COBRA and I don’t mean the snake! More regulations!
The Department of Labor (DOL) has proposed new regulations that would revise the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requirements in an effort to increase visibility of the options available in the Health Insurance Marketplace.
While the proposed regulations will only become effective after a comment period and final review, the DOL has already released an amended Model General Notice and a revised Model Election Notice. The updated forms contain more information than the previous documents regarding the Health Insurance Marketplace including a statement that insurance coverage through the exchange may be less expensive than COBRA coverage and that COBRA-eligible individuals may qualify for a special enrollment period under the parameters of the exchange.
Contact your COBRA administers to assure your company is using the proper forms. If you are administering COBRA we recommend you download and start using the new forms.
If you are not sure about COBRA in general and need assistance, please contact us today! We are here to help.