Download the MEMIC Easy Pay Plan Options pdf

Comp-As-You-Go

New Payroll Service Plan

• Fewer Audit Adjustments
• More Accurate Payroll Estimates
• Low 10% Deposit
• Easy

MEMIC has teamed up with Bangor Savings Bank to offer this automatic direct payment of workers' compensation premium as part of Bangor Payroll's regular payroll processing. Employers who elect the Comp-As-You-Go payment option benefit from timely and accurate payroll-to-premium calculations and minimize their exposure to large year-end audits. If you are a customer of Bangor Payroll, or would like to become a customer, contact them today. They will explain what you and your insurance agent can do to put you on their convenient service.

Ease of payment and, for some, the value of frequent flier miles or other charge card incentives make this an attractive option for many. Just complete the pay option on your invoice and the transaction will be completed.

If your annual premium is greater than $4,500 and your credit history is favorable, you may qualify for the Twenty 'n Nine: a 20 percent deposit and nine equal monthly installments. These payment terms benefit employers with a record of on-time payment. To qualify, contact your insurance agency or the MEMIC Premium Billing Department.

This traditional payment plan allows employers and MEMIC to minimize the number of payment transactions. With a deposit of 25 percent, you are then billed in three equal installments.

For the seasonal employer, who at times has no payroll to report, this plan may be the best to avoid the hassle of seasonal policies. With a 20 percent deposit, you then simply complete our monthly calculation sheet (or use our Excel spreadsheet) and pay when you have payroll to report.

For more information about any of these plans, contact your independent insurance agent or MEMIC's Billing Department.