Here are the facts:
• 4-8%: Average number of dependents on your medical plan that are NOT eligible for benefits
• 70%: Average amount of a company’s total health care spend consumed by dependents
• $3,040: Average annual cost per dependent
• $253: Average monthly cost for each ineligible dependent remaining on your plan
• 500-1,500%: Typical annual ROI from a Dependent Eligibility Verification Audit
Why Are We Sorry?
For too long, the dependent audit industry has been stuck in the “Plan Year Paradigm.” Companies, their benefits brokers, and yes – even dependent audit vendors – have habitually defaulted to Open Enrollment/Renewal time-frames to implement dependent verification solutions.
But there’s a problem with the default. HR happens! Vendor evaluations. Payroll or HR or benefits software projects. Executive changes. Talent initiatives. Comp overhaul. Health care reform. The list goes on. The result? The Dependent Audit initiative gets pushed to the back burner, understandably, but at the cost of prolonging company financial waste each and every month.
So DSI apologizes for not breaking the mold sooner. We have literally seen companies accept a proposal for a dependent audit, agree that their savings could be $10k – $50K per MONTH, understand the ERISA non-compliance….and STILL wait months, years, or even completely abandon dependent verification.
And this is all because we have all been stuck in the “Plan Year Paradigm.” Yet how many other cost-saving initiatives does a typical company delay or abandon – especially when easily implemented, at a small investment, and often with an ROI guarantee?
What’s The Answer? DSI’s Bundled Solution.
Those change files for new hires and qualifying events you generate every month anyway? Send them to DSI for dependent verification and stop letting new ineligible dependents enroll on your plan
Audit Any Time
Conduct your comprehensive dependent audit at any time convenient for you. Before, during, or after open enrollment. Gain peace of mind that this important project will get done.
Save Now. Save Later.
Your 2-year bundled solution significantly reduces the cost of the comprehensive audit, while your ongoing Point of Enrollment verification ensures your savings are protected and you will not have to conduct another audit 3-4 years later.