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Secova Details Results from Recent Dependent Eligiblity Verification Reviews
Findings Based on One Million Enrolled Dependents Shows the Greatest Share of Ineligible Dependents as Less Than 18 Years Old
NEWPORT BEACH, Calif., November 12, 2008
- Contrary to expectations by most companies planning a Dependent Eligibility Verification Review that spouses will be their largest ineligibles group, recent findings from Secova have determined this not always to be true. In a new paper launched today on the company's website (www.secova.com), Secova, a leading provider of human resource and benefits management services, has detailed that the majority of non-verified dependents they have identified are children - and more interestingly that the greatest share of ineligible children are predominately less than 18 years of age.
As health care costs continue to soar, many companies are seriously considering a Dependent Eligibility Verification Review, which typically identifies on average 10% of plan members not eligible for coverage. Secova's findings outlined in their paper beg the question further about what's really going on in a company's environment and what can be done about it.
"No one denies that Dependent Eligibility Verification Reviews can save employers significant benefit dollars by eliminating non-verified dependents," said Bruce Borgos, Director of Audit Services for Secova and the article's author. "But it's important not only to have a better understanding of where the approximately 10% of ineligible dependents are coming from within an employee population but also why they've been added and how to properly manage the environment. Comparing what is perceived to be the problem before an audit against actual outcomes, will help employers develop more aggressive processes to better maintain an eligible roster of dependents moving forward."
Borgos continued, "Over the past three years, Secova's Dependent Eligibility Verification Services have produced multi-million dollar benefit cost savings in as little as three months and continue to assist clients with benefit cost control. The initial project financial return for most clients has regularly exceeded 10:1 and in many cases provided the resources necessary for other critical HR or benefit projects, making the Dependent Eligibility Verification review process an easy way for companies to obtain quick results."
To obtain Secova's paper, please click here to download a copy.
About Secova
Secova delivers HR and benefits management services focused on helping clients control and drive down the costs of their health and welfare benefits offerings through three essential steps - Audit, Implement and Manage. While many outsourcing solutions modify pre-set vendor/service programs, Secova offers a distinctive, flexible approach. Through the company's Value Sourcing model, each solution can be shaped based on individual client goals and strategies. Secova determines the optimum mix of processes, technologies and service locations to help clients stay competitive in today's marketplace.
Secova's clients, who employ almost 2.5 million employees total, range from mid-sized to the Fortune 500. With its focus on helping clients reduce costs and streamline their HR processes, Secova in 2007 has saved its clients well over 10% in their healthcare costs through its audit services alone. For more information, visit the company's website at www.secova.com.
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