New End-to-End Eligibility Management Solution Minimizes Risk, Improves Plan Compliance and Automates Communications
PlanSource, a leading provider of cloud-based benefits administration technology, has released a new solution that prevents ineligible dependents from enrolling in benefits plans. Eliminating a labor-intensive HR administrative function, DependentIQ instantly verifies dependents with an artificial intelligence-powered verification process in the PlanSource platform. Using DependentIQ, HR and benefits administrators can eliminate uncomfortable conversations with employees about ineligible dependents while ensuring compliance with Summary Plan Descriptions, HR policies and rules.
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DependentIQ recognizes required documents such as birth and marriage certificates and instantly detects and validates key data elements to enable real-time verification at enrollment. Dependents will be approved or denied, preventing those who are ineligible from ever being on the system or enrolling in benefits plans, reducing medical premiums for fully insured plans and claims costs for self-insured plans. By automating the entire process and providing an analytics dashboard for simple and actionable tracking – DependentIQ makes it simple and easy for HR teams to achieve these cost savings.
In addition to SPDs and HR policies, DependentIQ also ensures alignment with ERISA. Since ERISA mandates that plans are for the benefit of employees and employers, plan fiduciaries are required to operate plans accordingly. Even when inadvertent, extending coverage to ineligible individuals creates legal exposure for employers. DependentIQ diminishes stop-loss exposure and litigation risk related to ERISA, Sarbanes-Oxley and other regulations.
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“Conducting an eligibility audit retrospectively isn’t efficient or even realistic. Organizations need to have modern technology in place to monitor and enforce plan compliance proactively,” said Srini Venkatramani, Chief Product and Technology Officer at PlanSource. “The average annual savings per ineligible dependent removed is $3,500, making DependentIQ an ideal solution for employers who are struggling to control the rising cost of employee benefit programs.”
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