Employers are always searching for ways to reduce the costs they incur for providing benefits. Save for changing a plan design, there is no better way to do that than by conducting a dependent eligibility audit. After the flurry of open enrollment, now is the optimal time.
- These audits can uncover ineligible dependents and help you discontinue their coverage so you can start realizing savings immediately. A 2016 Mercer study estimates that most companies will find between 3 and 10 percent of plan members to be ineligible.
- They also correct honest mistakes: Employees can easily overlook the need to keep their employer up-to-date on family changes like divorce.
- Lastly, they help ensure compliance with applicable laws such as ERISA, Section 125, Section 302 and PPACA.
Want to know more about dependent eligibility audits?
+ DOWNLOAD HYLANT'S DEPENDENT ELIGIBILITY AUDIT CHECKLIST