Implicit Rate Subsidy – What is it?

Key Benefit ConceptsActuarial

Implicit Rate Subsidy, or “IRS” for short, is the difference between individuals’ actual incurred costs for medical coverage (i.e., incurred medical claims paid by the insurer, in the case of a fully-insured health plan) and the individuals’ total premiums charged for such coverage. In essence, premium rates are determined for a group medical plan based on the total expected medical …

Table Updates

Key Benefit ConceptsServices

Get the Scoop on Post-Employment Table Updates GASB statements require an actuary to update the tables of your organization’s post-employment valuation in the year between valuations. Table updates are just that – updates to the tables provided in the prior year’s valuation. That means a new valuation is not completed, but rather the tables illustrating obligations, etc. are updated to …