COVID-19 & Dependent Audits: What to Do?
By Nick Freeman

An unprecedented global event, COVID-19 continues to impact businesses of every size and in many diverse ways.

As a national boutique provider, at DSI we’ve fielded many questions by brokers and consultants related to this pandemic and Dependent Audits. Lately, many of the items center around, “Should my client proceed with a Dependent Audit or wait until after COVID-19?”

To help us best answer this question, we’ve broken our recommendation down based on the current status of your client’s audit:

The client is already in the middle of a Dependent Audit:

Depending on where the client is in the audit, consider pushing back the deadline until local government offices re-open so that employees can successfully retrieve birth certificates and marriage licenses. 

However, if participation is already over 80%, instead of offering a universal extension, we suggest a systemized method for employees to request more time to submit their documents.

The client is in Implementation; Dependent Audit is not Live:

Do not go live yet. Do the work of establishing a communication plan and project plan with a tentative go-live date, but wait until COVID-19 peaks before committing to a specific day.

RFP issued, but no vendor selected:

Do not abandon the RFP. Dependent Audits exploded in popularity after the recession of 2007-2009, and companies will once again look for every opportunity to reduce waste and ineligible expenses after this latest economic upheaval. 

Dependent Audit vendors are open and working, so collect the proposals and present options to the client to establish finalists. Conduct your finalist meetings via video conference, choose a vendor, and do the implementation work with a fluid go-live date.

The client has not asked for RFP:

Many of your clients will struggle in this challenging economic season and will undoubtedly search for new opportunities to reduce waste and cost in employee benefits. Dependent Audits regularly return 1,000% ROI, Working Spouse Audits regularly yield 350% ROI, and Group Life Audits often bring a 3,000% return on risk aversion. With guaranteed ROI from most vendors, clients can only gain net positive results from health care audits.

More COVID-19 Questions?

If you have additional questions in speaking with your clients about COVID-19 or health care audits, please contact us. After over a decade, DSI continues to bring free advice to brokers and consultants so they can better educate their clients about best practices, including timing, expected ROI, and impact on operations. 

As always we are at your service and welcome any questions you have, click here to contact us.

 

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