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Exec-U-Care coverage does fall under COBRA
legislation. The employer has the right to require the COBRA affected former employee to pay the entire cost for any period of continued coverage: however, the employer may NOT charge in excess of 102% of the applicable maximum premium for the period of continued coverage. How the employer chooses to collect this amount and how much he elects to charge the former employee is up to him. In order for the former employee to continue Exec-U-Care coverage under COBRA, they must continue to satisfy all terms/conditions of the contract. Exec-U-Care can only suggest the following to the employer as to how much he might charge the employee: Exec-U-Care would continue to bill the employer for all covered employees, charging the $62.50 fee per quarter per covered employee, plus 111% of all eligible claims processed. If a company has an employee electing COBRA coverage then the monthly cost for the employee would be the quarterly fee of $62.50 divided by three then multiplied by 102% plus 111% of eligible claims for the insured person and/or any eligible covered dependents for the month multiplied by 102%. Again, this amount would be limited by 102% of the applicable maximum premium for the entire period of continued coverage. Exec-U-Care recommends you contact a legal professional or consultant for any advice regarding COBRA legislation and/or COBRA administration. If you have questions regarding Exec-U-Care, please feel free to give us a call. |
Exec-U-Care is underwritten by The Lincoln National Life Insurance Company, 8801 Indian Hills Drive, Omaha, NE 68114.
800-552-1213
http://www.LincolnFinancial.com/
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Exec-U-Care is not available to small employers in MD, MA, and NJ. Small employers are defined as any organization with fewer than 50 employees. Exec-U-Care is not licensed in AL, CT, KS, ME, NH, NY, ND, SD, VT, WA, and WV.
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