The 10 Year Strategy Health Benefits Strategists Launch EFT For Faster Claim Receipts

Online, October 26, 2011 (Newswire.com) - The 10 Year Strategy, the group health benefits strategists in Ontario, has announced the launch of its Electronic Funds Transfer (EFT) system that allows for direct deposit of cheques in to claimants' bank accounts and thus expedite the process of health claim payments.

The EFT system was designed to help all employees and claimants with a faster, safer and more convenient form of reimbursement of their health benefit funds. Effective September 1, 2011, it insulates transfer of health claim payments from a host of unnecessary delays inherent in current systems.

Featuring a highly flexible health benefits administration platform, the EFT system offers its members the option to sign up and access such personal claim information as, explanation of benefit (EOB), deposit date and claim status.

Plan administrators also have the opportunity to update members' profiles including their address and prevent return of cheques when employees have not updated their address details, resulting in cheques being sent to the wrong addresses. The system also offers the option to delete members as and when necessary.

It further ensures that utmost privacy is maintained and insulates the mailed cheques from falling in to wrong hands. The decision of The 10 Year Strategy to launch this EFT system stemmed from the recent postal strike that paralyzed the entire postal services in Ontario recently.

"The direct deposit initiative is our continuous commitment to excellent and unsurpassed service offering in the industry" according to the President, Lordy Numekevor on the launch of this electronic fund transfer system.

Data indicates that since its launch on September1, 2011, the EFT system has proved to be immensely popular with plan sponsors and members alike because of the benefits it offers.