When you receive your invoices each month, we suggest the following checks:

• Make sure you have received invoices for each carrier and benefit

• Ensure employees’ and dependents’ current benefit selections are correct

• Check that terminated employees are not still showing active, unless they are on COBRA (which should be notated on your bill)

• Check that the enrollments and premium listed match payroll deductions (after you factor in the employer contribution)

When auditing ancillary invoices, please also keep in mind:

• A salary audit should be performed at least once a year for Life and Disability products (we suggest 3-4 months before the renewal is released)

• Be aware of policy provisions and calculations (for example, understand how the Life and Disability premiums are calculated and double-check them)

• Newly eligible employees must be added to the Dental, Life, and Disability policies within the eligibility window to avoid complications (if not, these policies can have waiting periods or provision limits added)

Here are some additional tips to keep your auditing on point:

• Most invoices are generated around the 15th of the month prior to the month they are billing for (for example, February’s bills are usually generated around January 15th)

  • Due to the above, it’s important to update any enrollment changes and terminations as soon as possible, ideally before the date the bill is generated

• Most carriers prefer that employers pay as billed, knowing that the next month’s bills should show the changes made after the current month’s bill already ran – don’t just subtract what you think you don’t owe, as you could risk cancellation with some carriers

• The first couple invoices after open enrollment can often be incorrect because changes may have been made after the bill was generated

If you have any questions about how to understand and audit your invoices, please contact your Fall River Client Manager.