TMCnet News
Benefit Software Inc. Helps Companies Meet Growing Challenge of Managing COBRA ClaimsSanta Barbara, CA, Mar 25, 2009 (PRWeb.com via COMTEX) -- The current economic climate and recent changes to COBRA regulations have combined to increase workforce management challenges for many companies. Benefit Software Inc., (http://www.bsiweb.com), a leading Software as a Service (SaaS) provider of online employee benefits enrollment and communication solutions, eases the administrative burden with a feature in Fringe Facts(R) Online that interfaces with COBRA administrators and issues timely reports on status changes that will trigger employee eligibility. For companies across the country, day-to-day workforce management issues are compounded by the fact that the economy is shedding approximately 600,000 jobs a month and that the unemployment rate is expected to edge into double-digit territory by year's end. Under the recently passed American Recovery and Reinvestment Act (ARRA), employees that elect COBRA coverage will receive a 65 percent subsidy on their premiums for up to nine months. The subsidy is good news for the recently unemployed as it is available to individuals who lost their jobs beginning September 1, 2008, and extends through the end of 2009. For employers, it means not only tracking status changes, but also ensuring timely eligibility reporting since individuals have 60 days after being laid off to enroll in COBRA--and the new rules gives those who missed the first deadline a second chance to enroll. "In addition to using Fringe Facts Online for our benefits enrollment, we were able to create a custom report for internal HRIS processing that is automatically sent to our COBRA administrator so that they can notify eligible recipients with the required paperwork," says Brad Hamilton, Assistant Vice President and Benefit Manager, Janney Montgomery Scott (Philadelphia). "Fringe Facts Online is really a total benefits enrollment solution that combines self-service features with robust administrative functionality that can be customized to not only handle COBRA, but also a range of needs--from implementing rules to trigger Evidence of Insurability (EOI) forms, to handling calculations for life insurance values, to making options for pocket health plans available." "The mantra to do more with less is resonating even louder today as organizations grapple with a host of workforce challenges brought on by the shifting economic landscape," says William Smith, Vice President of Sales at Benefit Software Inc. "Forward-thinking organizations such as Janney Montgomery Scott are realizing enhanced value as a result of investing in solutions that provide flexibility and customization to address their unique business needs. While business needs can change rapidly, our goal is to provide employers with reliable and flexible solutions that can help them reduce administrative overhead so that they can focus on their strategic human capital objectives." About Benefit Software Inc. Benefit Software Inc. (BSI) is a leading Software as a Service (SaaS) provider of highly effective employee benefits enrollment and communication solutions. In addition to developing and hosting Fringe Facts Online, a leading Best-of-Breed online enrollment service, the company designs, develops, and sells PC software applications that allow organizations to internally develop employee Total Rewards, Total Compensation, or Benefit Statements. BSI also offers printed Total Rewards, Total Compensation, or Benefit Statement services through its Professional Services division. The dedicated staff at BSI have backgrounds in human resources, employee benefits, insurance, finance, program development, software support, and training. Incorporated in 1978, the company has helped more than 5,000 customers find solutions to their employee benefits communication problems. The company continues to develop new benefits communication solutions for employers and insurance professionals. For more information, visit http://www.bsiweb.com. # # # Read the full story at http://www.prweb.com/releases/2009/03/prweb2261514.htm. PRWeb.com |