Integration with ADP
If you are a client of ADP Workforce Now® or ADP TotalSource®, learn more about Omega Benefit Connector.
COBRA
Omega’s COBRA solution streamlines compliance requirements, mitigating risk for our employer clients. Omega’s team of COBRA specialists will keep you abreast of all changing COBRA requirements in a timely, efficient manner. COBRA rules and regulations are complex during ordinary times. But in the era of Covid the rules are changing frequently and can be difficult to keep up with. Mitigate the risk noncompliance by allowing Omega Benefit Strategies to manage your COBRA administration needs. Simplify the process even further with our direct billing service through our convenient online portal.
Comprehensive COBRA Processing and Servicing
- Termination processing
- Applicable premium changes applied as needed
- Billing and payment processing
- Election processing
- All required notifications generated and distributed accordingly
- Implementation, transitioning plans and processing
- Participants have access to a convenient web portal and mobile app that allows them to manage their accounts easily from a computer or mobile device.
Flexible Spending Account (FSA)
Omega Benefit Strategies delivers an FSA program that helps employees maximize their tax savings, all while reducing out of pocket medical expenses. Our FSA integrates enrollment, plan contributions and claims, all backed by world class customer service & support.
Super-Charge Your Benefits and Give Employees More Options
- Auto-substantiate claims online, submit reimbursements or view a history of expenses is a simple process. Over 90% of Omega’s FSA claims auto-substantiate.
- Powerful online portal and tools for both employer and participant access to keep up to date on account balances, contributions, usage and much more!
- Create customizable, employee friendly FSA plans that enhance your existing benefit programs. Dependent Care - Medical - Limited Purpose (Dental, Vision)
Commuter Choice
The Omega Commuter Choice accounts can help reduce employee’s work-related transportation expenses by allowing them to use pre-tax dollars for eligible parking and mass transit expenses.
Ease and Savings with Commuter Travel to, and Parking at work
- Two types of Commuter Choice accounts (Parking / Transit) and employees can take advantage of the savings by enrolling in either one or both types of accounts.
- Access hundreds of transit authorities and thousands of parking locations nationwide.
- Make things easy for your commuting employees by providing them with an easy to use mobile app and online portal to manage their commuting expenses.
Health Savings Account (HSA)
Omega’s HSA allows employers to provide participants with a pleasant & efficient user experience. With an end-to-end HSA service being provided, employers spend less time on HSA administration. The Omega Difference is particularly effective with HSA’s. Educate. Communicate. Enroll. Service.
Money Working in Smarter Ways...
- Contributions, interest and investment earnings, and payments from the Omega HSA (for qualified medical expenses) are all tax free.
- Experience of triple tax advantage and utilizing pre-tax dollars.
- A portable savings account for future healthcare expenses.
Health Reimbursement Account (HRA)
HRAs can help reduce employer tax liability and enable employees to cover the rising costs of healthcare. Omega’s HRA solution is a breeze for employers and participants alike. Our easy-to-use technology platform coupled with first rate participant education & enrollment support services makes Omega an industry leader in the administration of HRA programs.
Gain Control of Your Healthcare Plan Decisions
- Low Risk - Employers do not pay out on covered expenses until after a claim is filed and adjudicated, reducing the potential for fraud.
- Flexible - As the plan sponsor and sole contributor, the employer has the ability to design a plan that best suits the needs of its workforce.
- Tax-Advantaged Account - Employer contributions to the plan are 100% tax deductible
Omega's ICHRA Program
The Federal governments newest program that empower employees with choices and helps employers contain cost. Employers contribute one flat dollar amount per month, employees choose from 200+ health insurance options, access to a Benefits Concierge Service, additional Voluntary Benefits available, and meets all ACA coverage requirements!
Open the Door to the Individual Health Insurance Marketplace
- Omega goes the extra-mile with consultation services to review and select qualifying health plans, collection & payment of premiums, gap insurance coverage, and ongoing support for both employers and participants throughout the life cycle of service.
- Participants have more options to choose from vs a one-size-fits-most group plan.
- Employers have greater control over costs.
Premium Administration
While today’s benefit world has become increasingly complex, our technology gives you the tools to seamlessly meet the requirements of your changing work force. When employees temporarily leave your employment for medical or other approved reasons (LOA), Omega will take over the ongoing administration and maintenance of that employee’s benefit programs, dealing directly with the appropriate carriers so you won’t have to.
The Omega Difference Goes Beyond Today
- Direct Billing administration – like our other health and welfare administration services – is fully supported by our knowledgeable, responsive customer service team who will answer any questions your employees may have regarding their LOA eligibility or resolve any issues in a timely fashion. *Will not determine LOA eligibility or length of leave.
- Handle the collection of premiums from the individuals. You won’t have to worry about unpaid premiums and your employees won’t need to worry about catch up deductions when they return form leave.
- Take care of billing employees directly, providing them with a coupon billing letter and payment coupons through the end of the leave period.
Wellness Programs
Employers have the ability to Recruit the ideal employee, Retain valuable employees Decrease costly absenteeism, and Improve your bottom line with a Wellness Plan offering. Omega can assist employer’s in creating Wellness Programs that are customized to their employee’s unique needs. From fitness to health and diet, Omega will help you prioritize your employee’s well-being.
Premium Only Plan
To maximize any potential tax savings when paying for qualified employee benefit plans, employees need the ability to make pre-tax premium payments. To do this in a compliant way, IRS requires a Premium Only Plan (POP) be established by the employer. A POP applies to numerous employee benefit plans, including health, dental, vision and assorted other benefits.
Give Your Team an Instant Raise
- Both employee and employers can experience FICA savings for every pre-tax dollar spent.
- By paying with pre-tax dollars, employees can save approximately 30%-40% from qualifying premium expenses.
