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 …

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 …

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, …

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 …

Maintaining Confidentiality and Privacy in the Business Office

Key Benefit Concepts Actuarial, Services

Everyone knows maintaining confidentiality and privacy in the business office is paramount and there are specific regulations such as HIPAA and FERPA, etc., that govern how to handle private information. Below is our recent article published in ASBO International’s April 2022 edition of School Business Affairs magazine, written by Linda Mont, CSRM, RHU (managing member here at KBC) and Lynn …

Upcoming Local Run/Walk Event – Delafield WI

Key Benefit Concepts Services, Wellness

Key Benefit Concepts (KBC) enjoys being involved with our local community, helping to share details of upcoming events that are taking place around Waukesha County and the Wales community. Coming up on Saturday, April 16, 2022, in Delafield, WI (10 minutes from our corporate office in Wales, WI), is a Kiddos 1K, a 5K, 10K and half marathon event called …

There is still time to put money into your H.S.A. account for 2021

Key Benefit Concepts About Us, Services

If you and/or your family are covered by a health insurance plan that meets the IRS requirements of an H.S.A., there is still time to put up to $3,600 single; $7,200 family into that account and deduct the amount of the contribution from your 2021 taxes.  The IRS allows you to make contributions up to the income tax filing deadline …

Service with Care!

Key Benefit Concepts About Us, Services

In 2022, KBC is focused on providing service with care and a smile! Are there certain people in your work life where each call you make to them seems to go directly to voicemail, and then you’re stuck waiting for a call back?  This can be extremely frustrating, which is why there’s no need to worry about that with KBC.  …

Get the Scoop on Post-Employment Table Updates!

Key Benefit Concepts Actuarial, Services

GASB statements require an actuary to update the tables of your organization’s post-employment valuation in the year between valuations. Table updates are just that – updates to the tables provided in the prior year’s valuation.  That means a new valuation is not completed, but rather the tables illustrating obligations, etc. are updated to include in the organization’s financial reports for …

Are You Looking for a New Valuation in 2022? Let’s get Started!

Key Benefit Concepts About Us, Actuarial

It’s 2022 and KBC is here to help you! If you are looking for a proposal for a post-employment valuation, 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 …

Staying Active, Healthy and Well

Key Benefit Concepts About Us, Services

Key Benefit Concepts (KBC) is an actuarial and employee benefit consulting firm who has designed personalized benefit programs relating to wellness for our clients.  When addressing employee benefits, wellness is an important factor to an overall comprehensive benefit program.  Healthy employees are typically more focused, conscientious and hard-working. So, at KBC we practice what we preach!   Our program is referred …

Conference Opportunities in 2022

Key Benefit Concepts About Us, Conferences

The impact of COVID-19 led to the cancellation of most in-person conferences in 2020 and many so far in 2021. We hope in 2022, more conferences will open up to in-person.  Key Benefit Concepts (KBC) enjoys being affiliate members of many government employer associations.  We look forward to sponsoring, attending, speaking and most of all having a booth at conferences …

Have You Heard……?

Key Benefit Concepts OPEB, Services

Key Benefit Concepts has had the opportunity to speak at conferences across the country. We have spoken on topics such as post-employment valuations (OPEB 101), post-employment trusts, recordkeeping in the business office, HIPAA, when is a gift a gift and many other topics. If you have heard Key Benefit Concepts speak on a topic you love and would like us …

A Culture of Wellness

Key Benefit Concepts Services, Standard

Key Benefit Concepts (KBC) is an actuarial and employee benefit consulting firm who has designed personalized benefit programs relating to wellness for our clients.  When addressing employee benefits, wellness is an important factor to an overall comprehensive benefit program.  Healthy employees are typically more focused, conscientious and hard-working. So, at KBC we practice what we preach!   Our program is referred …

Decrement Rate Assumptions – How are they Determined?

Key Benefit Concepts Actuarial, Services

How are they determined? As discussed in a previous post (Decrement Rate Assumptions – What are They?), the background and definition of decrement rate assumptions were established. However, you may be wondering how do we determine the probability of these decrements? Because we serve public employers, their employees are members of a state pension plan. For Wisconsin, this is the …

Decrement Rate Assumptions – What are They?

Key Benefit Concepts About Us, Services

Decrements are events that cause an employee to no longer be employed with you. This could include death, termination, disability, and retirement. Your OPEB valuation reflects the possibilities of each of these decrements through decrement rate assumptions. Towards the end of your report, in a section we title the “Technical Appendix”, you can find details of the decrement assumptions. They …

Are You HIPAA Complaint? If Not, Do you Know Where to Begin?

Key Benefit Concepts About Us, Actuarial

Most of you know the importance of HIPAA compliance. If you are not compliant and an audit occurs, it can be very costly and determinantal to your company. Sometimes it is a struggle making sure everything is compliant and if it is not, you may not know where to begin. That’s where Key Benefit Concepts can help! Key Benefit Concepts …

ASBO and FASBO Conferences 2021

Key Benefit Concepts Conferences, Services

This Year, Key Benefit Concepts will be attending two conferences. ASBO, the first Conference KBC will be attending is from October 13-16 in Downtown Milwaukee, Wisconsin. The second is FASBO, the Florida Conference will held in Orlando this year and the dates for that are October 12-15. ASBO, brings in close to 1,000 different school business leaders from around the …

What are Table Updates?

Key Benefit Concepts OPEB, Services

GASB statements require an actuary to update the tables of your organization’s post-employment valuation in the year between valuations. Table updates are just that – updates to the tables provided in the prior year’s valuation.  That means a new valuation is not completed, but rather the tables illustrating obligations, etc. are updated to include in the organization’s financial reports for …

When You Are Insured Through ETF and Pay them Directly

Key Benefit Concepts Actuarial, OPEB

Even if you don’t offer an OPEB plan to your retirees and they are only allowed to self-pay medical premiums directly to a state plan (e.g., the ETF plan in Wisconsin), there may still be a liability that needs to be valued. It’s similar to a group health plan that’s fully insured, and retirees pay you, the plan sponsor, the …

Social Media and KBC

Key Benefit Concepts About Us, Services

Importance of Social Media In today’s world, the wide array and popularity of media mediums are everchanging at a rapid pace. Social media is becoming more prevalent each year, and is becoming a more popular space for daily news intake and ad experience. Accessibility to services and communication with existing and potential customers have never been more direct, as all …

Importance of an Accurate Benefit Summary

Key Benefit Concepts About 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 …

What Does it Mean to be a Consultant?

Key Benefit Concepts OPEB, Services

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 guide and assist others in an efficient and effective manner. We take the term ‘consultant’ seriously.  Being an actuarial consultant …

Discount Rate- How its Determined

Key Benefit Concepts Actuarial, OPEB

The determination of the discount rate in your OPEB valuation begins with the following question, “Do you pre-fund your OPEB plan through an irrevocable trust?” If the answer is yes, there is a little more that goes into setting the discount rate. If not, GASB 75 makes it very clear how to go about it. For those who do not …