This article is the first of our “TPA Trends” series, where we take a look at popular or rising trends in benefits and outline how TPAs can take advantage of these trends to win more market share.
Read on for what third party administrators can do this year to stay ahead.
- Automation and Technology
- Compliance and Employee Education
- Optimizing with Integrations
Read on to learn more about these trends and how you can stay one step ahead.
Trend 1: COBRA Administration Automation and Technology
One of the key trends in COBRA administration is the increasing use of automation and technology to streamline the process. Many companies are now using specialized software and online platforms to manage their COBRA compliance and make it easier for employees to enroll in and manage their benefits. This can help to reduce the workload and administrative burden for TPAs and HR departments and can make the process more efficient and user-friendly for employees.
Trend 2: Compliance and Employee Education for COBRA Benefits
Finally, there is a growing emphasis on compliance and employee education in the field of COBRA administration. As the rules and regulations governing COBRA continue to evolve, it is becoming increasingly important for companies to ensure that they are in compliance and that their employees are aware of their rights and responsibilities under the law. Many companies are now providing training and support to their employees to help them understand their COBRA benefits and how to make the most of them. Companies expect that when they outsource the management of their COBRA benefits to experienced and specialized firms, they’ll have the expertise needed to ensure compliance with the complex rules and regulations governing COBRA. They have come to expect a range of services, including enrollment, billing, and claims processing, as well as employee education and support. Further, they expect the process to be streamlined for their employees, meaning accurate and timely notices, enrollment, and more.
Employers often make errors with COBRA administration (like these common pitfalls from the Society of Human Resource Management). This gives highly consultative TPAs an opportunity to really shine when the details are handled accurately.
Trend 3: Optimizing with Integrations for Streamlined COBRA Administration
As a third party administrator who administers COBRA, you can streamline the data collection, invoicing, payments, and reconciliation process with Employer Invoicing from TPA Stream. Our product was purpose-built for TPAs who specialize in COBRA administration. The product supports NPM, QB, General Rights Notices, Specific Rights Notices, Enrollment Packets, Past Due Notices, and employer-reported employee counts.
Conclusion
With the right tools to suit these trends, TPAs can maximize the efficiency and effectiveness of COBRA administration. It’s now easier for companies and their employees to manage their benefits and ensure compliance with the law.