Dependent verification: A key to lowering benefit costs
Covering ineligible dependents isn't just a compliance issue — it could cost organizations thousands.
By Frank Mengert |
January 29, 2025 at 02:39 PM
X
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
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.
Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.
Your access to unlimited BenefitsPRO.com content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
As obesity rates rise, GLP-1 medications are gaining popularity. Yet, the multifactorial obesity epidemic presents challenges for organizations as more employees seek GLP-1’s. This white paper explores actionable strategies to help cut costs, improve employee health outcomes, and achieve a measurable ROI.
This report reveals the top non-insured benefits that not only reduce costs but also address the rising challenges of burnout, financial stress, and work-life balance. Give your clients the edge they need to support their employees while driving business growth. Download the report now to learn more!
As obesity rates rise, GLP-1 medications are gaining popularity. Yet, the multifactorial obesity epidemic presents challenges for your clients as more of their employees demand GLP-1’s. This white paper explores strategies to help clients cut costs, improve employee health outcomes, and achieve a measurable ROI.