Administrating your company’s COBRA policies can be a convoluted and cumbersome experience, and the most complex part is compliance. Deadlines, data sync errors, and time-consuming manual processes are just a few of the challenges administrators deal with when it comes to in-house COBRA administration.
COBRA administration doesn’t have to be a stressful ordeal, and CSP partners with EverythingBenefits to make this process go as smoothly as possible. All of these benefits are offered in one platform, so you don’t have to login into one system after another. Their COBRA solution is a cost-effective and stress-free way to stay ahead of the game.
Tracking your employees’ eligibility for COBRA manually takes up a lot of time and resources. Even when outsourcing with many COBRA providers, you are still tasked with managing eligibility manually. With our solution, you are automatically notified when an employee is eligible for COBRA. No more paper, no more email, no more stress.
COBRA administration requires you to provide specific notices to employees and qualifying beneficiaries to stay in compliance; this can be administratively burdensome and easy to forget. The two most common of these are the General/Initial Notice, which is required within 90 days when an employee enrolls in COBRA-eligible benefits, and the Enrollment Notice, which is required within 14 days when someone becomes eligible for COBRA coverage. When these are handled in-house, administrators frequently make mistakes or do not provide notices timely, which can result in expensive fines.
Many COBRA providers still require you to manually enter employee data to trigger these notices or call for expensive and sometimes unreliable file feeds. With EverythingBenefits, the COBRA administration platform is integrated directly with our HCM software and automatically triggers the notification once an employee completes a notice-triggering event (i.e. enrolls in benefits, switches to part-time, terminates, etc.).
We also make communicating with your benefits carriers easier. You still have to update your carrier when beneficiaries enroll in COBRA, cancel COBRA, etc. EverythingBenefits handles all the carrier communication, so you can focus on business goals, instead of administrative work. This line of communication also works for payments, preventing the need for any exchange of personal checks or other complicated payment methods. EverythingBenefits coordinates the enrollment and payments directly with the carrier.
For many in-house administrators it can be difficult to compile the information you need to keep updated on COBRA. Even when outsourcing, many COBRA providers make you request reports from them and you have little to no visibility into what’s actually going on. EverythingBenefits offers robust reporting, so you have insight into every aspect of your COBRA administration, as well as proof of your company’s compliance.
To learn how we can streamline your COBRA administration in partnership with EverythingBenefits, contact us for a demo at www.csphcm.com/contact.