BMI Audit Services

🔍 Discover Potential Savings with Our Dependent Eligibility Audit Savings Calculator! As healthcare costs continue to rise, ensuring that only eligible dependents are enrolled in your benefit plans can lead to significant savings. With our calculator, you can see the financial benefits of verifying dependent eligibility. On average, 9.2% of enrolled dependents are ineligible for coverage. Identifying and addressing this issue can effectively reduce costs. 🌐 How It Works: Enter Your Details: Input the total number of enrolled dependents and the average annual cost per dependent. Choose Your Setting: Select the appropriate setting (low normal, normal, high normal) to reflect your industry profile. View Your Savings: Get an immediate estimate of potential annual savings. At BMI, we ensure that our audit services deliver actionable results, helping you to achieve compliance and optimize your healthcare spending. #employeebenefits #dependenteligibility 🔗 Try our Savings Calculator today and see how much your company could save! [https://ow.ly/Q8Sc50SeHwa]

CASE STUDY: Union Health Benefits Eligibility Audit A labor union partnered with BMI to verify the eligibility of 1,047 dependents enrolled in their health plan. The audit aimed to ensure compliance, avoid denials on stop-loss claims, and reduce costs. BMI’s customized solution included clear communication on deadlines, a dedicated bilingual support team, documentation verification, and secure handling of data. RESULTS: 23 dependents were found ineligible, while 28 additional dependents failed to meet verification deadlines, leading to a total of 51 removals. OUTCOME: The union realized $357,000 in annual savings, achieving a 2,356% ROI due to the termination of ineligible dependents. ⬇️⬇️ DETAILS ⬇️⬇️ https://ow.ly/vj8Q50TWiKb #dependenteligibility #employeebenefits

A Happy Halloween from the BMI Team!

Effective Communication in Dependent Verification Audits   At BMI Audit Services, we know that flexibility is key to a smooth and successful dependent verification audit. That’s why we focus on effective communication to make it easy for both participants and plan representatives to stay informed every step of the way.   How We Guide Each Step: 1. Before the Audit – We provide easy-to-use resources to help announce the audit and let participants know what to expect. These include flyers, videos, and customizable templates. 2. During the Audit – Participants receive reminders and can easily upload documents via our secure portal, with real-time tracking for added convenience. - Participants receive timely reminders and updates based on individual status. Options include mail, email, text, or phone. - Documents can be submitted by way of the participant’s preferred method. Options include mail, fax, or secure web portal. - Participants can access live support through our multi-lingual call center for assistance with the process and answers to any questions that may arise. 3. After the Audit – We provide actionable insights and recommendations to help ensure ongoing compliance.   With BMI, it’s about more than meeting requirements — it’s about making the experience seamless and adaptable for everyone involved.   Ready to get started?  Reach out to find out how we can help with our audit solutions to fit your organization’s needs.   https://lnkd.in/erPtqZw3

Dependent verification is more than reducing plan costs and staying compliant, it’s about protecting your members’ financial health. In labor health and welfare funds, trustees have a responsibility to protect their members. By conducting a dependent verification audit, members learn if they are covering an ineligible dependent and should find proper coverage elsewhere. While not convenient for the member, it’s important for their protection as covering an ineligible dependent can lead to denied claims, particularly when involving stop-loss insurance. This can leave members facing unexpected and significant financial burdens. Trustees can help prevent members from encountering these avoidable and potentially costly situations through dependent verification. At BMI Audit Services, we ensure every dependent is eligible, helping to reduce unnecessary costs and protect financial wellness for organizations and individuals. Protect your participants. Learn more about our dependent verification services today: https://ow.ly/goOw50TSzXF #TaftHartley #laborunion #employeebenefits #dependenteligibility

INDUSTRY INSIGHTS: Average Dependent Eligibility Audit Results for Plans with 251-500 Households From 2021 to 2023, BMI’s audits reveal an overall ineligible rate of 8.6% for plans with 251-500 households. Through his experience in the industry, Alex Barkley has noticed that industries such as Engineering, Education, Banking & Finance, and Technology tend to have below-average ineligible rates. These tend to be environments where communication is primarily conducted via email, which typically yield overall higher participation and lower ineligible rates. In contrast, industries such as retail, manufacturing, and logistics exhibit higher rates of ineligibility. This could be due to high turnover and the difficulty HR teams face in keeping up with staffing changes. This leaves little time for HR to collect and verify proper eligibility documentation. How does your industry compare? Download this resource to find out https://ow.ly/8HJk50TQWgM #dependentverification #ERISA #employeebenefits #humanresources

Why Dependent Eligibility Verification Matters for Fiduciary Responsibility? Labor health & welfare funds have a critical duty to ensure healthcare benefits are managed in the best interest of participants. Federal regulations like #ERISA mandate that plans cover only eligible dependents. Failing to verify dependents can result in unnecessary expenses and heightened compliance risks. At BMI Audit Services, our Dependent Eligibility Verification Audits are designed to help you meet these regulatory requirements while upholding your fiduciary duties. We assist organizations in minimizing waste, staying compliant, and optimizing benefit plans. Contact us to learn more https://ow.ly/Mfxm50TLZre #LaborUnion #DependentEligibility #Compliance #FiduciaryResponsibility #TaftHartley

We value the feedback from our customers and remain dedicated to delivering excellence in all our engagements. #Testimonial #DependentVerification #EmployeeBenefits

INDUSTRY INSIGHTS: Average Dependent Eligibility Audit Results for Plans with <100 Households From 2021 to 2023, BMI’s audits reveal an overall ineligible rate of 11.9% for plans with fewer than 100 households. Our Project Manager, Cory Briner has observed notable patterns in dependent verification audits across various industries. For plans with fewer than 100 household, Banking + Finance and Healthcare sectors consistently show the lowest ineligibility rates, reflecting their robust compliance practices. On the other hand, Real Estate and Non-profits report higher ineligibility rates. Interestingly, despite operational challenges, the Logistics & Transportation sector stands out with lower-than-average failure rates. Curious how your industry compares? Download this resource to find out. https://ow.ly/1p3y50TFYYp

Which Type of Dependent Verification is Best for Your Organization? Choosing the right verification process can have a big impact on compliance and cost savings. But which approach fits your company’s needs? • Comprehensive Dependent Verification An in-depth review of documentation for each enrolled dependent to ensure eligibility criteria is met. This is the most popular choice among clients. • Spousal Carve-Out/Surcharge Verification Typically conducted annually or in conjunction with a comprehensive verification. This solution will confirm spousal carve-outs or surcharges are applied appropriately. • Spousal Eligibility Verification Verifies the spousal relationship to ensure there has not been a status change. If there is a working spouse rule, that would be confirmed along with the eligibility. • Ongoing Dependent Verification Maintains accurate records by verifying dependents as they are added to the plan. Recommended for companies with frequent turnover, acquisitions, or spousal carve-outs/surcharges. • Affidavit-Only Verification Members simply attest to their dependent relationships, making it a good option for organizations that are looking to check the box for compliance requirements. Curious about which type is best for your goals? Let's chat! BMI Audit Services is ready to help you navigate your options. https://ow.ly/CZrS50Tzm3y #dependentverification #employeebenefits #compliance