PREMIUM
ADMINISTRATION
PREMIUM
ADMINISTRATION
Omega Benefit Strategies offers a suite of premium
administration services that takes the hassle away from
employers, employees, insurance agents, and carriers. We do the work of collecting, reconciling, and remitting, so they don’t have to! OBS collects insurance premiums on a weekly, bi-weekly, or semi-monthly basis, without the need for a traditional payroll deduction slot. Policy holders can choose the payment method which best meets their needs:
»For Agents »For Policy Holders
»For Carriers »For Employers
»For Agents
»For Policy Holders
»For Carriers
»For Employers
—No cost
—Easy 1-time set up
—Greater retention of policy holders and clients
—Hassle-free benefits appeal to employers
—No cost
—Monthly payments are made on time
—Same day payments processed online
—Detailed reconciliation sent with payments
—Greater retention of policy holders and clients
—Low cost
—Set it and forget it billing
—No bill, no checks to write
—Deductions mirror payroll for added ease and
—convenience
—No change in policy or payments if you change jobs
—No cost
—Easy 1-time set up
—No deductions to collect or bills to pay
—No terminations to process
—Hassle-free benefits – OBS handles it all
- No cost
Easy 1-time set up
Greater retention of policy holders and clients
Hassle-free benefits appeal to employers
- No cost
Monthly payments are made on time
Same day payments processed online
Detailed reconciliation sent with payments
Greater retention of policy holders and clients
- Low cost
Set it and forget it billing
No bill, no checks to write
Deductions mirror payroll for added ease and
convenience
No change in policy or payments if you change jobs
- No cost
Easy 1-time set up
No deductions to collect or bills to pay
No terminations to process
Hassle-free benefits – OBS handles it all
Single Source Billing And Fees
Single Source Billing And Fees
OBS Administers weekly, bi-weekly or semi-monthly payments, covering multiple policies across
multiple carriers, with a minimal administrative fee. The fee covers all account administration,
premium reconciliation, remittance to multiple carriers, and reporting. The fee is paid by the
policyholder and is disclosed on the OBS Deduction Authorization Agreement. Fees are pro-rated
depending on the deduction frequency, matching the policy holder’s pay cycle.
Each deduction frequency is listed below
Each deduction frequency are listed below
Weekly
(52 pay cycles per year )
Semi-monthly
(24 pay cycles per year)
Bi-weekly
(26 pay cycles per year)
Monthly
(12 pay cycles per year)
Weekly
(52 pay cycles per year )
Semi-monthly
(24 pay cycles per year)
Bi-weekly
(26 pay cycles per year)
Monthly
(12 pay cycles per year)
OBS Deduction Authorization Agreements are customized
for each employer group and disclose the appropriate administrative fee.
How Do OBS’s Payment Methods Differ From
Traditional Payroll Deductions?
How Do OBS’s Payment Methods Differ From
Traditional Payroll Deductions?
With traditional payroll deduction, premiums are collected within the payroll system. Premium
deductions are subtracted from the gross pay in determining the net pay. The employer must hold
the premium deductions in an internal general ledger account until it is time to pay the bill. The
employer is expected to manage the bill including all payments, reconciliation, terminations, etc.
When employees terminate employment, the employer has to contact the insurance carrier, to
remove the employee from the bill.
OBS can manage each step of the premium administration process, eliminating the employer’s
responsibility altogether. We collect the premium, reconcile and pay all invoices, process changes and terminations, and contact the employees and carriers as needed. Also, most coverage is portable, so policies and payments can remain active, regardless of employee terminations or status changes.
What Happens If A Deposit Is Missed?
What Happens If A Deposit Is Missed?
If a premium payment is not received, or is declined, the policy holder receives an email alert or a letter from OBS. The employee can contact us to re-schedule their payment, or change their payment information. If the employee has terminated, they can continue their coverage through ACH or debit/credit card payments.
What Happens When A Policyholder Changes Jobs?
Does The Employer, Policyholder,
Or Agent Have To Do Anything?
What Happens When A Policyholder Changes Jobs?
Does The Employer, Policyholder,
Or Agent Have To Do Anything?
No action is needed from the employer or the agent if a policy holder changes jobs. ACH, debit card, and credit card payments continue as usual. Direct deposit payments can be converted to ACH, debit card or credit card payments at any time. The policy stays active unless the policy holder decides to cancel.
Corporate Headquarters
Omega Benefit
Strategies, Inc.
14 Monument Square
Leominster, MA 01453
Hours Monday - Friday 8:30am - 5:00pm EST
Mailing Address
Omega Benefit
Strategies, Inc.
PO Box 1357
Leominster, MA 01453
Phone Number:
508-986-9359
Email Address:
benefits@omegabfs.com