COBRA Administration
COBRA is a federal law that directs the continuation of certain employee benefit plans if employee coverage ends. Employer must comply with COBRA laws if they maintain a group health insurance plan and have 20+ full- Or part-time employees during 50% of the business days in the calendar year.
COBRA administration can be a tedious and complex task for employers. It remains one of the biggest threats of lawsuit to employers when COBRA regulations are not followed. If administered improperly, employers are faced with the liability for claims payments and other damages.
AxisPointe, Inc. minimizes the liability by offering our large group clients COBRA administration either in the form of “Do it Yourself” software or the option to completely outsource the liability to a third party administrator. Either way, AxisPointe includes this service at No Additional Cost.
Functions of the COBRA software include but are not limited to:
- COBRA deadlines are automatically calculated and tracked.
- Reports will be automatically generated to notify you of key deadlines.
- Audit trail is system-generated for notices and transmittal letters.
- Social Security disability and second qualifying events functionality.
- Premium tracking is easy for "regular" and "pro-rated" premiums.
Functions of Third Party Administration include but are not limited to:
- Outsourcing provides an organization with access to industry experts, top-level technology platforms and streamlined processes that can reduce costs.
- It also frees up time internally for organizations to focus on more strategic initiatives.
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