COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law requiring employers averaging 20 or more employees during the preceding year to offer terminating employees, their spouses, former spouses, and dependent children continuation coverage under an employer-sponsored health plan at their own expense for a limited time when such coverage would otherwise be lost due to a qualifying event such as termination, reduction in hours, or divorce.
Offering a COBRA solution with HSA Bank can help make benefits administration easier for employers by offering:
Access to our COBRA Member Portal – providing consumers with important information they will need to know about their account
Convenient 24/7 Service – through our COBRA member portal, mobile application, integrated payment options, and customer call center.
A Full Mobile Experience – that will allow a member to elect coverage, pay premiums, monitor payment history, and contact member services.
Automatic Notification Options – for email and standard mail.
Qualifying events include termination, reduction in hours (under certain circumstances), and certain other events. For more information, please visit the United States Department of Labor at DOL.gov.