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Many employers regularly perform voluntary plan audits that can uncover errors. However, you can spot errors without a third-party audit. Below are some of the most common employee benefits and retirement plan mistakes.
When an employee is terminated from employment and loses group health plan coverage (subject to Consolidated Omnibus Budget Reconciliation Act (COBRA)), plan administrators should ensure that all qualified beneficiaries are sent, in a timely fashion, COBRA election notices. Plan administrators are not required to ensure actual receipt of the COBRA election notice, but a good-faith […]
Yesterday’s Leadership Daily Advisor explored how organizations are focusing on specific audits and design reviews to better pursue health plan accuracy and cost-effectiveness. Today we take a look at how compliance audits and performance guarantees may soon take center stage as well.
By Gwen Cofield Employers and plan administrators should ensure that adequate procedures are in place so that Consolidated Omnibus Budget Reconciliation Act (COBRA) election notices are sent on a timely basis to qualified beneficiaries. If a third-party administrator (TPA) is used to provide COBRA coverage, an employer’s or plan administrator’s responsibility does not end after […]
Industry experts are saying health reform is helping promote the self-funding of health benefits, particularly among smaller employers, which can allow employers to get more of a say over benefits design and payment and help avoid a few reform obligations. Large insurers are, accordingly, betting on self-funding and seeing opportunity in administrative services only (ASO) […]