Marketplace
COBRA
Managing COBRA services can be as cumbersome as it is complex. ThrivePass utilizes a HIPAA-compliant platform handling every facet of your COBRA administration. We handle the entire process from start to finish, while allowing you to be as hands-on or hands-off as you want to be.
SUMMARY OF ADMINISTRATION SERVICES
• Start off on the right foot: ThrivePass will run full carrier and client audits upon takeover to ensure no existing issues carry forward to your new administration.
• COBRA Decision Support: Our exclusive technology allows Qualified Beneficiaries the opportunity to directly compare their COBRA plan with multiple Marketplace options side-by-side within a single, integrated portal. This optional service provides a personalized recommendation to the benefit plan that will best suit an individual’s needs with support to navigate and enroll, while also significantly reducing plan costs as there is almost immediate ROI for most clients.
• Customize your communications: There are no cookie cutter templates here. ThrivePass works with you to craft personalized and tailored takeover communications.
• Flexible Offering: From custom letters and notifications to specialized reporting, ThrivePass is flexible in creating an administration structure that meets your needs.
OVERVIEW
QUALIFYING EVENT NOTIFICATION
Clients will notify ThrivePass by submitting qualifying event information directly into our portal or providing us with an electronic file. Within 48 hours of receipt, ThrivePass generates a COBRA Notice that explains the former participant's continuation rights and includes a personalized Continuation Election Form showing the available continuation options and monthly costs. The Notice and Election Form are mailed by first class mail.
COBRA Decision Enablement
COBRA Decision Enablement *Optional Service
COBRA is costly both for employer groups and participants with the average COBRA participant costing an Employer's Plan an average of $10,000 annually. Furthermore, individual COBRA premiums are typically 27% higher than those available to Qualified Beneficiaries (QBs) through federal and state Marketplaces. To help address these high costs, ThrivePass developed the industry’s only Decision Enablement tool that is seamlessly integrated with our COBRA offering. This solution empowers former employees to find the best option to continue their medical coverage, saving both them and the organization money.
SUMMARY OF ADMINISTRATION SERVICES
• Collect: ThrivePass collects healthcare utilization, risk tolerance and other personal preference data from the QB.
• Analyze: Our algorithm runs the data collected against the COBRA option and the medical plans available through the Marketplace. The system accounts for salary-based subsidies and progress towards deductible/out-of-pocket maximums to provide the most customized and personalized recommendations.
• Compare: The system will recommend a plan for the QB and allow them to compare it with their COBRA option and other Marketplace offerings side-by-side within a single, integrated platform.
OVERVIEW
Traditionally, QBs have seen COBRA as the only option to continue their medical coverage once they leave their employer. There are hundreds of plans available through the Marketplace that are often a better fit for their individual needs. During the COBRA enrollment process, ThrivePass not only gives QBs access to additional COBRA alternative options but goes a step further and recommends a plan match based on their specific circumstances and individual needs.
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