Retirement is a time for great celebration for most people. At the conclusion of a long and fruitful career, many people have plans to travel to places they’ve never seen, spend more time with their loved ones, enjoy their hobbies, and just take a deep breath after all those years in the workplace.
When people retire, there are certain things they have to take into consideration. Aside from concerns about income, many people also have to account for their long-term medical care. Medicare is a popular choice for those over age 65. There are also people who are allowed to stay with the group health plan they were on while they were employed.
That’s where a Retiree Billing solution comes into play. It enables groups who allow retirees to continue receiving medical coverage through the group health plan to accurately invoice the participants.
For plan administrators who are looking for a robust yet easy to use solution, they should ask their software vendors if they include most, if not all, of the following Retiree Billing features:
- Simple Plan Setup – To streamline plan setup, users need wizards that allow them to import census, benefit, qualifying event and payment data. In addition, auto-enrollment for employees whose status changes from active to retired can help alleviate repetitive data entry tasks.
- Integrated Cash Management – Many software vendors do not include cash management tools within their systems, forcing their clients to purchase additional software from other companies. With integrated cash management, administrators can track all payments received and remitted, create checks, and issue refunds to participants. The ability to receive payments made through credit card, auto-draft, and checking or savings accounts is also very useful.
- Third Party Payer – One of the greatest headaches for administrators is not being able to accurately invoice an entity other than the named policy holder. Find a solution in which this is possible, including the capability to track receipts and issue refunds to the actual payer.
- State–of-the-Art Fulfillment – Generating letters and notices, and mailing them, is a large time consumer for many administrators. A comprehensive fulfillment solution should enable users to generate documents and notices automatically, store documents on the web, print original documents, and receive proof of mailing, which can save a whole lot of time.
When it comes time for your employees or group members to retire, finding a solution that promotes a smooth and seamless transition, and streamlines the billing process, is important for all involved.
DataPath offers a variety billing solutions to meet your needs, including COBRA, State Continuation, and Retiree Billing. Discover more today.