HRs and Finance teams can ensure their Cash Deposit (CD) Balance never dampens their company’s image or puts them at the risk of paying the entire medical bill amount for an employee
A lower cash deposit balance in health insurance means insufficient bank balance. If an employee is exposed to risks, and not yet covered by their Group Health Insurance (GHI) policy, the insurer may reject their claim!
If things are unclear, the actual medical expenses may lie on the desk of the employer. So, if there’s one word to describe the benefit of having your Cash Deposit (CD) information handy at all times – it’s ‘transparency’. Whether you are an HR manager or a member of the Finance team, viewing your CD balance, deductions and refunds, can greatly help close month-end account books better, quicker and more efficiently.
CD Accounts are created for a company with its insurer for the purpose of insurance-related transactions. It is a non-interest-bearing account, with all the premium payments made by the company being deposited into this account.
Human Resource and Finance teams have often complained about the transparency of Cash Deposits, balance deductions, and refunds. Every time someone needs to check the CD balance and CD balance statement, they have to reach out to their insurance brokers or agents. The lack of transparency, especially with regard to critical financial matters, reduces the level of trust between companies and their insurance brokers.
It rarely happens that a claim is rejected, what happens in reality is that the HR need to immediately deposit CD and it causes delays leading to a poor employee experience
A tech-first update for better, quicker, and efficient services related to your company’s CD Balance, CD Estimates, and CD Balance Statement.
Presenting, Nova’s best-in-class CD Balance feature, featuring the following benefits:
- All the CD balance estimates for all your endorsements, month-on-month
- Current CD Balance, and shortfall in CD Balance, if any
- Option to download member-level CD Balance Statements for an Endorsement Batch, whether current or previous
- Enter and view your CD Balance Estimates and member-level data
You never have to move out of Nova’s self-serve portal for any calculation, ever again!
If you prioritise finding a competitive CD Estimate rate above all else, this Endorsement Feature is definitely for you.
With Nova’s Estimated Balance Calculator, you can compare insurer-level estimated premiums for a dedicated number of employees, for any month. You can also view and download employee-level data, and get statements on how the addition of deletion of employees impacts these estimated premiums.
Timely updates: ‘Your CD Balance is running short!’
If your CD Account Balance is lower than the premium required to activate the cover for a new employee, you would have an employee uncovered for a few days. Your brand image among your high-performing employees, apart from the lives of your employees and their families may be at risk. Timely reminders via the Nova portal ensures that you are always up-to-date regarding your CD Account Balance, especially with regards to members added or removed from a particular endorsement batch. Here’s how it works:
- Whenever new employees join the company, they get endorsed to the group health insurance policy
- The premium amount gets debited from the cash deposit account after such endorsement
- The health risk of the employee is covered from the first day of his or her joining
- View LIVE CD Estimates for every new member addition, ensuring complete coverage from Day 1
- View CD Balance Estimates that are pending approval
- View and download ledger history of your CD Balance Account
- View and download the final CD Balance Statement, received from Insurers for completed batches
You can say goodbye to spending time and effort to calculate and compare premiums from different insurers. With Nova’s new and improved Endorsement & CD Balance features you can enjoy transparency, access accurate premium calculations, avoid back and forth communication, and enjoy an end-to-end automated CD Account.
This feature is still under beta testing, and we would love to onboard this feature for you as part of our Beta Launch. If you would like to be invited to try it out, book a call with Nova’s Product Team HERE.