dependent eligibility audits
DESCRIPTION
AFLAC. How To Use. To Grow Your Business. Dependent Eligibility Audits. The Big IDEA ● Internet Dependent Eligibility Audits. What’s Important to Brokers?. Client Value. Market Share. Commission Income. GROW. ADD. INCREASE. Dependent Eligibility Audits. - PowerPoint PPT PresentationTRANSCRIPT
Dependent Eligibility AuditsTo Grow Your Business
How To Use
AFLAC
The Big IDEA ● Internet Dependent Eligibility Audits
What’s Important to Brokers?What’s Important to Brokers?
ADD INCREASE GROW
ClientValue
CommissionIncome
MarketShare
Dependent Eligibility AuditsDependent Eligibility Audits
We find and remove ineligible dependents
Benefits to EmployerBenefits to Employer
HealthcareCosts
Plan FiduciaryResponsibility
Claim Risks(stop loss)
REDUCE DECREASEMAINTAIN
Employer TrendsEmployer Trends
70%Percent of large firms over 2,000 employees conducting audits
Average annual cost to provide dependent coverage
Percent of dependents found by audits to be ineligible
$3,000 4%-8%
Results From Hospital AuditResults From Hospital Audit
Dependents
2,400Dependents Removed
7.8%1st Year Savings
$393,498
Results From Manufacturer AuditResults From Manufacturer Audit
Dependents
4,500Dependents Removed
6%1st Year Savings
$750,000
Results From School AuditResults From School Audit
Dependents
700Dependents Removed
6.8%1st Year Savings
$300,000
Employee Interviews
Significant Income Growth OpportunitySignificant Income Growth Opportunity
Broker Income
Mandatory Audit Process
Employee InterviewsEmployee Interviews
The Counselor Process
• Meet Individually with Employees• Complete Web-Based Affidavit• Explain Document Requirements• Offer Aflac Voluntary Products
Project Stakeholder Roles and ContributionsProject Stakeholder Roles and Contributions
ImpactThe Big
IDEA
• SPD Review• Customized Website• Counselor Training• Document Adjudication• Post-Audit Reporting• Communications Templates• Employee Call Center
Dependent Eligibility Audit
Aflac Product Offering
Broker
• Sell the Account• Select Counselors• Choose Products• Provide Project Timetable• Schedule Employee Appts• Manage the Project• Enjoy the Results
PLUS
Benefits of the Big Benefits of the Big IDEAIDEA
Benefits You Receive for your business
Benefits You Provide for your clients
• Face-to-Face Opportunity• Sell More Product• Differentiation from Others• Viewed as Problem-Solver• Open Additional Doors• Close More Accounts
• Remove Ineligibles• Update Dependent Records• Gather Additional Data*• Reduce Healthcare Costs• Reduce Claim Risks• Meet Fiduciary Responsibilities
* For better HR decision-making (spousal carve-outs, SSN reporting, etc)
Typical ROI on AuditsTypical ROI on Audits
Percent Removed 3% 5% 8%1st Year Savings $90,000 $150,000 $240,000
Savings Over 3 Years $219,600 $371,000 $585,600
Communications Cost* $1,500 $1,500 $1,500
Return on Investment 60 Times 100 Times 160 Times
• 1,000 Employees• 500 with Covered Dependents
* Letters to employee homes
• 1,000 Dependents• $3,000 Average Annual Healthcare Costs
Client Profile