Administrative Update Checklist – August 2016
As we approach September it may be a good time to have your plan administrators review your employees’ data records to make sure they are up to date. One important update is to confirm that your member’s annual earnings are updated. Benefit payments are typically based on each plan member’s salary so it’s very important that these earnings are updated on a regular basis. Otherwise your member’s benefit payments may not be based on the correct salary. Whether you have 1 member or 1,000 it is important to make sure that these totals are up to date.
In addition to salaries, you should also ensure that things like address changes, coordination of benefits and beneficiaries are up to date. Should something unfortunate happen we cannot stress enough the importance of having this information completed and up to date.
Lastly, we would like to give you a heads up that as Fall approaches so does the annual over-age dependent update. Once a dependent child reaches the age of 21 (or 22 depending on your insurance company), insurance carriers will terminate them as an eligible dependent under your Health and/or Dental benefits. Coverage can be continue if they are enrolled in an accredited educational institution, college or university as a student, on a full-time basis.
It is important to note that the enrollment & eligibility of students varies depending on your insurance carrier. Some require paperwork, which takes time to process, so make sure to contact your insurer, or Silverberg Account Manager, for the process specific to your carrier before classes resume.
After you have completed this, go out and enjoy the rest of summer while you still can!