Marketplace
COBRA Administration
Save time and money, and reduce your exposure. BPC provides a comprehensive COBRA Administration service that includes dedicated customer service representatives knowledgeable in COBRA legislation, monitoring deadlines, meeting COBRA compliance regulations and thorough documentation of COBRA notices. BPC is committed to helping Employers simplify benefits administration.
We do it all for you. As your COBRA Administrator BPC provides:
• Dedicated phone line for COBRA participants and Employer contacts
• Secure website and document uploads
• Initial COBRA Rights Notice for newly covered employees
• COBRA election form to Qualified Beneficiaries
• Documented Notices sent First-Class mail
• Monitoring of election time period
• Confirmation of COBRA election, preparation of payment coupons to COBRA participant
• Monitoring of timely payments, weekly reconciliation of payments and transmittals
• Termination of coverage letter to participant
• HIPAA Certification of Creditable Coverage issued upon termination of COBRA for COBRA coverage period
• Ability to elect COBRA online and make payments online
• Rate change communication to COBRA participants
• Transmit carrier reinstatement and termination notices
Flexible Spending Account Administration
BPC knows that the foundation of any company's success starts with health and financially secure employees. Pre-tax benefits help employer and employees reduce payroll taxes and stretch their dollars further while working towards wellness and financial goals. BPC's certified team members help design benefit plans that meet the needs of companies and their employees.
Flexible Spending Account
Health Flexible Spending Accounts (FSA) use pre-taxed dollars to pay for qualified medical expenses such as co-pays, dental and vision care, and prescriptions. This added benefit increases purchasing power and reduces payroll taxes for both employers and employees. Health FSAs can be used as a stand alone benefit or coupled with your company's existing medical insurance plan.
Limited Flexible Spending Account
A Limited Flexible Spending Account (LFSA) can help HSA participants maximize their savings! A Limited Flex can be used for qualified dental and vision expenses.
Dependent Care Flexible Spending Account
Dependent Care Flexible Spending Accounts (DCA) use pre-taxed dollars to help participants save on qualified dependent care including child care, summer and day camps and care for dependent loved ones who are unable to care for themselves and who live with the participant. This added benefit helps participants stretch their dependent care dollars farther and reduces payroll taxes for both employers and employees.
Health Reimbursement Arrangements (HRAs)
Health Reimbursement Arrangements (HRAs) are defined contribution arrangements that when coupled with a group health plan can provide employers significant savings on health care costs and reduce health care premiums. An HRA is an employer owned and funded vehicle that allows employers to set aside tax-free money for employees to use for health care expenses.
BPC’s HRA Administration Services include designing an HRA plan that meets an organization's goals and IRS guidelines, working with the health insurance agent and provider of our clients’ choice, preparing plan documents, Summary Plan Descriptions, enrollment and claim forms, and administering the day-to-day operations of the plan.
HRAs Provide Employers with Savings and Flexibility
• Reimburse as you go! No pre-funding required
• Rolling funds over year-to-year is optional
• 24 /7 online account access
• BPC claims processing technology gives employers options: datafeed, mail, fax, web and mobile app
As your HRA administrator BPC will:
• Design an HRA plan that meets your organization's goals and IRS guidelines
• Work with the health insurance agent and provider of your choice
• Prepare the HRA plan document and Summary Plan Description, enrollment and claim forms
• Process claims and administer the day-to-day operations of your HRA
Health Savings Account (HSA)
A Health Savings Account (HSA) is an individually-owned and managed account that allows participants with Qualified High Deductible Health Plan (QHDHP) to pay for qualified medical, dental, vision, prescription, and deductible expenses with tax-free money.
BPC’s HSA Administration Services include designing a plan that meets the organization's goals and IRS guidelines, working with health insurance agents and providers of the client’s choice, preparing HSA plan documents, Summary Plan Descriptions, enrollment and claim forms, and administering the day-to-day operations of your HSA.
The HSA Triple Tax Advantage
• Pre-tax contributions decrease taxable income meaning more money in your pocket.
• Investment accounts earn tax-free interest meaning more money for the future.
• Paying for eligible expenses with tax-free money increase purchasing power.
ERISA Compliance: Wrap Plans and 5500 Filings
BPC will help your business stay compliant with government rules and regulations. One intent of the Employee Retirement Income Security Act (ERISA) is to ensure that employee health and welfare plans document the parameters and eligibility requirements for participation in the plan. A Wrap Plan is a single welfare benefit plan that can bundle some or all of your various health and welfare benefit plans into a single plan. It can benefit employers who need a Document and Summary Plan Description (SPD) to serve as an umbrella covering filing in vital ERISA components to any exiting plans or policies. This can also help employers who want to save time and money by considering annual Form 5500 filing requirements.
BPC Can Help
• We will help determine whether your plans are subject to ERISA
• We will evaluate existing plan documents for compliance with current ERISA standards
• We will prepare a Wrap Plan (if required)
• We will file Form 5500 for you each year, including the Summary Annual Report (SAR)
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