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As competition for quality staff continues to mount, more and more employers are providing supplemental insurance benefits to their employees on a voluntary basis. In addition to their company's standard benefit structure, they want to offer employees additional coverages that the employee can choose on an individualized basis. These individual policies are typically funded 100% by the employee. As insurance carriers evaluate how to enter this market, the question of how to provide the system functionality needed to support a payroll deduction approach becomes the challenge. Apex Data Systems has the solution for those who don't have the capability to take advantage of this growing opportunity.
Standard System Capabilities
Our standard system provides you with the ability to establish optional coverages in a true cafeteria-style process for each employer. Employees are then able to select the coverage they wish from this pre-defined list of plans for themselves and their dependents. The standard system provides the following capabilities:
Consolidated, census-like list billings to an employer address. Flexible billing modes including monthly, quarterly, semi-annual, and annual. Premium allocation at the group level with premium detail available at the employee and dependent coverage levels for reporting purposes. Re-enrollment of employees terminated from the group to individual policies with direct billing For terminated employees who are not eligible to continue coverage as individuals, simple termination from the group with any applicable COBRA extensions.
The standard system uses the flexibility and concepts of the group side of our system to provide for voluntary benefits.
Enhanced System
If even more flexibility is desired, our enhanced system provides greater capability to support your business needs. Our special voluntary module provides complete administration support for payroll-deduction products using the individual side of our system. Features include:
Enrollment of any number of coverages for each employee as an individual. Special frequency billing modes to match the employer's payroll cycle, including weekly, every two weeks, every four weeks, two-time per month, and monthly. A Group Bill ID that establishes a common group billing identification number for all individual policies. The system aggregates all individuals having the same number onto a combined list or electronic bill, to be sent directly to the employer. Premium allocations down to the individual level. If the payment amount received does not match the amount due, coverages can be terminated for specific individuals, which would not affect any other individual. Ability to generate late notices and cancellation notices directly to the affected individual as well as the group payroll department. If the individual leaves the employer, the bill can be automatically switched to a direct bill or EFT simply by eliminating the Group Bill ID. All coverages and histories remain intact. Agent commission processing is done at the individual coverage level. Each employee coverage can generate payment to a different agent, and/or at a different commission percent.
Comprehensive Functionality
Of course, the system offers full integration with our complete claims adjudication and management system, while continuing to provide other administration functions as well, including rating, enrollment, billing, cash receipting, posting, agent commission calculations, and many, many others. These functions are resident in both the standard as well as the enhanced voluntary benefits versions. Both approaches have been designed to be complete standalone systems. As always, our comprehensive systems can be customized to meet any of your unique processing needs.
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