Voluntary group benefit plans are among the most popular of all employee benefit programs today. For most any business, difficult choices must be made when it comes to funding and maintaining employee benefit plans on behalf of employees. The budget is strained due to rising costs of all employee benefits. However, most business owner's feel the need to provide extensive coverage's for valuable employees.
Voluntary group befits are an increasingly popular solution for both the large and small business. Voluntary group benefits offer flexibility and are cost effective. For just a few dollars per week, employees can obtain Life insurance, short term disability income protection and/or long term disability income protection. Benefit plans are made available to employees, at no cost the the employer, on a convenient payroll deduction basis.
Make voluntary benefits part of your employee benefit program today.
For more information, call or email us.
The consolidated Omnibus Reconcilliation Act of 1985 (COBRA), enacted into law in April of 1986, generally provides that employers who sponsor group health plans must permit covered individuals who lose coverage under the plan as a result of certain events to elect to continue their coverage under the plan for a prescribed period of time on a self-pay basis. Individuals who are entilted to COBRA continuation coverage are known as "qualified beneficiaries".
COBRA regulations contain two separate notice requirements. The "group health plan" is required to provide written notice of COBRA rights to each covered employee and his or her spouse, if any, when coverage first commences. Because the term "group health plan" is not defined for purposes of COBRA's notice provision, the duty of initial notification falls on the "parties to a plan", which includes the employer.
COBRA provides that the plan administer must furnish a second notice of COBRA rights to qualified beneficiaries at the time a qualifing event occurs which will result in a loss of coverage. This notice must be provided within 30 days of the employer's (plus up to an additional 14 days if there is a third party administrator) becoming aware of the occurance of a qualifying event.
The length of COBRA continuation coverage a qualified beneficiary is eligible for depends on the qualifying event which has occurred, but ranges from 18 to 36 months.
Failure to provide either notification or failure to adhere to the COBRA regulations can result in severe penalties and possible litigation.
Why not let a third-party administrator take this responsibility off your plate.
Beacon Integrated Resources, LLC offers professional, third-party COBRA administration services to qualified clients at no cost to employers. Plese contact to see if your group is eligible for this value added service.