Chances are you've heard the buzz about verbal COBRA notice rulings or verbal COBRA benefits elections. In recent years, there have been multiple lawsuits involving employers and employees who duke it out in the courtroom over "he said, she said" benefits problems and in most cases, the court rules in favor of the verbal notice.
Knowledge is power, and communication is key. Next month the health insurance marketplace will open for the 2019 special enrollment period, which encompasses potential benefit options for your plan participants.
Employer responsibilities regarding HSAs
Employers offering HSAs do have certain responsibilities for both active employees and post-employment plan participants. This could encompass eligible actives, retirees, leave of absence personnel and COBRA or state continuation participants.
What does non-compliance with C.O.B.R.A truly cost? Here's a breakdown:
A: There are several areas that COBRA penalties can be detrimental to employers from hefty IRS fines, to court (civil lawsuits) to muddied reputation. Here are a few examples of penalties for non-compliance:
Last year millennial's surpassed the baby boomers by becoming the country’s largest generation by population, only a year after they replaced Generation X as the largest generation in the U.S. workforce.
As we enter the Fourth Quarter a vast number of companies will be working with carriers and brokers to get their Annual Enrollment plans finalized before open enrollment. Before all that can happen however, employers must first assess their current benefit packages and partnerships that are in place to determine whether they will be staying with the status quo or shopping around.
Labor Day has come and passed, the community pool has closed for the year, kids are back in school and the leaves are starting to change as the weather cools down. That’s right folks, summer has officially come to an end.
Let’s face it, having a job is a necessity for most Americans. We often spend more waking hours throughout the week at work (or commuting to work) then not.
In this post we'll revisit the COBRA timeline that keeps your business on track and in compliance with COBRA guidelines, in addition to important notification regulations.
The COBRA timeline refers to the precise time and administration parameters required to send a notice, elect a type of coverage, pay for said coverage, and track COBRA eligibility one should utilize to abide by the proper guidelines.