Get the most out of your COBRA Administration tools with these necessary features
We know what you’re thinking: what’s to love about a 30+ year old law that has employer’s scrambling to hit the post office with freshly printed notices and head out to the bank to make manual deposits? Unless that routine involves a scenic drive through the countryside, there are better options available.
For anyone out there who wants to control and manage the COBRA admin process with minimal effort and maximum joy, here are the five features to look for in the COBRA software of your dreams:
COBRA qualifying event,
There are several benefits enrollment software solutions out on the market. It’s not only critical to look for a solution that has specific features tailored to specific benefits needs; a great benefits management or enrollment solution should make a company more efficient, save on benefits costs or leakage, and help with compliance. To help navigate the process of selecting a great solution, we compiled a list of the four most important features needed in any potential benefits enrollment software
Managing benefits is tough for anyone and can be time-consuming and even confusing at times. Perhaps the most time and effort spent administering benefits comes from the different changes that can take place throughout the year. There are four types of benefit changes companies need to manage and be aware of:
life change events,
COBRA coverage may vary depending on the type of qualifying event. Know the difference.
Dr. Seuss once famously said, “Sometimes you will never know the value of a moment until it becomes a memory.” As is the case with precious moments, most people don’t realize how important health insurance is until it’s gone.
That said, one of the most stressful times for any employee is the loss of their group health plan coverage. It also creates pressure for whoever is handling the company’s benefits administration if they need to comply with the Consolidated Omnibus Budget Reconciliation Act (COBRA) and temporarily extend group health coverage to the effected employee.
Many companies choose to outsource COBRA administration. Read more about why here.
COBRA health insurance,
Understand your 401(k) processes and avoid losing your plan’s tax-qualified status
You take pride in going the extra mile to help your employees with their retirement planning by setting up your group as the 401(k) plan sponsor. You figure, “What’s a little extra paperwork, administrative fees, and contribution matching to help make my workplace more attractive and enjoy a little tax edge, to boot?”
Hold on, there! Despite all the work that goes into setting up a 401(k) plan, what many trustees don’t know is just how little it takes to lose your plan’s tax-qualified status.
department of labor
Consider these simple steps to reduce employee benefits issues.
So, you’ve made it through another year. You’ve established an enrollment deadline for your employees and collected all their benefits selections. You can finally put open enrollment behind you… right?
NOT SO FAST!
After the enrollment deadline, companies still have certain responsibilities for employee benefits before moving forward into the next year. You may be asking yourself “Now what? Isn’t open enrollment over?” Don’t worry, we’ve got you covered.
Here are a set of best practices to ensure smooth sailings for employee benefits after open enrollment:
If you were in the Olympics would you go for last place, Bronze, Silver or, go for the Gold? My guess is that you would go for GOLD! To win Gold, you need to train daily, have a great coach, stay on top of your game, and be the best.
There is no shortcut to get to that Gold medal for Affordable Care Act (ACA) compliance. Are you crossing all your t’s and dotting all your i’s?
Here are a few key items to review and master in your compliance routine:
What you need to know to reduce health insurance premium costs
A December 2015 Bureau of Labor Statistics report indicates that wages and salaries averaged $23.06 per hour worked and accounted for 68.7 percent of employee compensation costs, while benefits averaged $10.52 and accounted for the remaining 31.3 percent. Taking up almost a third of the total cost to pay an employee, employers are looking for new ways to reduce these benefits costs. For more detail on how much benefits cost a company, click here to read our blog post about it.
With benefits accounting for 31.3 percent of employee compensation costs, the majority of employers cited cost control as their most important benefits objective according to MetLife.
Health Insurance Premium
It has been quite a year so far in 2016 and we’re not even to the halfway point yet. However, we’ve noticed some trends that will continue to carry on throughout the year (and perhaps well beyond) in the benefits industry.
Help yourself stay ahead of the curve! Follow along with the presentation we put together on these topics and read about the top five benefit trends in 2016:
When we look at companies doing in-house COBRA administration, we don’t see a whole lot of benefits… no pun intended. It’s a process that companies are better off outsourcing, and we think most people will agree, but for you skeptics out there…
Here are four reasons companies should outsource COBRA administration: