Koror, Palau – The Healthcare Fund is proud to present the first interim benefits expense report for the six months ended September 30, 2011. Download a copy now.
Koror, Palau - Under the Social Security Administration’s Healthcare Fund (HCF) program, foreign employees who are permanently exiting Palau may apply for refunds of any remaining balance in his or her medical savings account (MSA).
Refunded amounts consist only of the balance from the employee’s unused 2.5% contribution and do not include the 2.5% matching share from the employer.
Last month, the Social Security Administration remitted remaining MSA funds to 19 foreign employees who have departed Palau and who applied for their refunds before the end of January 2011.
This six-month waiting period was established to ensure that the employee has in fact permanently exited Palau and has not returned. It also allows the SSA staff to determine if the departing foreigner has any outstanding medical bills. If there are any unpaid bills, the amounts will be deducted from the total refund amount.
The HCF also reported that in order to be eligible for refunds, the permanently departing foreigner must not have dependents still remaining in Palau after departure.