BAS' insurance "Self-Billing" service makes it easy for employers to pay their group life, short-term disability, and long-term disability premiums to their carriers. The Self-Billing service consolidates all covered employees into coverage-specific reports that meet each insurer's specific reporting requirements. Typically, the Self-Billing reports will either be structured as (1) List Reports or (2) Volume Reports.
Here's how it works: Based on the employees' enrollment data in MyEnroll.com, each premium-payment-due-period (usually monthly but it can be more frequent depending on each carrier's specific requirements), MyEnroll consolidates the employees' current and retroactive adjustments (for adds, changes and terminations, if any), benefit elections, premium, coverage date, and benefit volumes/level into one PDF. Thus, all current debits and retroactivity credits and debits flow neatly and organized on to the Self-Billing reports, in accordance with the insurance carriers' specifications. Thereafter, MyEnroll stores a copy of the Self-Billing PDFs for historical purposes and delivers a copy to the employer's contact responsible for paying its carriers.
The real benefit of these reports is twofold: (1) accuracy and (2) ease of preparation. With regard to accuracy, the premium and benefit calculations are all driven from a single rates and calculations table in MyEnroll, which is the same group of tables used for all premium and benefit calculations throughout MyEnroll presentation screens and reports (e.g., employee benefit statements, enrollment wizard pages, coverage reports, etc.). The single source for rates, premiums and benefit levels assures that the calculations for current premiums and retroactive debits and credits occur the same way, every time. With respect to ease of preparation, BAS' Self-Billing reports eliminates employers having to create monthly insurance carrier transmittal reports and to maintain spreadsheets with all of the current month's and retro periods' adjustments. Within seconds MyEnroll generates these Self-Billing reports on schedule and without fail. In short, MyEnroll does all the work and the employer only needs to open the email delivering the Self-Billing reports, double-check their accuracy and pay them to the carriers.
To learn more about BAS' time saving Self-Billing service, contact your account manager, or email solutions@BASusa.com.