Tuesday, May 21, 2013

U. S. Department of Labor Updates Model COBRA Notice

Effective January 1, 2014, the Health Insurance Exchanges will provide another option to COBRA “qualified beneficiaries” who are considering whether to elect to continue health coverage under an employer’s group plan. The U.S. Department of Labor has revised its model COBRA election Notice to refer specifically to the availability of the Exchanges. The updated notice also includes other revisions related to health care reform, allowing participants to see what their premium, deductibles and out-of-pocket costs will be before they make a decision to enroll. Participants may also be eligible for a new kind of tax credit that lowers premiums.

Open enrollment for Health Insurance coverage through the Marketplace begins October 1, 2013. At this time, Senn Dunn Insurance is working to create a formal process of procedure to assist employers with the completion of the election form and to aid in the distribution of the appropriate materials at the time of open enrollment through the exchange. Once a formal process has been established, you will receive further communication in regards to the updated model COBRA notice from your dedicated employee benefits team.

Please click here to view the updated Model COBRA Notices

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