FAQs

Surency closes your Plan Year 180 days after the Plan Year end date. At this time, Surency provides a detailed report for the previous Plan Year and a full accounting of open, unresolved repayments (taxable items). Repayments will be cancelled, debit cards will be all set to in-active and claim denials will be finalized.

The updated Account Balance Detail report will be provided 185 days after the closing of the Plan Year. The Account Balance Detail Report will be generated the 2nd day of the month following the 180 day mark.

Surency will provide you with an updated Account Balance Detail Report for the previous Plan Year and a full accounting of open, unresolved repayments (taxable items).

Taxable items are pending repayments from the Plan Year. Pending repayments could be a result of a debit card transaction where the participant did not provide a receipt (claim substantiation) or the transaction was determined to be an ineligible expense.

The IRS requires employers to report and take additional action when participants have taxable items. Therefore, in order to comply with the IRS regulations, it is important that Surency assist with the closing of your Plan Year to provide necessary reporting.

Closing of a Plan Year is a final review of the reimbursement accounts for all repayments throughout the Plan Year.

Surency’s system is capable of handling all types of subsidies, severance and retirement programs. Additionally, there are several mechanisms for dealing with individual state laws and requirements.

Surency's COBRA Administration system is capable of tracking an unlimited number of plans and rates for each employer.

Surency will remit to you ALL premium payments received each month, early the following month, or more often if requested.

Our system will notify any Qualified Beneficiary whose premium payment is returned by the bank or is short by a “significant amount.” The letter informs the Qualified Beneficiary they have until either the end of the grace period or ten days from the date of the letter, whichever is later, for replacement funds to be sent in order to avoid termination.

What happens after Surency closes the Plan Year?

When will the reporting be available for a Closing Plan Year?

What reporting will be provided for a Closing Plan Year?

What are taxable items?

Why is it important to close a plan year?

What is “Closing of a Plan Year”?

Can Surency administer subsidized rate programs such as the California State extension, RIF/severance, early retirement, and other special programs that might precede or run concurrently with COBRA?

Can Surency keep track of different COBRA plans/rates from different vendors?

How often does Surency transfer the premium they collect from Qualified Beneficiaries?

What if a Qualified Beneficiary “bounces” a check to Surency?

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