In most instances, Ameriflex does not require employers to send their employees’ payroll contributions on a per pay basis. Instead, the employer should retain these funds as deducted each pay period. Ameriflex will only invoice the employer as employees use money from their accounts. This is beneficial to the employer because there is no cumbersome contribution reconciliation process at the end of the plan year. Since payroll contributions stay in-house with the employer, they don’t have to request unused dollars to be returned at the end of the plan year.
Employers have three options to settle claims invoices:
- Weekly Prefunded – There is a one-time deposit of 1/12th of the total annual employee elections to be invoiced and debited via ACH within 4-6 weeks of the plan start. While employees are spending their account funds, Ameriflex will float the amounts paid to providers or to employees directly until we debit the employer bank account for employee disbursements for that week. The 1/12th deposit is sent as a separate invoice noted as a prefund deposit, and the amount is debited from the employer's claims bank account within 1-2 business days of the invoice being sent. This deposit is not used to fund claims activity or administrative fees invoices. After the initial prefund deposit is collected, the employer will receive claims invoice notifications on a weekly basis thereafter. Employers who terminate services with Ameriflex can request a refund of the prefund deposit based on our Terms & Conditions, which can be accessed in the Employer Portal.
- Daily Preferred – No up-front prefund, however the employer’s account will be debited each day for the claims activity amount and a network processing fee per transaction of 2.996%*.
- Weekly Preferred - No up-front prefund, however the employer’s account will be debited weekly for the claims activity amount and a reserve fee per transaction of 3.997%*.
Employers can view their selected funding method and edit their banking information in the Employer Portal under the Banking menu.