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?
Employee error or behavior was to blame in the recent Equifax, Snapchat and Chipotle cyberattacks. The only way to prevent your organization from falling to the same fate is to educate your employees on cybersecurity.