Dependent Eligibility Verification
BASIC Dependent Audit Administration services can save an employer a significant amount of money by finding and removing ineligible dependents from employer sponsored health coverage. Outsourcing this important task to BASIC allows HR to focus on leadership development and solving important business challenges.
Return on Investment Facts
- In 2007, a study by the Kaiser Family Foundation found that the average cost to an employer for health coverage of an employee’s dependent was approximately $2,400 per year. This amount has been rising with the cost of health care.
- Studies show anywhere between 3% – 8% of dependents covered by an employer’s health plan are ineligible for coverage.
- The return on investment of Dependent Audit Administration is 300% – 600% for the first year.
- In a recent BASIC Dependent Audit, just over 8% of dependents were found to be ineligible. This resulted in over $270,000 of annual cost savings for the client.
Top 3 Reasons to Outsource
Resources and Expertise
Our proven audit process provides the resources and methodology needed to devote to a dependent eligibility audit. Outsourcing relieves companies from committing to large investments in technology and additional staffing.
Dependent Audits can be an anxiety ridden event. By outsourcing, the employer is mostly removed and is less likely to be cast in a negative light.
While eligibility information doesn’t necessarily fall under HIPAA, many companies prefer to err on the side of caution. Outsourcing helps ensure employee privacy.
Proven BASIC Audit Process
- Our collaborative approach allows our program to be tailored to your company culture.
- BASIC will advise you of the available options for timing, amnesty and communication.
- BASIC will administer the audit process and work with employees through the eligibility, un-enrollment and appeal processes.
- BASIC will present a final report with audit data and identify changes made to employee benefit plans.
Learn how BASIC can assist you with Dependent Eligibility Verification by contacting us today.