Benefits Plan Design and Audits

Benefits Plan Design and Audits

Self-funded employers benefit from examining their plan design and engaging in a plan audit. This process can identify areas where cost can be minimized without compromising the quality of care provided to employees. Examining plan design helps leaders ensure that their benefits package stands out in the job market yielding better recruitment and retention. Regular reviews also fulfill fiduciary responsibilities to ensure they are operating the plan in line with the procedures outlined in the plan documents.

Audits can help leaders identify potential risks and liabilities and take steps to mitigate them. The needs and preferences of employees can change over time, as can the healthcare landscape. Regularly examining plan design allows leaders to adapt their offerings to meet evolving needs and market conditions.

Key Takeaways:

• Understand what will trigger an audit requirement for your plan

• Review the difference between full-scope or limited-scope audits

• Learn what the audit process involves

For Health Action Council members only
SHRM, HRCI, and CEBS credit