COBRA Avoidance with BeneStream

As employees are offered COBRA, BeneStream helps them understand their options for low cost coverage via Medicaid or ACA plans. This eases the termination transition, and lowers company risk and cost.

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What is COBRA Avoidance with BeneStream?

Our COBRA avoidance program is for companies who are experiencing a reduction in force. We help their impacted employees get free or low-cost public health insurance as an alternative to the very costly COBRA.

How is COBRA Avoidance with BeneStream different?

What makes us unique is that we are extremely hands-on with the individuals with whom we work. We start by screening the impacted employees to see what programs they're eligible for. We then work with them as individuals to help them prepare for their enrollment. Every individual is going to need to have different sets of information to smoothly get through an enrollment for public health insurance. We help make sure that they know what those things are and that they have them in place before we start that application. We then go step-by-step with them through the enrollment process. We usually do this as a phone enrollment with a representative from BeneStream, the employee themselves, and a representative from their state of residence.

Who is a good fit for COBRA Avoidance with BeneStream?

Companies work with us for any one or any combination of the following three reasons. Groups work with us to help make post-termination health insurance free or affordable for the impacted employees. It's a way to do right by people who are now going through a difficult time. Also, this program helps protect your company's ability to attract, retain, and rehire employees in the future. Employees speak with each other and their broader community about their employment experience as well as their termination experience. This is a great way to foster a positive reputation. Finally, for many companies, COBRA enrollment comes with heavy risks and costs, because the individuals who are choosing to enroll into COBRA and absorb its heavy costs are doing so because they know that they have a chronic condition or an upcoming procedure, something that is going to result in high-cost claims, so the COBRA enrolled population tends to be a heavily adverse selected population, so any individuals who we can help onto a public plan as an alternative to COBRA is going to bring down costs and risks for the company.

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Duration: 02:28

Posted: Friday, July 5, 2024