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 …

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, …

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 …

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 …

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 …