COBRA management can be time-consuming and stressful. The laws related to COBRA are complicated, and non-compliance can bring about serious repercussions. Unlike many other COBRA administration services, Businessolver’s COBRA services are provided from the same system that manages your employee benefits program. It’s not sending files, or “integrated.” Businessolver COBRA is built directly into Benefitsolver.
Businessolver COBRA management services include all activities including compliance, documentation, communication, and payment collection. This is all done through the single-source platform, Benefitsolver, which means your COBRA information will be in the same place as your enrollment and eligibility data. This provides many efficiencies including:
- Complete tracking of an employee’s lifecycle: Benefitsolver tracks the lifecycle of an employee through initial enrollment, life events, termination and COBRA administration. With that, the historical information and documentation around each event is stored and tracked on the employee’s record. With the appropriate administrator access rights, you can view a COBRA participant’s critical COBRA-related information at a glance.
- Automatic Processing: COBRA qualifying events are automatically triggered as a result of scenarios where benefits are ended. Benefitsolver is notified of these scenarios through several methods including regular census loads, administrator entry or employee self-service for qualified life events. When the system receives information that an employee enrolled in a COBRA-eligible plan, the COBRA Initial Rights notice is automatically generated and mailed. When coverage is terminated and a participant is eligible for COBRA, a Qualifying Event Notice is automatically generated and mailed.
As part of our standard COBRA service offering, Businessolver sends out the following documents:
- COBRA initial rights notice
- Qualifying events notice
- Monthly invoice/coupon book
Additional COBRA documentation can also be sent based upon your needs, additional fulfillment fees would apply. Additional documentation may include:
- Short/late premium payment notice
- Failure to make initial or regular payment notice
- Termination notice
- COBRA expiration notice
- Annual enrollment information
- Premium rate change notification
- Takeover/conversion notice
In fact, more than 8 in 10 Businessolver clients use our COBRA administration services. They trust that their employees’ valuable COBRA data is protected and that your COBRA management services ensure it’s accurate even as their situations change.