Patent ID: 7895054

Claim:
A computerized method for an insurance company to provide insurance coverage to a subscriber, said method comprising; a) storing in a database at a server insurance policy data, said insurance policy data comprising; i. data for a plurality of allowances to pay for covered products or services, wherein each allowance for a covered product or service comprises to a maximum amount said insurance company pays for said covered product or service; ii. data of the accumulation of monetary credits in a personal care account assigned to said subscriber, said monetary credits being equal to the difference between the cost of said covered product or service and the allowance for said covered product or service; iii. a provision for said subscriber to cover the cost of at least a portion of an allowed expense using at least a portion of said accumulated monetary credits, said allowed expense specified in said insurance policy; b) accepting the payment of a premium for said insurance policy, said step of accepting said payment of said premium being necessary for said insurance policy to be in force; c) receiving at said server election information of said subscriber, said election information comprising personal identification data for said subscriber and said subscriber's election of said insurance policy; d) electronically transferring said election information to said insurance company; e) storing said election information of said subscriber in association with said personal care account within said electronic database; f) processing at a computer claim data for said covered product or service according to said insurance policy elected by said subscriber, said claim data comprising an actual cost for said covered product or service; g) accessing at said computer said database to locate an allowance for said covered product or service; h) calculating at said computer a monetary credit associated with said claim by calculating a difference between said allowance for said covered product or service and said actual cost for said covered expense; and i) if said difference is: i) positive, updating said database to increase by said monetary credit a balance in said personal care account for a subscriber; and ii) negative or zero, leaving said balance in said personal care account for a subscriber unchanged.