A guide to COBRA
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WEX offers complete benefits administration, including benefits accounts such as HSAs, FSAs, HRAs, LSAs, COBRA, and more
Let’s dive into the intricacies of COBRA regulations and what you need to know to navigate this crucial aspect of employee health benefits. COBRA health insurance provides a lifeline for qualified beneficiaries, allowing them to continue their existing health coverage when a qualifying event disrupts their plan. However, not every employer is mandated to offer this temporary insurance, and understanding the federal regulations that govern COBRA is essential. Read further to gain all the tools you need to understand and leverage COBRA for your business today.
COBRA regulations and what you need to know
COBRA health insurance gives your qualified beneficiaries the opportunity to continue to be enrolled in the same health coverage they were enrolled in when a qualifying event interrupts their coverage. But not every employer is required to offer temporary health insurance. And, since COBRA is federally regulated, it’s important to know when it needs to be offered and for how long. Check out our blog covering common COBRA regulation questions to determine how you’re impacted.
COBRA and affordability
COBRA coverage is a sound health coverage option for your employees (and their dependents) when they experience a qualifying event. But it’s an expensive one, for both you and them. One way to reduce your costs is to keep employees from being in a position where they need COBRA. Learn more by reading our blog to reduce your COBRA enrollments.
Key COBRA terms
When it comes to COBRA administration, the terms, deadlines and steps for offering and administering COBRA are specific and time-consuming. That’s why about half of all human resources professionals say their companies outsource some or all of their COBRA administration to third-party administrators. Explore our list of key COBRA-related terms and their definitions you can use for reference.
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COBRA compliance?
COBRA compliance experience is crucial. How good of a handle do you have on COBRA’s many rules and regulations? It’s not easy fulfilling all COBRA compliance obligations and requirements. The benefits of working with COBRA experts far outweigh the penalties and large amounts of administrative work COBRA compliance entails when you administer it yourself. Explore our blog post covering the ways COBRA compliance experience matters to ensure you are staying compliant!
Outsourcing COBRA administration
Outsourcing your COBRA administration can reduce risk for your company and minimize paperwork for your HR team, but finding the right administrator may seem overwhelming. Explore the five considerations to keep in mind during your COBRA administrator evaluation process by checking out our blog !
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The information in this newsletter is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.?
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