Why doing a DEVA now is the best option
- 1. Why doing a DEVA now is the best option Secova Thought Leaders Forum February 26, 2013
- 2. About Smead • Smead is a family & woman owned company • More than 100 years in the industry • Corporate headquarters are in Hastings, MN • 6 manufacturing plants in U.S. • 1,000 to 1,700 employees • Average employee tenure is 20 years • Average age is 50 2012 Secova, Inc. All rights Reserved
- 3. Factors to Conduct a DEVA • Remain market competitive by reducing benefit costs • ERISA fiduciary responsibility • Apply savings from ineligibles to maintain benefits offering • Employees didn’t know the eligibility rules
- 4. Competing Priorities Large projects, such as this audit, typically require significant time commitment from HR staff • Changing carriers • Restructuring the benefit offering • Technology upgrades
- 5. Smead DEVA Timeline • Started Planning in June 2012 • July 2012 - Open Enrollment Meetings & Amnesty Period • 10/8/2012 – Mailed Verification Packets • 11/5/2012 – Mailed Reminder Packets • 12/17/2012 – Mailed Pending Cancellation • 1/10/2013 – Mailed Final Determination Letters • Completed in February 2013
- 6. Project Activity - Processing • 33.5% of document sets were Mailed • 48.7% of document sets were Faxed • 17.8% of document sets were Uploaded Online
- 7. Project Activity – Call Center Call statistics: • Inbound equivalent of 95% of members • Outbound equivalent of 60% members (incomplete or no-response status for which Secova had valid phone numbers)
- 8. Audit Results • During the project period 90.05% of the dependent population was confirmed eligible for coverage • An additional 0.22% of the original population enrolled was placed in an inactive status • The overall non-verification rate was 9.73%.
- 9. Project Experience Focused Delivery Project Customer Management Service Reduced Time Commitment