In general, employers with over 20 employees offering group benefit plans are subject to COBRA, or the Consolidated Omnibus Budget Reconciliation Act. Passed in 1986, COBRA allows those who have lost benefit coverage to continue group benefits. COBRA participants pay their own premiums for a finite period of time allowing them to retain benefits while searching for other coverage.
Compliance with COBRA can be a daunting task. Our COBRASecureTM service administrated by an esteemed third-party administrator, Employee Benefits Corp., saves your HR department time and your company money. COBRASecureTM professionals manage the collection and payment of premiums on group benefit plans extended to COBRA enrolled participants. Simply notify COBRASecureTM when your employees, their spouses or dependents lose insurance coverage and qualify for COBRA. COBRASecureTM professionals will notify the individuals of their COBRA rights and responsibilities, collect their monthly premiums and send disbursement checks and activity reports to you. the employer.
This important program is a proven way to minimize your company's liability by ensuring enhanced compliance with COBRA regulations. COBRASecureTM services include :
- Initial COBRA notices sent to newly eligible employees
- Takeover COBRA continuants
- Issue COBRA qualifying event notices
- Issue premium notices
- Manage and collect premiums
- Make payments and issue semi-monthly reports to employer
- Notify continuants of premium policy changes
- Maintain a complete documents archive
- Monitor all COBRA timelines
- Notify COBRA continuants of COBRA termination
COBRASecureTM typically takes one to two weeks to implement. First, the employer completes the COBRASecureTM Service Agreement and a HIPAA Business Associate Agreement. You will receive a welcome packet with copies of all signed documents, a book of answers to frequently asked questions, and notification forms. It's that simple. The complimentary COBRASecureTM services will streamline your HR department, reduce your business overhead, and free your staff from monitoring COBRA compliance changes - so that they can concentrate on your business.
