Discover the advantages of outsourcing COBRA administration. From saving time and money to ensuring compliance and providing better customer service, learn how BAS can enhance your benefits program.
COBRA (the Consolidated Omnibus Budget Reconciliation Act) is a federal law enabling employees facing job loss or reduced hours to maintain their health insurance coverage temporarily, at their own expense. The intricate nature of COBRA administration often leads businesses to outsource this process to third-party providers. In this article, we'll delve into the benefits of delegating COBRA administration and how it can optimize your business operations.
Time Efficiency Through Outsourcing
When you outsource COBRA administration, you entrust experts well-versed in managing COBRA compliance. This spares you from investing time in training staff on COBRA intricacies and keeping up with evolving regulations. Your HR team can concentrate on vital responsibilities like recruitment and onboarding.
Cost Savings with Third-Party Expertise
COBRA administration necessitates substantial resources, from printing and mailing notifications to maintaining precise records. Outsourcing introduces economies of scale, lowering overall COBRA administration costs. Third-party administrators handle the entire process, from notification to premium collection, at a more economical rate than in-house management.
Mitigate Penalties and Legal Risks
Stringent COBRA regulations mean non-compliance can result in severe penalties and legal entanglements. Outsourcing ensures compliance, minimizing the risk of costly penalties or legal actions.
Enhanced Customer Service
Third-party COBRA administrators specialize in addressing compliance concerns, offering prompt and accurate responses to employee inquiries. This boosts employee confidence in their coverage, preventing misunderstandings and conflicts.
Access to Advanced Technology
Outsourcing provides access to cutting-edge technology such as online enrollment platforms and automated billing/reporting systems. These tools streamline the COBRA process and minimize errors. Comprehensive reporting capabilities empower informed decision-making for benefits offerings.
Choosing the Right Partner
Selecting a reputable third-party COBRA administrator is vital. Opt for providers known for compliance, customer service, and a comprehensive understanding of COBRA administration.
Unlock the Benefits of Outsourcing with BAS’ Cobra Control Services
Outsourcing COBRA administration offers a multitude of benefits, including efficiency gains, cost savings, compliance assurance, elevated customer service, and technological advancements. Simplify your benefits program and allocate resources to strategic growth initiatives by partnering with a reliable COBRA administrator.
For comprehensive COBRA solutions like BAS’ Cobra Control Services, contact your account manager or solutions@basusa.com. Experience streamlined benefits administration that empowers your business to thrive.
Benefit Allocation Systems (BAS) provides best-in class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
