distribute the product.”
GetMOR provides the savings and portability features of a health savings account (HSA), while allowing the flexibility in insurance design of a health reimbursement account (HRA). Tax-free money is placed by the employer on a MasterCard debit card for employees, and unlike flexible spending accounts, it allows spending dollars to roll into future years.
“Founded as an HRA model, it has to have design flexibility because HSA limits item integration of HSA with trust and investment of vehicle,” said Skiles.
According to Melcher, who referred to GetMOR as a H3RA, the plan; rewards and puts resources in place for employees healthy behavior; reimburses health expenses and allows employees to reserve funds for medical expenses as they would in a similar HSA fashion without all of the restrictions.
“It engages the employee in a partnering behavior to get health care,” said Melcher.
With buy-in requirements for HSAs, Melcher and Skiles provided a solution to HSA cost pitfalls.
“That is why we co-developed this,” Melcher said. “We saw a need and met the needs of unions, employees and companies not able to control cost. This gives a fixed expenditure.”