Be Prepared: Navigating the Post-Open Enrollment Invoice Maze
Did you know that you need to audit the invoices after open enrollment? The first and second invoices after Open Enrollment are notorious for being wrong. Yes, you read that right, almost always.
Now, there’s a caveat. If you’ve had zero staff changes and everything was squared away 60 days in advance of your renewal date, you might be the exception to this rule. But for the rest of us, brace yourselves.
Your first and, most likely, second invoices after Open Enrollment are bound to be inaccurate.
Let’s start with a billing distinction: Most insurance bills are generated ahead of their due date, which is usually the case for core benefits like Health Insurance and Dental Insurance. However, some bills are invoiced in “arrears.” This means they’re sent after coverage has already been applied. This often applies to voluntary or worksite products paid by employees, such as Accident plans, Legal plans, Voluntary life plans, and Pet Insurance.
Before diving into the invoice audit process, it’s crucial to understand each vendor’s billing practice to avoid unnecessary mental gymnastics.
Auditing Invoices Manually
Typically, between the 15th and 17th of each month, your insurance company will generate your invoice for the upcoming month. Act swiftly because time is of the essence. Most vendors won’t allow retroactive changes, so ensuring everything is rectified within the first 30 days post-Open Enrollment is essential in case any errors occurred on your end.
Here are five simple tips to make this process smoother:
- Check for an existing Open Enrollment log in Excel or a Google Sheet before creating a new one.
- If the insurance invoice is available for download in Excel or PDF, opt for the online version over the paper one.
- If only a PDF is available, convert it to Excel using tools like Adobe, NitroPDF, or Nuance pdf software conversion tools. Ensure you’re not uploading PHI or HIPAA protected info when using online tools.
- If you’re comparing paper invoices to paper enrollment forms, avoid multitasking and consider asking a coworker for assistance.
- Don’t forget to audit the second month’s invoice as well.
Auditing Invoices for Employee Navigator Clients
If you’re an Employee Navigator client, you have it a bit easier:
The Easy Way:
- Log in and access the “Reports” menu.
- Find the tile labeled “Benefit Reports.”
- Select the “Carrier Billing Employees by Plan” report for the appropriate date (e.g., 02/01/2024 for February’s bill).
- Download it to Excel and use color-coding to highlight correct and incorrect employee entries as you compare them to the vendor’s invoice.
- Investigate and rectify any errors with the respective vendor.
The Easier Way:
- Reach out to your Account Manager or Broker to inquire if the audit has already been conducted and if they can share the results. They’ve likely scrutinized these issues immediately post-Open Enrollment, recognizing the importance of trust in the software and their firm’s reputation.
And, if you wish to perform a comprehensive audit, including dependent information, there’s an “Audit Report” customized and available in your shared Reports section. If you don’t see it, don’t hesitate to ask for access.
