Safety and Security are of the Utmost Importance!

Key Benefit Concepts Actuarial, 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 …

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

Key Benefit Concepts Actuarial, 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 …

Importance of Using our Secure Website

Key Benefit Concepts Actuarial, Services

The census data that KBC requests to prepare your valuation includes individually-identifiable information which is classified by HIPAA as protected health information (PHI).  KBC takes the security of your information and PHI very seriously, and we stress the importance of uploading any documents that contain, or may contain, PHI to our secure website.  At KBC, we use Citrix ShareFile which …

A Refresher on the Actuarially Determined Contribution (ADC)

Key Benefit Concepts Actuarial, Services

If you are currently funding your post-employment benefits through a Trust or equivalent arrangement, an important item to consider is how much to contribute annually.  This, of course, can depend on a number of variables and may rely heavily on what you have budgeted for both the current and future fiscal years.  Regardless, your actuary should provide you with an …

Factors that Impact Differences in Experience Gain/Losses

Key Benefit Concepts Actuarial, Services

If you have ever seen your OPEB liability fluctuate dramatically from one valuation to the next, then it’s likely due to one of the following reasons: 1) changes in your OPEB plan design, 2) changes in the actuary’s assumptions, or 3) differences between expected and actual experience. The first and second are pretty self-explanatory in that they are a byproduct …

Incurred But Not Reported Reserves (IBNR)

Key Benefit Concepts Actuarial, Services

If you offer a self-insured health or dental plan, an important and essential aspect of the plan is the incurred but not reported reserve (IBNR). Essentially, IBNR is an estimate, generally determined as of the plan year end, of all covered claims that have occurred but have not yet been reported.  For example, say an individual is in a car …

Health Reimbursement Arrangements (HRA) for Active Employees

Key Benefit Concepts Actuarial, Services

An HRA is similar to an H.S.A. in that its purpose is to allow for tax-free reimbursement of health plan deductible and eligible health care expenses paid by the employee or individual covered under the plan; however, the HRA is very different in many other ways: No specific Health insurance plan design – for active employees, the employer provides the …

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 …

Waukesha County Fair 2022!

Key Benefit Concepts About Us, Services

JOIN THE FUN this Summer! County fairs are a great way to spend time with your family outdoors and Wisconsin is known for its popular fair food and animals!  Key Benefit Concepts is located within Waukesha County which is only 10 minutes from the city of Waukesha; the host of Waukesha County’s Fair each summer. The fair grounds are located …