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Recordkeeping and Administration
Ongoing Administration
Acclaim Benefits delivers accurate and timely services directly to participants and employers to maintain an efficient and successful program experience.
Participant Services
Spending Accounts and Transportation Benefits
- Issue FSA debit card and cardholder instructions. (optional)
- Review and process reimbursement claim forms daily.
- Distribute participant reimbursement checks or make automatic direct deposits daily (or according to the reimbursement frequency selected).
- Send an explanation of payment to participant’s home.
- Send a remaining balance letter in the fourth quarter of the plan year.
- Reconcile and monitor client account.
- Calculate and distribute interest allocation to participant HRAs (with VEBA).
- Administer a run-out processing period each plan year.
- Provide notification and track continuing eligibility for any qualifying events.
- Optional electronic notification program for participants (paperless participation).
Continuation Programs and Retiree Billing
- Provide payment options.
- Issue reminder letters during the grace period following the due date of a required payment.
- Provide information about annual rate changes.
- Distribute open enrollment materials.
- Assist with any missing information or inconsistencies in election requests.
- Answer any questions related to continuation and retiree billing.
Employer Services
Spending Accounts and Transportation Benefits
- Employer reports:
- Generate management reports on a regular schedule; reports can be customized and e-mailed to further enhance their usefulness.
- Distribute forfeiture management reports after run-out processing period.
- Auto-substantiation reports for debit card clients.
- Summarize and total debit card transactions and manual claim disbursements daily.
- Track and report employee account balances and payroll reconciliation.
Continuation Programs and Retiree Billing
- Issue all notices required by federal and state continuation regulations.
- Track all federal, state and special employer-mandated grace periods.
- Collect monthly payments from program participants.
- Track all applicable eligibility periods.
- Provide reports with eligibility changes to the employer and to the appropriate carriers.
- Post reports via our online employer portal.
- Provide normal postage and office supplies incidental to the administration and billing functions.
- Create ad hoc reports upon request.
Proprietary Software System
Acclaim Benefits ensures the integrity of data provided both by the employer and the employee for plan administration through our proprietary software system. The system facilitates prompt and accurate processing of all financial and employee claims data and provides output that is easily understood by employers and plan participants alike.
Our system also ensures 100% confidentiality in claims processing. Often, employers do not wish to be the claims examiner who reviews private employee medical claims. As an independent third-party administrator, Acclaim Benefits can help avoid potential employee relations issues and the resulting decrease in participation.
Our proprietary software system allows us to manage your information the way that suits you best. This flexibility has helped us repeatedly accomplish our goal of satisfying the unique needs of each organization, from plan design through implementation and ongoing education. Other vendors simply cannot accomplish some of the things we can, and this can make all the difference.