Frequently Asked Questions
What does beneficiency.net do?
What are these notifications and when are they sent out?
beneficiency.net is designed to avoid the high costs of missing key enrollment and termination dates for group benefits (i.e. – medical and retirement plans) by pushing this information to you through a series of email notifications. These notifications are sent out to the benefits staff as reminders ahead of employee’s benefit eligibility dates.
Click Here for a complete listing of the notification messages and their scheduled sending time.
Is beneficiency.net difficult to maintain as other human resource tools can be?
What are the financial consequences for not understanding the eligibility dates for group medical benefits?
Once beneficiency.net knows your company’s benefit structure through your initial profile, it only needs four pieces of employee information (name, date of birth, date of hire, and any dates of termination) to get everything started. And it can collect this electronically from your payroll records of you wish!
What are the liability issues surrounding late enrollments in medical benefit plans?
Sponsors of group medical plans typically pay each invoice a month in advance of the actual coverage. So if an employer is late receiving an employee’s medical enrollment application, chances are, that employer has already missed collecting the premium owed by the employee for at least the first month’s coverage.
What is a notification/alert?
With the increased pressure regarding medical costs, insurance carriers have become very strict in regard to the eligibility guidelines chosen in a group insurance contract. If an employer misses enrolling an employee in the group insurance benefits according to the company’s contract, the employee may not be able to secure insurance until the next open enrollment; up to a year away!
A specific notification/alert is an email submitted to pre-defined individuals upon eligibility into an employee benefit plan (medical and/or secondary insurance or retirement plan). A global notification/alert is sent to all pre-defined individuals upon compliance/renewal dates throughout the benefit plan year
Am I responsible for offering COBRA (Consolidated Omnibus Budget Reconciliation Act )?
If I don’t qualify to offer COBRA am I responsible for offering coverage to terminated employees?
will not determine your eligibility for continuation of coverage under COBRA but will provide you the notifications upon termination of employees to assist you in complying with the complicated regulations. Links are provided to the Department of Labor website to determine eligibility.
How do I subscribe to beneficiency.net?
Most states have State Continuation laws that require employers to offer continuation of health insurance to former employees and their dependents. Employers with fewer than 20 employees will be responsible for complying to State Continuation. States will vary in their requirements and we recommend you check with your Department of Insurance for compliance in your state.
Set up your company’s account with beneficiency.net – You first need to sign up for your company account through our secured e-commerce site. You can pay by credit card. After setting up your account, you will be provided with a login and password which will enable you to enter the Employer Portal.
How do I customize my company profile?
How do I import/input employee data?
Your company’s profile will drive the tracking of all your benefits and beneficiency.net will not allow you to continue on without a complete company profile. Upon logging into the Employer Home Page, you can click on the Employer Profile. On this page, you will see a navigation bar on the left side which will guide you through all of the necessary information that beneficiency.net will need to help you track and maintain your employee’s benefit timelines. Be prepared to answer questions about your benefits regarding eligibility waiting periods, state continuation and COBRA eligibility, and renewal dates for your specific benefits.
Load your employees’ names, dates of birth and any dates of termination – beneficiency.net only needs the name, date of birth, and date of hire/termination to get your employees registered in the system! It’s that simple. In addition, you can either load this information manually from the Employer Profile navigation bar (on the left under “Census”) or beneficiency.net can load it from your payroll files and update new information at your command.
Can I get assistance creating my account?
If you decide you would rather not do this yourself or need assistance at any time, our trained beneficiency.net experts are just a phone call away at (859) 431-3360. For a flat fee of $250.00 we will take care of the set up with a little information from you.
Do I save money by paying annually?
Yes. There is a discount of one month by paying annually to your credit card