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 …

What is a Consultant?

Key Benefit ConceptsAbout Us, Services

In 2023, being a consultant implies that you are proficient in your field and are willing and able to guide and assist others in your area of expertise.  Many people call themselves consultants but may lack the knowledge, experience or ability to assist and guide others in an efficient and effective manner. We take that term seriously.  Being an actuarial …

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. …

Why Secure Website’s are Important?

Key Benefit ConceptsAbout Us, 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 …

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 …

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 …

Importance of Using our Secure Website

Key Benefit ConceptsActuarial, 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 ConceptsActuarial, 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 ConceptsActuarial, 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 …