A Better Way to Pay
Premium reporting is a type of payment plan that determines the premiums you owe based on the actual wages your company pays employees. The premium reporting method is especially useful for companies with payrolls that fluctuate throughout the year.
How it Works
Each policyholder makes a deposit toward the cost of the annual premium at the start of the policy year. The deposit is a percentage of the estimated annual premium based on estimated payroll. Remaining premiums are paid on a monthly, quarterly or semiannual basis as the year unfolds.
For the remainder of the policy year, premiums are based on the actual wages paid during specific reporting periods, not on predetermined estimates. This helps to prevent large differences between the amount paid during the year and the amount that is actually owed.
Every policyholder’s charges include two additional costs. To determine the first of these costs, the combined total of all manual premium calculations is multiplied by a Combined Modifier. The modifier adds the appropriate cost for increased coverage limits, NCCI experience modifiers, deductibles, policy-level credits or debits, premium discounts or other factors that make up the total annual premium. A federally mandated terrorism premium is also added.
How to Pay
While you always have the option to file paper reports, online reporting is simpler and faster. Our online system performs all premium calculations on your behalf, saving you the trouble. And the system always applies the correct combined modifier, even if you make midterm changes to your policy.
Online Reporting ABCs
To submit premium reports online, you’ll need to set up an account with us.
It’s easy: Go here and click the “Need to create an account?” button. You’ll need your Federal Employer ID Number, policy number and some basic information to complete the registration process.
The system will display a record of your premium periods and the status of each.
Go to www.newmexicomutual.com/employers/policy-corner/ and click the Premium Reports button.
It’s the best way to know where you stand and whether it is time to file a report.
- Scheduled means that reports for the period will be due at a future date.
- In Progress means the system is ready to receive your report. Click the “Edit” button to begin submitting your payroll amounts by class code.
- Completed means the report is complete. This status appears if you submit the report on time. If you miss the due date, the system will calculate an estimated report for you and display the Completed status for this report as well. If you wish, you can contact us at audit@newmexicomutual to request a revision based on actual data.
- Withdrawn refers to a reporting period that the system has voided. This most often signals a policy cancellation but can also appear if a report needs to be manually recreated.
Payments made easy.
If you click the Pay button after completing your premium report, a balance of $0 will appear. This is because your report hasn’t been posted to our billing system yet, but you can still make a payment. Before you click the Submit button, make a note of the premium due amount. Then select Pay to be directed to our payment options. On the payment screen, enter the premium due amount you noted earlier. Or if you prefer, you can wait until the premium report you submitted appears on your next monthly billing statement.
Filing the Paper Report Form
For a step-by-step guide to completing this form, please refer to the Interim Premium Report and Payment Instructions form.
You can submit your completed report in any of these ways:
We will process your submission and mail you an Approved Premium Report for the reporting period. Then, on your next billing statement date, we will invoice you for the premium due for that reporting period. You can submit this payment by mail with the invoice or by calling our Billing Department at (505) 343-7744. You can also make a payment via our website, www.newmexicomutual.com.
If you need help
We’re just a phone call or email away. Contact our Premium Audit Analyst at (505) 343-7797, or contact the Premium Audit Department at (505) 343-7720 or email@example.com. The fax number is (505) 348-9320.