Benefit Summary and the Importance of being Accurate!

Key Benefit ConceptsAbout Us, Actuarial

Actuarial valuations of post-employment benefits are an important tool for your auditor to complete your financial statements and are required under specific GASB statements. In order for us to provide the most accurate valuation, it begins with the initial steps of the valuation process. The first step in preparing a proposal for a new post-employment valuation is confirming the benefit …

Protected Health Information (PHI)

Key Benefit ConceptsActuarial, Services

What is Protected Health Information (PHI)? In 2023, it is important to protect your information. Protected Health Information or PHI, is individually identifiable health information held or transmitted in any form or medium by HIPAA covered entities and business associates, subject to certain limited exceptions. Some examples of PHI can include: names, addresses, social security numbers, driver’s license numbers, insurance …

The Further Breaking Down of Census Data!

Key Benefit ConceptsActuarial, Services

Although a census data request from your actuary for an upcoming Other Post-Employment Benefits (OPEB) valuation may seem straightforward at first glance, it is not always so clear-cut. It may be early February, but the valuation date is 6/30. What date should the census data be as of? Do you include part-time or seasonal employees? If someone is expected to …

H.S.A. Health insurance plans and the Individual Health Savings Account

Key Benefit ConceptsActuarial, Services

H.S.A. Health insurance plans and the Individual Health Savings Account An H.S.A. stands for Health Savings Account.  A health savings account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. There are several requirements that must be met to be eligible to open and fund an H.S.A. …

Health Savings Account Changes for 2024

Key Benefit ConceptsAbout Us, Actuarial

Health Savings Account Changes for 2024 Recently, the Internal Revenue Service released the 2024 health savings account (HSA) limits.  Below is a comparison of the current limits and the new limits for 2024.   2023 2024 HSA Contribution Limits Self-Only: $ 3,850 Family: $ 7,750 Self-Only: $ 4,150 Family: $ 8,300 For those age 55 or older: HSA catch-up contributions …

Ad’s are Important!

Key Benefit ConceptsAbout Us, Actuarial

When posting an Ad on a Social Media site or on the website/conference site we might be attending. It is important to find a theme. If it is a specific Holiday or if the conference is related to an event or style. Finding the right background is key. Wither the Ad is going to be bright or colorful or If …

Safety and Security are of the Utmost Importance!

Key Benefit ConceptsActuarial, Services

Safety, Security, Privacy and Confidentiality These are more than words; these are important aspects of KBC’s services.  Our employees are thoroughly trained in HIPAA privacy compliance.  We use Business Associate Agreements, a secured site for uploading data and cybersecurity features in our emails, computers and servers.  We work diligently to protect all data in our care and to assure that …

Social Media and it’s Importance to KBC in 2023!

Key Benefit ConceptsAbout Us, Actuarial

In today’s world things have changed quickly. The younger generations have turn to social media or computer sites to basically find their information. The information that is found on the sites will then allow the customer to help make a decision in what opportunities they want to pursue. KBC is trying to also keep up with the new ways of …

It’s 2023! I Need A New Valuation – Where do I Begin?

Key Benefit ConceptsActuarial, Services

If you are looking for a proposal for a post employment valuation in 2023, you have come to the right place! When it comes time to obtain a post employment valuation proposal, the process can sometimes become overwhelming. However, Key Benefit Concepts has a process that will help ease “the pain” of the process in 3 easy steps for current …