Open enrollment is over and a new year has begun. After all the hard work that benefit administrators have put in, a little rest and relaxation is in order. Just don’t get too relaxed too early. There’s still work to be done, both to audit your 2017 open enrollment and to prepare for your 2018 open enrollment.
If any mistakes were made, the sooner they’re dealt with, the better. Now’s the time to check for errors and take action if needed. There are two areas where mistakes are especially likely: rates and participants. Take some time to review both these.
More specifically, you’ll want to ensure that all the rates are correct. Double check the rates to ensure they were reported and keyed properly. Input any rate corrections as needed.
It’s also important to make sure all eligible participants were included. Do not limit your audit to active employees. COBRA participants must be included in open enrollment procedures, and they are entitled to the same options as active employees. If you left out COBRA participants, this oversight needs to be corrected.
Resolve Last-Minute Changes
Open enrollment can get pretty hectic, so you may still have some catching up to do. This is especially true if there were last-minute elections or eligibility changes. Double check that everything is in order, paying close attention to actions that came while the enrollment period was wrapping up. If there were any late enrollments, follow the relevant company and health insurer policies to deal with them.
TPAs: If you have new accounts, make sure that they are running smoothly. Verify that training and implementation are underway.
You may be tempted to put this off until the next open enrollment period rolls around, but by then, you will have forgotten some important details. The time to reflect is now.
Prepare for the Next Open Enrollment
If there were a lot of errors to fix, think about how to avoid a repeat of the same problems next year. Similarly, if employees seemed confused or unhappy with the process, think about how it can be improved.
TPAs: Now is also the time to decide whether you want to adjust your services and rates for this year. If you’ve uncovered a need for additional services, or if you’ve found that your rates are not in line with the work you’re providing, you’ll want to make adjustments.
Now that you’ve completed your audit, it’s finally time to relax. We’ll leave how to do that up to you.
Do you need advice on making retroactive adjustments? Contact us for information on best practices.