Short-Term Disability + COBRA
When it comes healthcare, there are three popular employer-sponsored benefit accounts: Flexible Spending Account (FSA), Health Savings Account (HSA), and Health Reimbursement Arrangement (HRA). At first glance, when comparing an FSA vs HSA, FSA vs HRA, or HRA vs HSA, it can feel a little daunting. Each account has some overlapping similarities, but each is remarkably different.
What are Short-Term Disability Benefits?
When an employee is suddenly injured off the job or faces an unexpected illness, they want to know they have income to pay bills and cover living expenses while they recover. If a short-term disability (STD) plan is in place, Benveo can help administer this benefit.
STD is a financial benefit that pays a percentage of an employee’s salary for a specific amount of time when they are ill or injured and cannot work. Generally, STD pays 40 to 60 percent of the employee’s weekly income. Coverage usually starts from one to 14 days after an employee is injured or becomes ill. The duration of coverage may vary based on eligibility.
Benveo can help administer an STD benefit plan by providing employers with either full administration assistance or by augmenting an employer’s administration of the benefit through Benveo’s "Advice to Pay" service.
With full administration, Benveo will adhere to the STD benefit guidelines when reviewing physician documentation, track STD time, and issue the STD benefit payment.
"Advice to Pay"
With "Advice to Pay", Benveo will adhere to the STD benefit guidelines when reviewing physician documentation and advise the employer to make the STD benefit payment allowing the employer the flexibility of control.
The Complete COBRA Administration Solution
Reduce employer liability and the administrative burden of managing COBRA in-house with Benveo's COBRA solution.
The federal Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers to extend group health benefits to employees and their families who lose benefits due to certain qualifying events. Employers required to comply can save time, money, and reduce liability by choosing Benveo COBRA services.
Benveo offers a secure, web-based COBRA management platform that makes it very easy to: Add new employees and "Qualified Beneficiaries"
Run a wide range of reports
View the "Qualified Beneficiary" ledger
View all available data-related options
Our web-based COBRA administration technology eliminates paperwork and time-consuming mail or fax transmissions. Employers simply log in and add employees and "Qualified Beneficiaries" with simple, easy to use tools. Entering the required data is faster than filling out forms and sending them to Benveo. Phone calls you once made to relay changes or obtain status have been replaced by a fast, easy login and online data look-up.
Employers have direct access to a dedicated COBRA specialist to provide assistance with COBRA services and compliance questions.
Download Our Info about COBRA-