HR professionals spend a good deal of their professional lives providing ‘resources’ for ‘humans’. In fact, you, as an HR professional, are quite a resourceful human. One of your best feats is providing your colleagues with some very valuable voluntary benefits, such as life insurance, ID theft protection, and legal aid. As you arrange to deliver a portfolio of great benefits that will attract and retain the best talent, you may wonder:
- How many voluntary benefit options need to/should be offered?
- Really? That many?
- Um, how many different carriers?
If the prospect of wrangling these different benefits has got you stressed and hyper-caffeinated, you should know there’s an easy solution. Meet combined billing.
Out With the Old
The combined billing process for HR professionals can be taxing. Once a month you’ll get invoices from each carrier either by email or even snail mail, divide up the invoices by employees who’ve chosen each benefit, and then figure out which employees should have payroll deductions for the various supplemental benefits you offer. Sounds easy enough!
Of course, not all employees will want the same programs. This means you’ll get different bills from different carriers at different times. After receiving all these different bills you need to figure out which employees have those programs and how much each employee should be billed. Soon, it’ll be raining papers and emails. Don’t worry, you’ll figure it out…. Eventually.
And then next month? You’ll get to do it all over again. Need aspirin? Can’t say we blame you.
In With the New
What you need is a solution to bring it all together. Combined Billing, to be specific. Selman & Company's unique Combined Billing Service allows you to consolidate all those carriers' invoices into a single bill that covers all the employees you are resourcing. If you prefer, it can use just one payroll deduction slot. You can display as much or as little detail as you want. This simplifies the billing process and cuts the time that you spend administering voluntary benefits.
Following enrollment, we simply provide you with a report that shows all participating employees or members—and their deduction amounts , regardless of the number of carriers/programs that you made available to your employees This report can be sent via email or posted to a secure FTP site – and we can give you the report in any format you need.
What about changes? As an employee changes are made, our enhanced payroll deduction management system will keep you in the loop so that you know exactly how to adjust your employees’ deductions.
It Can Be Even Easier
With our convenient ‘Self Bill’ option, you’ll never have to reconcile voluntary insurance premium payments. All you need to do is forward a simple remittance report to us with a single premium payment. We’ll handle the reconciliation, applying your paid premium across multiple carriers. One bill. One premium payment for all your employees or members. We’ll have all the information we need to quickly resolve any discrepancy or answer any question that one of your employees might have about their premium payroll deductions.
And you? You just sit back and dream up new resources to provide for your humans. Because you are a human resources hero.
To find out how Combined Billing would simplify how you offer a portfolio of great benefits, please contact Jessica Zeizer, Director of Business Development, at 440.646.9336 ext. 156.