by daziumdesign@gmail.com | Sep 15, 2021
The law generally applies to all group health plans maintained by private-sector employers with 20 or more employees, or by state or local governments. The law does not apply to plans sponsored by the Federal Government or by churches and certain church-related organizations.
In addition, many states have “state continuation” laws similar to COBRA, including those that apply to health insurers of employers with less than 20 employees (sometimes called mini-COBRA). Check with your state insurance commissioner’s office to see if such coverage is available to you.
by daziumdesign@gmail.com | Sep 15, 2021
A short pay notice is mailed to the COBRA participant. The notice informs the participant that they have until the end of their 45-day (initial payment) or 30-day (consecutive payment) window to make full payment. If full payment is not received by the deadline, the payment will be returned to the participant and steps will be taken to terminate coverage.
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.
