Benefit Allocation Systems provides easy and accurate flexible spending account (FSA) and health reimbursement account (HRA) services. Employers that use BAS for flexible spending account (FSA) or health reimbursement account (HRA) administration should encourage their employees to set up direct deposit.
FSA/HRA claims are processed daily and reimbursed on a weekly basis. Employees can get their reimbursements directly deposited into their bank account which ensures safe and expedited access to funds.
Employers offering FSAs or HRAs administered by BAS can significantly enhance the convenience and security of these benefits by encouraging their employees to opt for direct deposit reimbursements. This modern approach not only streamlines the process but also ensures that employees gain quicker and safer access to their funds.
Speed and Security: One of the primary advantages of direct deposit is the speed at which funds are made available. Unlike traditional checks that can take time to mail and process, direct deposit transactions are typically completed within 24-48 hours. This means employees can access their funds shortly after their claims are processed, usually by the next banking day after reimbursement has been initiated. This expedited process is especially beneficial for employees who rely on these funds for urgent healthcare needs.
Reduced Risk: Direct deposit eliminates several risks associated with physical checks. For one, there's no concern about checks getting lost in the mail, stolen, or damaged. Employees also avoid the inconvenience of having to physically deposit a check at a bank, which can be a relief especially for those with busy schedules or limited mobility.
Convenience: Setting up direct deposit is a one-time process that doesn’t affect other banking preferences related to employer payments. Once set up, employees do not need to take any additional steps to receive their reimbursements directly into their bank accounts.
Operational Efficiency: Direct deposit reduces the administrative burden associated with lost or uncashed checks. This not only cuts down on operational costs but also reduces the environmental impact associated with paper checks.
How to Sign Up: The process for signing up for direct deposit is simple.
- Login to MyEnroll.com
- Sign In with a User ID and Password (If an employee forgets a User ID or Password, instructions are provided right on the login page)
- Click the "ACH Preferences" link. This can be found on the Quick Links section of your homepage, or through the main menu. (If using the main menu, click on the Employees option, then click on the "ACH Preferences" link under the Tools section header)
- Complete & submit the online form
- BAS will send the bank information to BAS’ bank to verify your account information
- BAS will send an email confirming Direct Deposit is active after the banking system verifies the process
Direct deposit ensures faster, safer, and more convenient access to FSA and HRA reimbursements, enhancing the overall efficiency and satisfaction with these accounts. Employers should actively promote this option to their workforce to maximize the advantages of their FSA and HRA offerings.
Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
