What is Combined Billing?
Combined Billing can help business owners take the complexity out of offering multiple carriers’ products to their employees.
Here’s how it works: Vision Financial, an experienced third party administrator, works behind the scenes to reconcile changes in the deductions and premiums due for your employees’ benefits selections and channels the premium payments to the proper carriers. This limits your company’s involvement in the time-consuming process of benefits administration at no cost to you or your employees.
The Benefits of Combined Billing
- Your payroll department does not have to reconcile each monthly bill that an insurance company sends. You simply send the deduction register, in an electronic format of your choice, to Vision Financial’s secure FTP site. Vision Financial then reconciles each insurance company’s bill and pays the premium to the carriers.
- There is minimal impact on your accounts payable or human resources department. You simply electronically transfer (ACH) the premium deductions made for the month to the third party administrator’s lock box.
- Upon notification by the insurer of any benefit changes or employee changes, Vision Financial automatically adjusts the amount that is to be deducted and sends the deduction change information securely to your payroll department.
You can offer your employees as many voluntary products as you want with minimal impact on your resources.
Just one more way Illinois Mutual is making doing business with us Fast, Simple, Seamless®!