When’s the last time you evaluated your health insurance plan dependents to ensure that everyone on your plan is actually eligible to receive coverage?
Dependent verification is becoming the norm for organizations of any size and is a great way to start the new year (though you can certainly perform a dependent audit any time throughout the year). And, while a dependent audit can certainly be performed in-house, partnering with an experienced third-party can be advantageous for several reasons.
Why A Dependent Audit?
Cost control and compliance are the two primary reasons to complete a dependent audit. Ineligible dependents can cost your organization thousands of dollars each year and put your company at risk for costly fines.
The average percentage of dependents found ineligible to receive benefits
How Does Outsourcing A Dependent Audit Work?
Dependent verification is quite painless, especially when outsourced to a trusted partner. Typically, the process involves three simple steps: employee outreach, document submission, coverage cancellation. It’s that easy!
3 Reasons To Outsource
Though the savings of a dependent audit are well worth the effort, it can be advantageous to outsource your audit to a third party.
Cost & Efficiency
Dependent audits do take time and handling the entire process in-house will take time away from existing HR initiatives. Furthermore, developing a strategic partnership with an industry expert will ensure the most efficient and timely completion of the audit and removal of ineligible dependents, getting more money in your pocket faster.
Neutral Third Party
There’s no beating around the bush on this one; employee benefits are highly personal and handling the audit and removal of ineligible dependents can be uncomfortable for internal HR teams. Remove your company from the process by handing the communication and removal off to a neutral third party provider.
Handing your dependent audit off to an industry expert is a surefire way to ensure that your audit is handled in the most efficient and effective way possible.
Dependent Audit In Action
Performing a dependent audit can result in massive annual savings – but don’t take our word for it! Check out this case study with Grand Rapids Public Schools where we helped identify over $800,000 in annual savings!
See How Much You Could Save
Curious about how much a dependent eligibility audit could save your company? Try out our handy calculator below.
Are You Ready To Start Saving?
Contact us below for a complimentary discover session and audit evaluation. We can help you determine the best course of action for verifying dependents, saving money, and maintaining compliance.