BEN-E-LECT offers you more alternatives than ever to fund claims. Start taking control of your employee benefit cost today!
Deposit Funding (most common option)
With Deposit Funding BEN-E-LECT mails claims checks directly to providers. We also mail the member's Explanation of Benefits (EOB) directly to member.
The employer simply sets up a claims account at BEN-E-LECT. Once a month, BEN-E-LECT will provide the employer a check register reflecting all claims paid for the period with a request for the Employer to replenish the claims account. The employer signs just one check for claims per month... it's efficient, convenient, and easy.
An initial claims account deposit is calculated ($2500 minimum) and collected at intial plan enrollment.
Our original funding method gives employers complete control of their claims account. BEN-E-LECT will process and produce claim checks from an account the employer sets up at its bank, and only the employer can sign them. BEN-E-LECT batches and mails checks ready to be signed to the employer every two weeks. The employer simply signs the check, puts the check in the employer's window envelope, and mails it to the provider. The employer will also receive the member's EOB to hand out to members.
This method requires more effort by the employer, but satisfies the desire of some employers.