What is COBRA continuation coverage?
COBRA - the Consolidated Omnibus Budget Reconciliation Act (wow, that’s a mouthful!) - requires employers with 20+ employees with group health plans to offer continuation coverage to those that qualify when group health coverage would otherwise be lost due to certain qualifying events.
How does COBRA impact you as an employer?
- $2,500 for each beneficiary who has been affected by noncompliance or $100 for each day of noncompliance, whichever is greater. (IRS Excise Tax)
- $100 per individual / $200 per family for each day of COBRA noncompliance (ERISA)
- $110 per day for noncompliance with regulated notices (ERISA)
And to make matters worse, beyond the fines, non-compliance can lead to civil penalties that may make your company liable for medical payments, legal fees, and more.
How can Cobra Allies help reduce your risk and liability?
The US healthcare system and its associated rules and regulations are perpetually changing. Our government’s laws are full of bureaucracy and lawyer-speak. Let us navigate COBRA compliance for your team so you can focus on what you do best.
Rely on us.
Premium Collection and Remittance
Termination/End of Cobra
Plan Renewal Processing
Advantages to letting us do your heavy lifting
Still have more Questions?
If you have any more questions after reading through the available resources, please contact us here.