COBRA Administration Procedures Summary
Our company has established the following administrative procedures to maintain compliance with the Consolidated Omnibus Budget Reconciliation Act of 1985, commonly known as ”COBRA.“ These administrative procedures provide guidance in the every day administration of the law. With any unique situations, the administrator shall obtain legal support from an appropriate source.
All events will be reported to MWS via file feed. MWS then handles all required DOL mailings and support for qualifiers and dependents.
When there is a COBRA related member reinstatement, termination, or plan change, MWS reports that to the group/broker via email to process with carriers when changes are required.
MWS collects premiums due from Continuation participants and remits to the group on a monthly basis, by ACH or check.
No more setup forms! When the group or broker selects "MoneyWise Solutions" from the partner vendor list to connect in Employee Navigator, the portal will provide us with the necessary info to get a new client setup.
Automatic new hire and qualifying event reporting for DOL required notices to be mailed.
Streamlined open enrollment - because the Employee Navigator portal will give us access to plan info on file for groups, we should only need to contact the brokers to obtain SBCs.
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