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.
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 (adds, changes and terminations, if any), for benefit elections, premium, coverage date, and benefit volumes/level into one PDF. 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. MyEnroll then stores a copy of the Self-Billing PDFs and delivers a copy to the employer's contact responsible for paying its carriers.
The benefits of BAS’ Self-Billing reports are:
(1) 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 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.
(2) Ease of preparation. BAS' Self-Billing reports eliminates employers having to create monthly insurance carrier transmittal reports and 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. The employer simply 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' Self-Billing service, contact your account manager, or email Solutions@BASusa.com.