Does Your Company Have A $24,000 Health Insurance Overpayment Lurking?
One employer discovered a past COBRA participant had inadvertently been left on the carrier bill for a full year. Another found a former participant who had been left on the carrier invoice for two years. In the worst scenario, the overpayment spanned 2 1/2 years and added up to an insurance premium overpayment of $24,000.
These COBRA overpayment scenarios are more common than you think. If you haven't audited your COBRA documentation against your group health insurance carrier invoices lately, you should. Now is a crucial time to take a closer look, since your new plan year just began.
Did you know the look-back period for correcting invoice mistakes is just 60-days long? If you wait longer than 60 days to notify a health carrier of an error, the company does not have to credit your account - unless you have solid COBRA documentation proving that the carrier was advised to remove the participant from your plan.
Fortunately, you don't have to repeat these companies' COBRA mistakes. Your COBRA solution is just a click away. Our free COBRA overpayment report teaches your HR team how to ...
Reconcile COBRA participants regularly
Be particularly vigilant during HR turnover
Avoid expensive COBRA mistakes
And for even more COBRA solutions, make sure to check out our all-new COBRASchool webinars - featuring COBRA training for HR professionals - free for a limited time!