Employee benefits are one of the most significant investments organizations can make. But with rising costs, employers need to do what they can to manage benefits expenses. An often-overlooked area of employee benefits management is to verify the eligibility of dependents, which can cause a silent drain on an organization's bottom line. Covering ineligible dependents isn't just a compliance issue — it could cost organizations thousands.
Without realizing it, organizations spend more premium dollars than necessary when they cover individuals who, under the Summary Plan Description (SPD), are not supposed to be enrolled. Covering ineligible dependents is an unnecessary financial strain on an organization that can be nipped in the bud by conducting dependent verification audits.
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