COBRA Archives - Page 8 of 8

ICYMI: NueSynergy announces partnership with Employee Navigator

by daziumdesign@gmail.com | Mar 27, 2018

As an innovative leader for over two decades in providing full-service administration of consumer-driven and traditional account-based plans, we’re always looking for new ways at NueSynergy to raise the bar in benefit value and overall experience for our clients and employer partners.

As part of these efforts, we’ve recently partnered with Employee Navigator, one of the fastest growing SaaS-based benefits and HR platforms in the United States.

Through this partnership, we will streamline the process of providing clients an array of capabilities ranging from consolidated billing services to traditional benefits administration and online enrollment. Employee Navigator is the preferred software provider for more than 18,000 companies and 2 million employees nationwide.

Below you will find a list of our products currently integrated with Employee Navigator and how they can benefit you and your company:

FSA, HRA, HSA ACCOUNTS

– Single system of record for all tax favored accounts
– Carrier integration for enhanced claim filing and substantiation
– Smart, intuitive debit card takes the effort out of managing funds
– True mobile app with AI feature
– Educational campaigns helping employees get the most of their benefits
– Dedicated account manager for each group

COBRA
– Custom Qualifying Event notice sent to employees, spouses and dependents informing them of ability to elect
– COBRA continuation of coverage
– Dedicated COBRA account manager
– COBRA premium payment management
– COBRA audit support

DIRECT BILL
– Invoice, collect and simplify paperwork associated with Leave of Absence (LOA), Family Medical Leave Act (FMLA), Retiree Billing and other billing needs
– Flexible, non-COBRA employer-directed premium billing and collection processing
– Improved employer cash flow through increased accuracy, timely billing and access to back-up documentation

CONSOLIDATED BILLING
– Receive initial and ongoing group enrollment information via Employee Navigator
– Pull monthly statements from each carrier once authorized by employer
– Audit carrier bills against our system of record for accuracy
– Single bill for all carriers with detailed report on enrollees, elections and premium amounts
– Remit payment in the amount due to each carrier
– Initiate one ACH debit for total amount due to all carriers

Employer Mandate Penalties Increase for 2016

by daziumdesign@gmail.com | Nov 6, 2016

As most employers know by now, companies with 50 or more full-time equivalent employees are required to offer affordable health coverage that provides minimum value to their full-time employees starting in 2015 or face a significant penalty. Those that don’t offer coverage to at least 95% of their full-timers pay an “across-the-board” penalty of $2,000 per full-time employee with the first 30 excluded. Those that do offer coverage pay a $3,000 on each full-time employee that actually receives a tax credit.

What employers may not know, though, is that the penalty amounts are adjusted annually for inflation. In 2016, the across-the-board penalty increases from $2,000 to $2,160 per year while the per-employee penalty increases from $3,000 to $3,240.

The Kaiser Family Foundation has created a great flowchart to illustrate how the penalties work.

What happens to your HSA after employment ends?

by daziumdesign@gmail.com | Oct 26, 2016

This article provides an overview of the impact to your Health Savings Account “HSA” upon termination of employment. It is not a comprehensive reference and should be reviewed in conjunction with your employer’s benefit materials and plan documents. In the event of any conflict between the official benefit plan documents, benefit contracts, and this document, official information will govern. Benefit terms and conditions are subject to change.

Since your HSA is owned by you and not your employer, your HSA remains available to you even after termination. This means that you can continue to use your HSA for qualified expenses even after your termination. Your ability to continue contributing to your HSA will be dependent on whether you choose to enroll in an HSA qualified health insurance plan either through your new employer or through an individual policy.

Termination of Employment

Upon termination of employment your HSA will be separated from your employer’s sponsored HSA plan. This will require you to create a new online username and password.
All future salary redirections will end.
Future contributions can be made to your HSA outside of payroll by selecting the “Fund My HSA” option which allows you to transfer funds from your personal bank account into the HSA. These contributions are also tax deductible.
Any admin fees previously covered by your employer will be withdrawn directly from your HSA the 1st of each month.
Your current NueSynergy HSA debit card will be turned off and a new one will automatically be issued to you at the physical address associated with your account.
Please be sure to update the contact information associated with your account. Often times during open enrollment work email and phone are provided as a preferred method of contact.
The account and routing number associated with your HSA will remain the same. If you have any questions please do not hesitate to contact your NueSynergy support team at 855-890-7239.

ICYMI: NueSynergy announces partnership with Employee Navigator

Employer Mandate Penalties Increase for 2016

What happens to your HSA after employment ends?

Understanding Special Enrollment Rights When Employees Lose Other Coverage