The funding of a Private Health Services Plan is determined as the plan is developed. The size of the company, the desired turnaround time on claims payment and any additional products chosen will be taken into consideration when determining the payment options. Generally, the following options are available:
With monthly billing, a company is invoiced on a monthly basis to ensure continual payment of claims and the funding of additional insurance products.
Trust Fund Deposits
This option works well for companies with more than one employee. Lump sum deposits are made into a trust account from which claims payments are then processed. Claims are paid upon receipt resulting in superior turnaround times.
Per Claim Payments
This option is available for one man operations. Payment for a claim is submitted at the same time as the claim itself. The advantage for the small business is that dollars are only paid at the time of a claim.