Why is myFLEXplan the best answer?
There are several choices when it comes to administering your Health Spending Account. The 4 main factors to consider are:
- Speed: myFLEXplan has established claim processing standards that ensure your claims are entered and paid within strict time limits.
- Accuracy: It is always easier to do a task once and do it properly. We strive for a processing accuracy level of 99.8% and since inception we have exceeded our target accuracy.
- Simplicity: We have designed and provided HSA services since 2007 and know what you are looking for. That is not filling out page after page of information that is going to be double-checked by our staff. We make the claim process as simple as possible.
2. Internet Access
The Internet Is here to stay, so we make every possible use of it that we can
- Employees an employee has access 24/7 to the complete history of their claims And payments with the ability to print an Explanation of Benefits. We have also recently added the ability to enter claims:
Only myFLEXplan allows employees to enter their own address, dependant And Banking information changes on-line. This puts the onus for accuracy where it should be, with the employee. Your administrative staff Is Not using valuable time entering address changes!
- By Paper, you can complete a Claim form And mail it to us along with receipts.
- By Fax, you can complete a Claim form And fax it to us along with receipts.
- By Email, you can complete a Claim form And email it to us along with receipts.
- By Secure Email, you can complete a Claim form And send it to us via our secure mail server.
- By Internet, you can complete a Claim form online And electronically submit the claim.
- By Email, simply send us an image of your receipt.
- By Fax, simply send us an image of the receipt.
- Administrators myFLEXplan makes almost all your administration needs available on-line. Information Is updated instantly And easily. You can add, change And delete employees. Update employee enrollment status. Show all transactions for the plan, list all employees, And even print statements.
- Advisors: You can get a complete And accurate picture of your clientele And instantly access a list of all referral fees earned And paid.
3. Direct Banking
myFLEXplan makes extensive use of Pre-Authorized Withdrawal (PAW) from your company bank account to facilitate planned deposits And 'as required' withdrawals to make sure your employee claims are processed as soon as possible.
Employee claim payments are made via Pre-Authorized Deposit (PAD) to their bank account within days of the claim being received and processed. In the event an employee does not provide banking information, cheques are issued only once a month and may be subject to a cheque-issue fee.
This extensive use of automated banking services allows us to maintain the lower costs and continue to provide you with the absolute best service possible.
A traditional insured group benefit plan is designed in such a way that the insurance company will retain 22% to 35% of all premiums they collect. This can amount to a whopping 54% of every claim. With myFLEXplan you can design your plan to have administration fees from as low as 8% of claims paid. This can amount to hundreds of dollars savings every year.