MyHRConcierge (MHRC) is rolling out COBRACompli, a monthly subscription service intended to make it affordable for business owners to effectively handle complex compliance and administration details required by federal COBRA laws.
Employers with 20 or more employees who offer healthcare benefits must follow COBRA requirements and can face significant consequences if they do not. As an example, if a qualified employee leaves the company, works fewer hours or experiences a qualifying event, COBRA requires the employer to provide the former employee and dependents with the opportunity to continue health benefits coverage for a designated time.
MyHRConcierge will host a webinar, “4 Common COBRA Pitfalls,” on Aug. 14 for business owners who want to address common hazards that can be a drain on their time, resources and profits.
“COBRA can squeeze the life out of SMBs (small-to-medium businesses) in two ways: The rules, calculations and administration are perplexing at best, and employers are on the hook financially if they get it wrong,” said Chris Cooley, co-founder of MHRC and SMB Benefits Advisors. “For example, an employer could face $57,600 (in fines) for non-compliance related to one former employee and their family. COBRACompli helps SMBs avoid costly COBRA mistakes that could tank their businesses.”