by daziumdesign@gmail.com | Sep 15, 2021
The week following month-end, NueSynergy will mail a COBRA Participant Report to each client. The report lists all participants and check amounts received for the previous 30 days. Additionally, clients receive a check issued by NueSynergy for the collective amount of all COBRA payments received the prior month. Payments may reflect coverage for three to four months back, due to variances in election period and payment schedules.
by daziumdesign@gmail.com | Sep 15, 2021
COBRA, which stands for “Consolidated Omnibus Budget Reconciliation Act,” is a federal law that requires group health plans to provide a temporary continuation of group health coverage that otherwise might be terminated due to certain specific “qualifying events.”
COBRA requires continuation coverage to be offered to covered employees, their spouses, former spouses, and dependent children when group health coverage would otherwise be lost COBRA is often more expensive than the amount that active employees are required to pay for group health coverage since the employer usually pays part of the cost of employees’ coverage and all of that cost can be charged to individuals receiving continuation coverage.
by daziumdesign@gmail.com | Sep 15, 2021
Form 1099-SA notifies the IRS of distributions made from your HSA during the tax year. Form 5498-SA notifies the IRS of contributions made to your HSA during the tax year. These forms will be available electronically for your NueSynergy HSA and can be found online under “Tax Forms” within the “My HSA” section.
by daziumdesign@gmail.com | Sep 15, 2021
Once the Request for Termination is received by NueSynergy, election forms are mailed to the participant within one to two business days. COBRA law allows 14 days for a COBRA administrator to provide the election forms, but our internal process allows for a much quicker turnaround.
by daziumdesign@gmail.com | Sep 15, 2021
As soon as full payment is received, NueSynergy will alert the employer so that coverage can be reinstated. From the point of reinstatement it could take the carrier up to seven to 10 days before coverage is actually activated in the system.
