Health Insurance Invoice Management
When health insurance benefits are purchased, priority is given to the cost, type, and level of benefits.
After implementation, it is usually the finance department or the benefits administrator that manages the insurance premium invoices.
Employers with multiple lines of benefits coverage need to manage premium invoices on a monthly basis.
Reviewing the accuracy of the various invoices, tracking the proper addition and termination of employees is a timing consuming process.
However, it is required in order to avoid incorrect charges and other inaccuracies.
- Invoice consolidation reduces administration
- One payment per month simplifies finance
Consolidated Invoice Service
Employers may elect to have all the various invoices consolidated to a single invoice on a monthly basis.
- Medical premium invoice
- Dental premium invoice
- Vision premium invoice
- Group Life premium invoice
- COBRA administration invoice
- Flexible Spending Account (FSA) administration invoice
- Other carrier invoices
Process One Payment Per Month
Timely premium payments are made to each applicable carrier upon receipt of the employer's monthly payment.
The preferred method of funds disbursement is by electronic payment, which gets credited to the carrier account within 2 business days.
Insurance carriers and administrators that require check payments will receive full payment by check; employers do not need process individual paper checks.
Request Info: Invoice Management