Oct. 25, 2017
EFT, One-Time Binder Premium Payment Requirement for New Small Group (1-50) Business with Enrollment Effective Dates on or After Nov. 1
Electronic Funds Transfer (EFT) – a one-time, binder premium payment to secure coverage for Small Group New Business accounts – is a feature of the ACA Small Group Enrollment Tool and adopted by most groups.
For enrollment effective dates on or after Nov. 1, the EFT binder premium payment will be the only payment method allowed. Physical binder checks will no longer be accepted.
As you know, EFT helps speed up the enrollment process to provide member ID cards faster. Information about using EFT can be found in the following updated resources:
Important: Please note that a separate setup is required in Blue Access for EmployersSM, if groups want to use an electronic payment option to automatically pay monthly premiums.
For additional questions, please contact your Blue Cross and Blue Shield of Texas sales executive.