Rate sheets and audits always seem to surprise my clients and they are so important!
Once final decisions are made by the client on benefit offerings, I create a rate sheet. This tool will have all benefit monthly premiums and employer contributions and the employer has to sign off and approve the rate sheet. This avoids deduction and billing discrepancies for the plan year.
Then, a month after open enrollment I audit all carrier invoices and employee elections for each client. I need to make sure rates are correct, employees are covered in the benefits they elected, paycheck deductions are correct, dependents are covered, life insurance, FSA, HSA etc amounts are correct and I audit from all angles. From invoice to enrollment system and enrollment system to applications. If any discrepancies I correct with carrier, make client aware and track the credits/adjusts that are due.