Dependent Audits can Save on Current and Future Premiums
by Loren Brockhouse, Vice President of North American Sales- Would significantly reducing the dollars your company spends on health care premiums without cutting benefits make you a hero? Of course it would! Conducting dependent audits is one sure way to do it.
You might be surprised to learn that among the clients who have utilized Businessolver’s dependent verification services, typically 5%-6% of dependents were found to be ineligible for the health plans they were on. Identifying these ineligibles and eliminating them from employer-sponsored plans can result in big savings for the employer. For one Businessolver client with approximately 1000 employees and 2500 dependents, nearly 150 ineligible dependents were identified and removed from existing health plans. With an average annual savings of $4000 per dependent, approximately $600,000 in premiums were saved in the first year alone!
Verifying dependent eligibility can be a time-consuming endeavor for your HR staff, but at Businessolver we have it down to a smooth, integrated science. Our dependent audit programs can cover entire employee populations or random employee samplings, one-time checks or periodic verifications. Whatever our clients need. And we also offer up-front Evidence of Insurability (EOI) Verification services to prevent ineligible dependents from obtaining coverage in the first place.
Start saving money today! Contact Businessolver at 888.460.9625 to learn how.
