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 are 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.
25 Depot Ave
Falmouth, MA 02541

Mailing Address
Omega Benefit
Strategies, Inc.
PO Box 1357 
Leominster, MA 01453

Phone Number:
508-986-9359

Email Address:
benefits@omegabfs.com