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Have You Reconciled Your Bill Lately?

October 15, 2012

in Misc.

Have you reconciled your bill lately?

As time consuming as it can be, reconciling your bill each month is a very necessary part of your employee benefits. You could be paying hundreds of dollars each month for people who should no longer have coverage.

It is very important that changes to eligibility be communicated timely. Due to legislative changes in healthcare, retroactive terminations may no longer be accepted. Often, it is on the monthly invoice from benefit carriers that we find out that an enrollment or termination has not been applied properly.

Invoice reconciliation can take time, but it is time well spent. We recommend setting aside a specific day and time each month to review the billing. For example, the bill is received on or around the 5th of each month; you can reconcile the bill on the 10th of every month. Owners and managers may often require the audit be performed prior to signing the corresponding check. This is just final review of the information prior to paying the premiums.

Be sure all new hires have been added, terminated employees have been removed, and changes are reflected.  It is much easier to research and correct discrepancies immediately rather than months later when it may no longer be possible to make the change.

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