Holly Corporation Saves Millions with HRAdvance's Dependent Eligibility Audit

Share Article

HRAdvance helps control health insurance costs and protects the quality of benefits with their Plan-Smart Dependent Eligibility Audit.

Frankly, the lax enforcement of eligibility rules in most plans is the source of most unwarranted expenses

HRAdvance, a leading provider of dependent eligibility audit and verification services today announced that Plan-Smart™, their flagship Dependent Eligibility Audit offering, will save Holly Corporation millions of dollars over the next five years. These results bolster findings from recent studies that show companies today cover anywhere from 5% to 15% ineligible dependents on their corporate health plans.

Click here for a comprehensive case study highlighting the Holly Corporation and the results of their dependent eligibility audit.

"We knew we had opportunities to reduce our health plan expenses with a dependent eligibility audit, but were challenged with managing the process as well as employee reaction," said Nancy Hartman, Vice President of Human Resources for Holly Corporation. "HRAdvance's commitment to customer service and proficiency in technology development ensured our employees were supported throughout the process and they kept us informed with real-time web-based reporting. No one else could deliver these services."

The key components of HRAdvance's Plan-Smart™ Dependent Eligibility Audit include a combination of service, technology, communications and reporting. At the time of their dependent eligibility audit, HRAdvance provided Holly Corporation with a custom-tailored portfolio of activities including: automated project calendar and time lines, employee letter campaigns, inbound and outbound call centers, online web portal for associates, comprehensive audit with appeals process and Plan-Guard™ (Gatekeeper) technology services. Through the implementation and execution of the Plan-Smart™ activities and process, HRAdvance was able to cite an initial finding of 12 percent ineligible among enrolled dependents in Holly Corp's plan(s). Following a 30-day appeals process, Holly Corp concluded their audit and found 8.04% of the dependents enrolled were not eligible.

"We're reducing the costs of our plan. Our associates are committed to the process, and I'm always informed on the project. Plan-Smart™ was an outstanding choice for us," said Hartman, referencing the results of HRAdvance's Plan-Smart Dependent Eligibility Audit.

"Holly Corporation is a perfect example of the dramatic positive benefits of a dependent eligibility audit," said Brennan Clipp, SR Vice President of Sales and Marketing for HRAdvance. "Not only are tremendous and immediate savings recognized by removing and preventing ineligible dependents, but employers and plan fiduciaries may also improve their ERISA compliance responsibilities."

Employee Retirement Income Security Act (ERISA) plans must be operated in accordance with the Exclusive Benefits Rule for Fiduciaries, which states the primary responsibility of fiduciaries is to run the plan solely in the interest of eligible participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses.

"Frankly, the lax enforcement of eligibility rules in most plans is the source of most unwarranted expenses," said Clipp. "These extra costs can represent a Sarbanes-Oxley risk to public companies and a personal liability exposure to the plan fiduciary. These risks will only continue to grow unless organizations take the same proactive approach as Holly Corporation with a dependent eligibility audit." Craig Firestone, CEO of HRAdvance, adds "An HRAdvance Dependent Eligibility Audit is a catalyst to invest your employee in the fiscal well being of the corporate health plan(s)!"

Click here for a comprehensive case study highlighting the Holly Corporation and the results of their dependent eligibility audit.

About HRAdvance
HRAdvance has a unique blend of 80 years combined experience in public accounting, auditing, call-center, benefits, HR and technology. HRAdvance leverages leading-edge technology to provide employers and vendor partners with a turnkey solution to the cumbersome task of auditing and verifying dependent eligibility to ensure repeatable, consistent and defensible results for all benefit plan members. Visit http://www.hradvance.com to learn more.

About Holly Corporation
Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer producing high-value products such as gasoline, diesel fuel and jet fuel. Holly operates through its subsidiaries an 82,000 barrel per stream day (bpsd) refinery located in New Mexico and a 26,000-bpsd refinery in Utah. Holly also owns an interest in Holly Energy Partners, L.P., which through subsidiaries owns or leases approximately 1,600 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and refined product terminals in several Southwest and Rocky Mountain states. For more information, visit http://www.hollycorp.com.


Share article on social media or email:

View article via:

Pdf Print

Contact Author

Brennan Clipp
Visit website