Evidence of Insurability Administration
Plan sponsors offer various voluntary benefit plans to their plan participants with coverage limits. BSC can assist plan sponsors in complying with Guaranteed Issue (GI) limits. We can determine if the amount elected exceeds the pre-determined GI during the newly eligible enrollment or open enrollment period. If necessary, we can complete the enrollment and adjust the coverage amount down to the GI limit and send the plan participant an Evidence of Insurability (EOI) form or, if available, send a communication directing them to the voluntary benefit carrier site to complete the EOI online.
Once the carrier approves or denies the excess coverage above the GI, we will notify the plan participant of the outcome. If excess coverage was approved, we increase the coverage, adjust the deduction as necessary and send new deductions to the appropriate entity.