Post-Employment Health Reimbursement Arrangements (HRA)

Key Benefit Concepts About Us, Actuarial

Changes implemented through the Affordable Care Act (ACA) limit an employer’s ability to provide an HRA to active employees ONLY in conjunction with the employer’s health insurance plan.  However, an employer is not restricted to providing an HRA for employees once employment is severed. Remember the employer is the only one allowed to design and fund the HRA plan and …

Facts about the Individual’s Control of the H.S.A.

Key Benefit Concepts Actuarial, Services

The individual opens the H.S.A. account and maintains control of the account once opened.  Anyone can fund the H.S.A. account.  Typically, the individual puts funds into their own account and/or the employer may also put funds into the account.  Funds going in are not taxable.  If the individual put funds in during the calendar year, he or she can deduct …

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

Key Benefit Concepts Actuarial, Services

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 2 facets to this program: An employer or individual health insurance plan that meets certain IRS requirements. In 2022 a health insurance plan that qualifies …

Health Cooperative Impact on Your Organization’s OPEB Valuation Data Collection

Key Benefit Concepts Actuarial, Services

Valuation when you are part of a Healthcare Consortium (Requesting Data from Consultant, etc.) Participating in a health insurance cooperative may impact your OPEB valuation. Per GASB Statement 75, the “projection of benefit payments should be based on claims costs, or age-adjusted premiums approximating claims costs.” Generally, those who are not a member of a cooperative have health insurance coverage, …

What is HIPAA?

Key Benefit Concepts About Us, Actuarial

HIPAA is the Health Insurance Portability and Accountability Act which was established in 1996 to protect the privacy and security of health information and provide individuals with certain rights to their health information. Safety, Security, Privacy, 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 …

Preparing Valuations Early for Plan Reporting

Key Benefit Concepts Actuarial, Services, Standard

As alluded to in an earlier blog (“GASB Requirements – Timing and Frequency of Actuarial Valuations”), there may be certain situations in which it is necessary to begin the valuation process earlier than usual.  Specifically, this may occur when plans are being administrated through trusts or equivalent arrangements that meet the criteria outlined within the respective GASB statements. For Plan …

GASB Requirements – Timing and Frequency of Actuarial Valuations

Key Benefit Concepts About Us, Actuarial

The current Governmental Accounting Standards Board (GASB) statements pertaining to Pensions and Other Post-Employment Benefits (OPEB) require that an actuarial valuation of the total liabilities be performed at least biennially for accounting and financial purposes.  For such actuarial valuations, the total liabilities should be determined as of a date no more than 24 months (GASB 67 and 74) or 30 …

Breaking Down Census Data Further…

Key Benefit Concepts Actuarial, 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 …

Securely Sending Census Data/Information

Key Benefit Concepts Actuarial, Video

Cybersecurity and securely transmitting and storing sensitive information has come to the forefront of many businesses in recent years. There are many risks that come with exchanging data electronically, especially when it includes Protected Health Information (PHI).  Without using a secure website or providing such information securely/locked via email, the potential exists for sensitive information to fall into the wrong …

What is Protected Health Information (PHI)?

Key Benefit Concepts Actuarial, Services

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. PHI includes information, whether oral or recorded in any form or medium, that relates to the past, present or future physical, mental health, condition of an individual, the provisions of …