Cobra and the Affordable Care Act
Employers must still offer COBRA coverage after the implementation of the Affordable Care Act on January 1, 2014. COBRA coverage may be elected if someone wants to continue their employer plan to avoid gaps in coverage or to keep benefits like dental, EAP, medical FSA, or vision that may not be offered on the Health Insurance Marketplaces. While employer plans offer benefits like familiar doctors and hospitals, the Health Insurance Marketplaces offer premium tax credits not available through employer plans. Employers need to modify COBRA election notices to include ACA language but certificates of creditable coverage are no longer required after 2014. Coordination and communication with employees is important regarding ongoing COBRA requirements and new Health Insurance Market
Cobra and the Affordable Care Act
- 1. Ā©June 17, 2013 by BCL Systems, Inc. Do I have to offer COBRA coverage after the Affordable Care Act is implemented?
- 2. Employers must still offer COBRA coverage
- 3. Why would someone elect COBRA? The Health Insurance Marketplaces will be available after January 1, 2014. . .
- 4. Timing Length of Enrollment Process May leave a gap in coverage
- 5. Benefits Dental EAP Medical FSA Vision HRA Deductibles & Co-Pays Employer Plan vs. Health Insurance Marketplace
- 6. Health Insurance M arketplace Employer Health Plan Premium Tax Credit No Premium Tax Credit Price
- 7. Will my doctor or hospital accept a new insurance plan?
- 8. Familiar with Employer Health Plan Unsure about Health Insurance Marketplace Plans
- 9. All COBRA Notices and Regulations still apply after January 1, 2014 ACA Enrollments Do employers need to change anything?
- 10. Modify COBRA Election Notice to include ACA Model Language Certificate of Creditable Coverage no longer required after 12/31/2014
- 11. Coordination with Health Insurance Marketplace Additional Reporting Requirements
- 12. Communicate...Communicate...Communicate! To Avoid Possible Misunderstandings