Small Dependent Eligibility Audit, Big Savings.
Business Situation
Our client was referred to BMI by their employee benefits consultant regarding their needs for a dependent eligibility audit. Several competitive quotes were obtained by the consultant, but BMI was selected as the vendor due to price and the variety of features included at no additional cost.
Client Profile
Small nationally recognized mechanical contractor
202 employees covering 366 total dependents
Audit Finding
The client achieved a 97% response rate. Of those, 30dependents (8.20% of total) failed to satisfy the plan’s eligibility criteria. A majority of those who failed were dependents who were eligible for or currently enrolled in other coverage through their own employer. Other dependents failed for being enrolled over age 26.
Audit Benefits
Coverage was terminated for 30 dependents (8.20 % of total) resulting in the following ROI calculations:
Avg. annual cost of a dependent:
$3,089
Annual savings for 30 removed dependents:
$92,670
Return on Investment:
1,348%