Verify Solutions’ services ensure that dependents covered by employees are eligible to receive health care benefits, providing clients with savings on medical, prescription drug, dental, and vision plans, according to a press release. The company also conducts Human Resources Data Reviews, to ensure that employers comply with Employee Retirement Income Security Act (ERISA), Equal Employment Opportunity Commission (EEOC), and other governmental requirements.
“This acquisition moves HMS into the employer-based market with a valuable new service that fits well with our mission to help control health care costs. This new service is consistent with our current offerings, which ensure that individuals are properly identified with the correct insurance coverage.” said Bill Lucia, chief executive officer of HMS, in the announcement.
Alan Rose and Susan Massey, Principals of Verify Solutions, will serve as vice presidents in HMS’s Employer Services Division.
A Mercer analysis found $1,900 is the average annual cost of providing health coverage for one dependent, so employers could see substantial savings from identifying those ineligible (see Employers See Substantial Savings from Dependent Eligibility Audits).