Dependent Audits and Verification
Protect your bottom line from waste!
Here are some facts:
Companies can save 3 – 5% of total health plan costs by weeding out ineligible dependents!
SOURCE: CFO Magazine, “Health Coverage: All in the Family,” February 2011
A before-and-after study of bswift clients who converted from manual to automated benefits processes revealed dependent eligibility-related inaccuracies of $4.44 PEPM prior to automation.
SOURCE: Forrester Consulting, “Total Economic Impact of bswift Benefits Automation,” May 2009
26% of large employers still have no dependent verification process for new hires and 13% of large employers handle the verification internally (e.g., checking birth and marriage certificates), wasting precious HR hours on non-strategic administrative tasks.
SOURCE: bswift 2013 Wellness & Benefits Administration Benchmarking Study
Let’s face it. Some dependents on your plan may not meet the eligibility criteria. Paying for ineligible dependents can be a huge financial drain. A verification will reveal the ineligible dependents which will reduce your spending and directly increase your net profitability.
Many employers now see the growing need for eligibility verification. The Employee Retirement Income Security Act and the Sarbanes-Oxley demand stringent healthcare cost control. The Affordable Care Act requires employers to cover adult children up to age 26, which makes it increasingly important that your plan only covers the dependents that are eligible.
Dependent Eligibility Verification is a simple solution to this complex issue, ensuring that every dependent covered is actually eligible for coverage.
We provide full service dependent verification that will help you:
- Reduce administrative cost & burden
- Reduce claims & legal liability
- Provide an employee-friendly experience
- Offer alternatives for ineligible dependents
- Save time and money (and paper!) with electronic submission of verification documents loaded by employees directly to the our platforms