You should seek guidance from your personal business and legal advisor(s) if you need specific advice. This post-tax benefit is all about the wellbeing of your workforce. Encourage healthy behaviors through a variety of expenses designed to meet your team where they’re at in life. Expenses are fully customizable, but typically related to employees’ physical, emotional, and financial wellness.
- We’ll set them up with monthly savings and a variety of convenient options to pay for their ride.
- We understand that remaining compliant with various federal, state and local requirements can require a lot of work – particularly in light of evolving regulatory standards like the Affordable Care Act (ACA).
- COBRA administrators may be the employer who sponsored the group health insurance.
- The maximum length of time for which continuation coverage must be made available depends on the type of qualifying event that gave rise to COBRA rights.
With an end-to-end HSA service being provided, employers spend less time on HSA administration. With an industry-leading mobile experience and seamless carrier integrations, you can help make it simpler and more convenient for your people to manage their benefits. Plus, you’ll have access to deep insights that can help you understand changing employee preferences and advanced technology to adapt accordingly. COBRA requires continuation coverage to extend for a limited time period of 18 or 36 months from the date of the adp cobra services qualifying event. The maximum length of time for which continuation coverage must be made available depends on the type of qualifying event that gave rise to COBRA rights. COBRA administrators may be the employer who sponsored the group health insurance.
However, navigating the complex IRS and DOL requirements can be daunting. We take the burden away and provide you with peace of mind through a compliant, no worry COBRA solution. We also offer Direct Billing Services for employers who need a solution outside of payroll deductions to collect premiums or other payments from employees. Problems can arise if COBRA health insurance is not offered to someone who is eligible to access coverage or if it is offered to someone who is not eligible. Such mistakes could have negative consequences, including penalties from either the Internal Revenue Service (IRS) or the U.S.
Depending on the type of FSA, employees can pay for certain medical expenses and/or dependent care expenses tax-free, through payroll deductions. They get instant access to funds through the Beniversal Card, reducing reimbursement wait time. To help meet COBRA compliance requirements, employers must provide information about participants’ COBRA rights and options, plan details and the timeline of coverage. While today’s benefit world has become increasingly complex, our technology gives you the tools to seamlessly meet the requirements of your changing work force. COBRAinsurance.com is an Acrisure health insurance company that helps workers in-between jobs enroll in affordable health plans. We are a licensed in all 50 states and nationally recognized by the federal health insurance marketplace.
This law is complex and mistakes or violations can have serious consequences. To help safeguard their business, many employers outsource COBRA administration to a third-party administrator. The views expressed on this blog are those of the blog authors, and not necessarily those of ADP. This blog does not provide legal, financial, accounting, or tax advice.
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Employers have the ability to Recruit the ideal employee, Retain valuable employees Decrease costly absenteeism, and Improve your bottom line with a Wellness Plan offering. Omega can assist employer’s in creating Wellness Programs that are customized to their employee’s unique needs. From fitness to health and diet, Omega will help you prioritize your employee’s well-being. Keep in mind that an employer is not required to provide retirement or group health plans. Now, all that information is at an employee’s fingertips and they can understand their coverage, what they’ve chosen, who’s eligible and who their dependents are.
- You can count us to provide end-to-end support, from sales and implementation through renewal.
- Give your employees a discount on eligible dependent care expenses and we’ll give them streamlined and automated experience.
- COBRA coverage allows qualified beneficiaries the right to maintain group health benefits when coverage would otherwise be lost due to a qualifying event.
- However, due to the complexity of the law and the high risk of penalties and lawsuits, many employers outsource their administrative responsibilities to third-party providers.
- Omega’s COBRA solution streamlines compliance requirements, mitigating risk for our employer clients.
Clients must be using ADP’s tax filing service to take advantage of the Pay-by-Pay Premium Payment Program. Upon transitioning your benefits, you will have access to our Group Health service team. They will be able to assist you or answer general questions you have regarding your current health insurance plans. ADPIA offers a wide range of business insurance solutions for companies of all sizes, including group health insurance, property and casualty insurance and workers’ compensation insurance. We connect you to nationally recognized insurance carriers and work together on a strategy that meets the unique needs of your business.
A Health Reimbursement Account (HRA) is an employer-funded account designed to assist employees in paying for certain out-of-pocket medical expenses. Offering group health insurance is a great way to attract and retain talent, but administration can pose challenges, especially when qualified beneficiaries lose coverage. COBRA requires employers who sponsor group health plans to offer continuation coverage to employees, spouses and dependent children when group health coverage would otherwise be lost due to certain specific events. The qualified beneficiaries may have to pay for COBRA coverage themselves, though plan sponsors sometimes provide it at reduced or no cost. COBRA coverage allows qualified beneficiaries the right to maintain group health benefits when coverage would otherwise be lost due to a qualifying event.
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Your dedicated Client Manager can assist with all of your policy or billing questions, as well as explain benefit details, employee claim resolution, or correspondence from your insurance carrier. The Omega Commuter Choice accounts can help reduce employee’s work-related transportation expenses by allowing them to use pre-tax dollars for eligible parking and mass transit expenses. But for that to happen, benefits administration has to be easy and engaging, both for employees and HR practitioners. This article provides general information and should not be construed as legal, HR, financial, insurance, tax or accounting advice.
Are there any COBRA compliance considerations with plan administration?
Our all-in-one PEO solution doesn’t just handle benefits administration tasks for you, it also covers plan design, carrier relations, open enrollment and even employee communications. Everything is personalized to the unique needs of your workforce. COBRA provides a temporary extension of employer-sponsored group health coverage for employees and their family members (qualified beneficiaries) in certain situations when a qualified event causes loss of coverage.
What are ERISA requirements?
You can count us to provide end-to-end support, from sales and implementation through renewal. Benefits tend to fall into two categories – traditional and unique. Examples of traditional benefits include health and dental care, life insurance and retirement savings plans. Unique benefits, on the other hand, consist of education assistance, paid parental leave, telecommuting and more. Employers who succeed in keeping their employees engaged often find the right mix of both types of benefits. Employers have several resources to help guide them through COBRA compliance.
Focus on Employee Engagement
Omega’s HRA solution is a breeze for employers and participants alike. Our easy-to-use technology platform coupled with first rate participant education & enrollment support services makes Omega an industry leader in the administration of HRA programs. Omega Benefit Strategies delivers an FSA program that helps employees maximize their tax savings, all while reducing out of pocket medical expenses. Our FSA integrates enrollment, plan contributions and claims, all backed by world class customer service & support.
COBRA administration
Ensure you aren’t discriminating in favor of highly compensated or key employees by performing non-discrimination testing at least twice per plan year. Our simple, three-step solution will keep your health plans compliant and give you peace of mind. Lean on our direct bill solution to manage premium payments for individuals in your retiree population or those who are furloughed or on leave of absence. And if they have questions, our service experts will have the answers. From plan selection and enrollment to helping you manage the intricacies of your policy; you need an agent that can guide and assist you year-round.
From a day-to-day activity perspective, our benefits team especially has seen a big change in the types of questions they’re now being asked. It should be used as a starting point in analyzing COBRA administration and is not a comprehensive resource of requirements. It offers practical information concerning the subject matter, which is provided with the understanding that ADP is not rendering legal or tax advice or any other professional services.