Did you know that automatic withdrawal is available for your convenience through your health insurance carrier to deduct your monthly premiums?
One of the reasons that automatic withdrawal is a benefit to you and your company is that it reduces administrative confusion. Oftentimes an employer will add or delete an employee from their current billing by simply adding or subtracting that person to/from their current premium. More often than not, this works smoothly, but in some instances it may cause some administrative confusion. Therefore, by allowing the insurance company to deduct and credit your account throughout time, you will inevitably avoid administrative problems.
The second benefit to automatic withdrawal is it keeps your payments on time. This will eliminate late notices, double premium payments, employee cancellation letters, and possibly collectors. Paying on time helps strengthen your relationship with your current health carrier; while at the same time build your company’s financial track record.
Finally, automatic payment gives you peace of mind. More than anything, it is one less thing to worry about. It allows you to make payments on schedule, without taking time from your busy day. Automatic withdrawal has been an increasing trend throughout the past decade and because of its practicality will continue to increase in popularity throughout the future.
