Higginbotham performs a number of administrative functions for your employee benefits program through on-staff professionals. Because we provide these indispensable services in-house, you can save on vendor fees and reduce the time required to manage third party administrators—freeing you to focus on your core competencies.
If you employ more than 20 individuals during 50 percent of business days, then you are required to offer them COBRA coverage after a qualifying event that causes a loss of health coverage or change in the level of coverage provided. The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to continue the benefits provided by your group health plan for limited periods of time.
Because COBRA rules change frequently and regulations are time-sensitive, you face challenging administrative issues and noncompliance penalties. Outsourcing your administration to Higginbotham’s certified COBRA Administrators helps you:
- Reduce utilization and claims—we monitor compliance to ensure that only eligible participants remain on your plan.
- Reduce administrative costs—we consolidated functions on a Web-based system that produces and sends required notifications, collects premium payments and distributes them to providers, reports eligibility, changes and terminations to carriers and generates monthly eligibility and premium reports.
- Maximizes compliance and minimizes liability—we accept responsibility for all work performed on your behalf and indemnify you for all direct, monetary and compensatory damages if we fail to provide the agreed compliance services.
Form 5500 Preparation
Employers offering qualified benefit plans are required to file the Form 5500 every year. The data collected provides pertinent information to the Department of Labor for help in assessing employee benefit, tax and economic trends and policies. It also assures that benefit plan management meets prescribed standards. Correctly preparing and filing the Form 5500 requires dedicated time, labor and knowledge of applicable IRS and DOL requirements.
Using ERISA-approved software, we help you satisfy the electronic filing mandate for your Form 5500 with easy and accuracy. We gather the necessary information to prepare your signature-ready Form 5500 and associated schedules, electronically file them and draft the requisite Summary Annual Reports that must be distributed to plan participants.
Flexible Spending Accounts (FSA)
We guarantee timely administration of your Section 125 reimbursement plan with a 24- to 72-hour turnaround on claim checks via direct deposit and provide your employees with online access to their account balances through EzFlexPlan. Debit cards are also available to your employees for the electronic transfer of pre-tax dollars to pay for qualified health care and child care expenses.
Health Reimbursement Arrangements (HRA)
We manage reimbursement of claims within 48 hours of receipt with an Explanation of Benefits from your insurance carrier. Reimbursement options include direct deposit or payment to the health care provider, and employees have online access to their account information through EzFlexPlan.
- Verify elections
- View account balances
- Print blank claim forms
- Learn how to file claims
- Look up qualified expenses
- Find eligibility requirements
- Find change in status rules
- Calculate tax savings
- Learn about the plans