The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires that firms employing 20 or more full and part-time employees on at least 50% of the employer's working days in the preceding calendar year must provide COBRA continuation in their group plan benefits. COBRA election allows qualified persons to continue group health coverage after it would otherwise end. The term "group health coverage" includes any medical insurance, dental insurance and vision insurance coverage, as well as Flexible Spending Account contributions.
Federal Regulations require that you notify employees of their rights to continue group benefits within a specified time period following their COBRA-qualifying event. COBRA administration can be challenging. Not only does Hanson Benefits work to keep your benefits costs in check, we also give you the flexibility to determine how to manage post employment coverage. We offer free COBRA administration to all our eligible groups. Our third party administrators work hard on your behalf to keep you compliant with COBRA law.
- Notifying qualified employees and providing them with the required options and enrollment forms
- Setting up a billing system to collect monthly premiums
- Remitting monthly premiums to your insurance carrier
- Monitoring time limitations for the COBRA coverage and maintaining necessary correspondences with the COBRA member
- Providing a monthly report to you of all transactions
If you choose to do your own COBRA administration we are here to facilitate your HR staff. We will supply you with necessary forms and assist you by providing information you may need to stay compliant with COBRA regulations.
Copyright © 2002, Hanson Benefits. All rights reserved.