Oct. 5, 2016

New Electronic Funds Transfer Offers Significant Advantages for Small Groups (1-50)

Recently, the ACA Small Group Enrollment Tool was released to include the Electronic Funds Transfer (EFT) option. This advantage allows groups to submit the binder premium online, streamlining the enrollment process without the physical check for payment requirement.

Another advantage of the online tool is faster enrollment. With complete information, our tracking shows that using the ACA Small Group Enrollment Tool currently helps expedite approval from an average of two weeks to two to seven business days. Turnaround times may vary with peak season volume; however, we anticipate that most groups will experience an accelerated process using the tool and EFT.

EFT Payment Transacts After Underwriting Approval
The EFT option is activated after Underwriting has approved the new group account. As you know, groups are required to pay a minimum of 90 percent of the estimated first month’s premium before processing can continue. This is a one-time payment to secure coverage.

Groups may schedule monthly bill payments (EFT or pay by check) in Blue Access for Employers^SM.

For details on using the ACA Small Group Enrollment Tool and EFT, see the User Guide and other resource materials on Blue Access for Producers^SM or contact the Texas Small Group Account Management Unit.