When employees choose a life insurance policy exceeding the guaranteed issue threshold or make substantial changes to their existing benefits, they're required to complete an Evidence of Insurability (EOI) application. In the past, this involved printing the insurance carrier's EOI form, manually completing it, mailing it, and then waiting for the insurance carrier's response. Recognizing the need for a modern approach, PlanSource has partnered with top insurance carriers and invested in automated EOI integrations, effectively ushering in a paperless era for the EOI process.

PlanSource allows you to define the specific rules for when an Evidence of Insurability process is required for each benefit plan. EOI can be required for new elections over the guaranteed issue amount, for changes to existing benefits greater than a certain amount, or both. When the system detects that an EOI is required, employees are notified within the shopping process. They can clearly see the coverage amount and paycheck deduction that is approved, and the additional coverage amount and paycheck deduction that is pending approval.

Automated EOI through PlanSource simplifies the benefits enrollment process by allowing employees to access, complete and submit EOI questions right from the benefits shopping experience on their computer or mobile device through single sign-on (SSO). With EOI Decision Notification API, the PlanSource platform gets updated by the insurance carrier’s decision status in real-time, and automatically alerts HR admins and employees to keep them in the loop, creating a seamless benefits journey for everyone involved!