Looking for Ways to Save on Health Insurance Premiums

Dependent Eligibility Verification can help to reduce the cost of providing medical benefits and stem the rising tide of health are costs by identifying and removing ineligible dependents enrolled on the plan. According to Michael Smith, CEO ConSova, Inc., demand for dependent verification over the past few years has increased dramatically. "Employers have begun to realize the tremendous savings audits and verification can deliver in a relatively short time, especially just before open enrollment." Smith says there is a common misconception that identifying and validating eligibility is a long-term and cumbersome process. In a typical Dependent Eligibility Verification audit, employers can find an average of 10-13 percent of covered dependents to be ineligible, and removing these generates an almost immediate cost savings. Employees' former spouses typically represent 25-30 percent of ineligible dependents identified, and they represent roughly 52 percent of the overall savings generated by the audit. Dependent eligibility verification is one of the top three health care cost containment solutions that can help companies save real money right away. To learn more on how to conduct a dependent eligibility audit, please contact our office at 978.777.6554 or cwatkin@ipswichfinancial.com