There’s never a wrong time to conduct a dependent audit. Cost containment is a continual part of your business, and you should always be looking for more ways to realize additional benefit savings.
Get started now
With new eligibility rules as a result of the Affordable Care Act (ACA), there isn’t a better time than right now to get started. Ineligible dependents represent significant additional cost to your plan. An audit can uncover these participants and help you discontinue their coverage so you can start realizing savings immediately.
Choose the right partner
Results matter when deciding on the right dependent audit partner. Don’t be afraid to ask for near perfect results when it comes to the audit. If your provider can’t ensure at least 98% accuracy, keep searching (or just give us a call).
Post Open Enrollment
Open enrollment is the busiest time of year for your organization. With the amount of transactions occurring during those few weeks, there’s a chance your employees could re-enroll their ineligible dependents. Conducting a Post Open Enrollment audit is a great way to preserve the integrity of your plan. With proper planning the audit can be fully integrated into the open enrollment process.
Ongoing audits are key to yearly cost savings
A dependent audit is not a one and done process. You should conduct an ongoing audit for new hires and those with event changes to ensure only eligible dependents are participating in your plan.
Ask for the correct documentation
For the most accurate audit and best cost savings, be sure to require documentation that represents the most current eligibility requirements. In the case of married spouses, you may need to ask for additional documentation, such as a joint tax filing, to the standard marriage certificate.
The best time to conduct your dependent audit is now. Healthcare costs continue to rise and engaging a benefits partner who can deliver the best results will put you on the path to cost savings today.