Benefit Plan Funding
The final monthly benefit plan burden is paying the premiums. After we have reconciled your benefit program invoices, we produce a report of all premiums due in a concise Monthly Consolidated Billing Summary. After review and approval, BSC offers you premium remittance options other than handling the remittance internally:
- Plan Sponsor Sends One Payment – plan sponsor initiates a single aggregate amount to BSC, and we distribute the funds to all the benefit carriers and vendors on your behalf
- BSC Initiates ACH Debit – Same as above, but instead of the plan sponsor sending one payment, BSC can debit a designated account via ACH transfer as an aggregate total or by each benefit plan and distribute the funds to all the benefit carriers and vendors on your behalf
BSC can assist plan sponsors with many direct billing needs depending on the type of plan and circumstance. For example, BSC offers direct billing support for new plan participants that missed the first payroll cycle, ongoing retirees, and employees that may be on LOA and have missed payroll deduction contributions. BSC can manage the headache that comes with all these scenarios.
Some plan sponsors require plan participants to share or pay the entire cost of benefit plans using payroll deductions. BSC collects the plan participants’ deduction information during benefit enrollment and sends it to the applicable payroll department. We work with plan sponsors and employers to develop a process to keep all stakeholders informed of all deduction transactions.