Premium Remittance Reports
WageWorks is pleased to provide you with the following update regarding our Premium Remittance reporting.
While most of our reports are available online via the COBRA Employer Web site athttps://employer.wageworks.com, the Premium Remittance reports will continue to be distributed on a monthly basis, with a few minor changes as follows:
Payment Summary Report provides detailed information on payments received during the previous premium reporting month, including Participant Name, SSN, Premium Payment Amount, Premium Payment Date, Premium Payment Check Number and a calculated total of all payments received.
ARRA 2% Admin Fee Report provides a detail of all 2% administrative fees collected and retained by WageWorks throughout the previous premium reporting month.
Remittance Summary includes all payments received throughout the previous premium reporting month, minus any refunds due the participant, in addition to the retention of the designated 2% administration fee. The premium remittance is returned via check or ACH credit, as designated under the terms of the contract for each employer.
Returned Check Fees
As is customary, WageWorks is assessing a $20.00 processing fee for any and all returned payments.
IMPORTANT – Auditing Carrier Reports vs. Carrier Bills
In addition to sending continuous eligibility updates to all carriers, in upcoming months WageWorks will soon be preparing a consolidated summary of activity occurring the prior month, which will then be provided to carriers on a monthly basis. The purpose of the reports will be for the carriers to audit their records and ensure the accuracy of participant data in the carriers’ systems.
It is important to remember that because WageWorks does not receive copies of your monthly carrier bills, we are unable to verify that all reported COBRA activity has been captured accurately and timely in the carrier eligibility systems.
As a result, it is critical that your monthly carrier bills be audited against the carrier reports available on the WageWorks Employer Site at https://employer.wageworks.com.
Any discrepancies between the two systems should be immediately reported to both WageWorks and the respective carrier. WageWorks cannot be held responsible for ensuring the accuracy of the carrier data unless this information has been provided to us in a timely fashion.