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Avoiding COBRA’s Bite: Three Keys to Compliance

Effectively and efficiently managing an organization’s COBRA program is a significant challenge for employers today because of regulatory complexities, legal issues and the risk of financial penalties for noncompliance. Multiple entities are involved in COBRA oversight, and regulations are updated or new rulings issued frequently, creating difficulties in tracking changes and with ensuring compliance. But consequences for non-compliance are costly. IRS penalties alone can include fines of $100 in excise tax per qualified beneficiary, per day, with a $200 per-family maximum. To protect their organizations from fines and ensure compliance with all regulations, employers need to ensure that they understand the law, work to avoid common, yet costly, COBRA mistakes and ensure that the benefit administration process is backed up with performance standards and guarantees. Such standards will protect employers from noncompliance risks, simplify administration and enable human resources professionals to focus their resources on meeting the company’s business objectives.