Dependents can represent up to 70% of your company health care costs, are you confident they are all eligible? A pop-up poll during our recent webinar showed that 72% of you never reverify dependents after an initial audit.
With health care rate increases showing no sign of slowing down, it is increasingly more difficult for organizations to find ways to reduce costs. Even if you have previously done a dependent audit, your organization could still be at risk of needlessly spending thousands of dollars on ineligible dependents.
What can your organization do to reduce costs and compliance risk? Creating a comprehensive dependent verification strategy is key. Your organization’s strategy should include:
- Comprehensive Verification
A complete audit can deliver significant financial results almost immediately and reduce your number of enrolled dependents by an average of 5 to 7 percent.
- Ongoing Verification
Verifying eligibility when new dependents enroll in coverage is a preventive measure that will help you preserve the integrity of your benefits plan and protect the results of your comprehensive audit.
Dependent relationships can change. Reverifying your enrolled dependents every three years will ensure your organization is compliant with eligibility guidelines and can free up funds for new or enhanced benefit programs.
We discuss these strategies and much more in our on-demand dependent verification services webinar. Maximize your return on your organization’s valuable benefits investment.