What is the Service?
Dependent Eligibility Audits are a best practice in employee benefits. By ensuring that only eligible participants are receiving coverage, you can save money and stay compliant. If you’re self-funded, you can eliminate stop-loss exposure and Employee Retirement Income Security Act (ERISA) violations and Sarbanes-Oxley (SOX) issues (if you’re a public company). The monetary savings to the employer can be significant, with about 6% of covered dependents deemed ineligible for continued coverage.
How Does The Service Work?
PlanSource begins by reviewing all plan documentation to determine employee eligibility and what documentation will be required for employees to keep dependents covered. All participants are asked to provide the necessary information to PlanSource, who collects and analyzes it on behalf of the employer. Since PlanSource is the source of record for employee benefits, we manage the full process from end to end - including making the necessary changes to coverage in the system.
What Are The Benefits of the Service?
Remove ineligibles and focus employee benefit dollars on eligible participants.
Paying benefits to ineligible can increase a company’s spend and overall financial risk.
Comply with eligibility requirements, federal regulations and avoid penalties.
What’s Included in the Service?
Review the Plan
PlanSource will review plan documentation to determine eligibility.
Communicate What’s Needed
Documentation requests will be sent to employees listed in PlanSource.
Based on the submitted documentation, changes will be made in the system.
Request a Dependent Verification Discovery Session and Quote
We’re offering a 15% discount on PlanSource Dependent Eligibility Audit services if you sign-up by December 31, 2017.