HR professionals are taking a closer look at their benefit plan participant eligibility rules and finding employer cost for each ineligible dependent average $2,400+ per year.

By relying on a basic honor system at enrollment, most employers are unknowingly providing medical benefits for many ineligible dependents, such as ex-spouses, adult children, part-time students, domestic partners, and others. Providing medical coverage for ineligible dependents translates directly into higher benefit costs for all your eligible employees. A carefully planned audit of dependents can potentially result in very large savings this fiscal year. Potential Savings and ROI - Performing this audit is inexpensive and generally has a ROI of 300% to1000% or more. The adjacent table illustrates typical savings/ROI for a range of company sizes.

TPAs & Brokers-Many claims administrators and brokers are also realizing this as a “win-win” opportunity for themselves and their clients. The family of Maggio Solutions, Inc. Dependent Eligibility Verification Process™ tools cover the spectrum from a Self-Audit Kit for a smaller company who

wishes to perform the audit themselves, to a larger Self-Audit Kit with powerful automated software for middle/large companies, to a full Dependent Eligibility Verification Process for Third Party Administrators (TPA) and Brokers who want to be able to offer this high ROI process to their clients before another broker or TPA does. To learn more about the Dependent Eligibility Audit.

There are many options available today for employers to meet their benefit needs. Of these, Partial Self-Funded (PSF) Plans consistently have the lowest cost while providing a superior level of benefits and service for groups over 100 employees. With PSF Plans, you only pay for the actual costs of the benefits used. If you have a healthy group, your claims will be lower than your current fully insured premiums...You keep the difference!

You are still protected in a bad year with "Re-Insurance" which pays all claims above a comfortable dollar figure set by you and the reinsurance carrier. This provides you with a known maximum cost. Generally, this maximum figure is usually around the cost of your current fully funded plan. "Your only risk is too $ave."

If you are already partially self-funded, it is important to have a broker who keeps your plan tuned and optimized to even save more. Maggio & Associates utilizes a variety of processes and services to select best of breed carriers, monitor trends, and work closely with your company to keep all informed so pro-active action can be taken to keep your plan on track. ........ Learn more about Partial Self Funding and how it works