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Remodel Health Payments: A Seamless Experience

Read on to learn more about our streamlined process that simplifies health insurance payments, ensuring efficiency, security, and continuous coverage for you and your team.

Transforming Health Insurance Payments

At Remodel Health, we are committed to revolutionizing the way health benefits are managed and provided. Our strategic partnership with Treasury Prime, a leading Banking-as-a-Service provider, marks a significant step forward in ensuring that the process of paying monthly health insurance premiums is seamless, efficient, and personalized for everyone involved: from the customer organizations we serve to their invaluable employees, and the trusted health insurance carriers we partner with.

Introduction to Treasury Prime

Treasury Prime is at the forefront of banking technology, providing a bridge between traditional banking systems and modern financial applications. Their platform enables us at Remodel Health to automate and streamline the financial transactions involved in paying health insurance premiums. Through Treasury Prime and our collective collaboration with our bank partner, we can ensure that these transactions are not only efficient but also secure and compliant with financial regulations.

Introduction to Bangor Savings Bank

Bangor Savings Bank is a trusted financial institution with a rich history of serving the community. As a member FDIC, the bank ensures the highest level of security and confidence for its customers. Known for its commitment to reliability and customer service, Bangor Savings Bank provides a stable foundation for financial transactions. Partnering with Remodel Health, it offers the robust banking infrastructure necessary to manage the streamlined and secure flow of funds for health insurance premiums, ensuring that every transaction meets the highest standards of security and regulatory compliance.

Integrations

Our payments process integrates with external systems, streamlining the workload required by your payroll staff. Our list of integrations continues to grow as we work to make our processes more efficient.

Overview of the Payment Process

Our innovative payment process is designed to simplify the way health insurance premiums are handled, leveraging the individual health insurance marketplace to offer flexible, personalized health benefits. Here’s how it works:

Payroll Deduction Reports

Each month, customer organizations receive a payroll report detailing the health insurance premium deductions for each employee, based on their selected individual health insurance plans.

Automated Transfers

On a predetermined date, the specified premium amounts are automatically transferred from the customer organization's bank accounts to a Remodel Health holding account at Bangor Savings Bank, via ACH transfers.

Individual Employee Accounts

These funds are then allocated to individual FDIC-insured accounts created for each employee at Bangor Savings Bank, corresponding exactly to the premium costs. Employees are issued a virtual account to be used exclusively for paying health insurance premiums.

Insurance Premium Payment

Remodel Health uses the individual employees' virtual accounts to set up autopay with health insurance carriers. Carriers then directly withdraw the premium amounts from the individual employee accounts, ensuring timely payment and uninterrupted coverage. Employee accounts do not retain a balance from month to month after payment has been made.

Remodel Health staffs a full team of financial operations analysts. These team members monitor and manage the entire payment process each month to ensure all premium payments are made. All movement of funds is tracked and reconciled in real time, just like a bank account. We are able to report accurate balances for any organization or employee at any time!

The Remodel Health Difference: Human Touch in Automation

While our system harnesses the power of technology, the Remodel Health team plays a crucial role in ensuring its success. Our team meticulously audits every step of the payment process, adding a layer of human oversight to the technological precision. This combination ensures that any changes in health insurance premiums are accurately captured and adjusted in the payroll report, maintaining the integrity and reliability of the payment process.

Frequently Asked Questions

Treasury Prime’s technology enables us to automate and secure the entire payment process, from payroll deduction to the final payment to health insurance carriers, ensuring efficiency and compliance.

Our team, supported by Treasury Prime’s flexible platform, quickly adjusts to any premium changes, ensuring your payments are accurate and your coverage uninterrupted.

Absolutely. The combination of Treasury Prime’s secure platform and our team’s diligent oversight ensures the highest level of security for your financial transactions.

Our process includes a safeguard mechanism to cover any shortfalls, backed by continuous auditing by our team, ensuring your insurance coverage remains active without any negative outcomes.

No, this process will not affect your credit score in any way. We do not perform a credit check, as the individual bank accounts set up for managing health insurance payments are debit accounts, not credit accounts, as specified in your Remodel Health Member Terms. However, if you have identity theft protection services in place, you may receive a notification mentioning “LINC Holdings LLC, dba Remodel Health” as part of the normal monitoring process. This is standard and does not impact your credit score.

Connect with us.

We’re not just automating payments — we’re creating a worry-free, efficient, and secure environment for managing health benefits. This innovative approach ensures that organizations, their employees, and health insurance carriers are supported at every step, with technology and human insight working hand in hand to deliver the best outcomes.