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 …
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:
Waukesha County Fairgrounds KBC is only 10 Minutes from the city of Waukesha. Waukesha is home the Waukesha County Fair. This year the fair is taking place July 19-23, 2023. The fair grounds are located next to the Waukesha County Airport at the Waukesha Expo Grounds. Tickets are around $10 for Adults and there are admission bundles to save money. …
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. …
In today’s world things have changed quickly. The younger generations have turn to social media or computer sites to basically find their information. The information that is found on the sites will then allow the customer to help make a decision in what opportunities they want to pursue. KBC is trying to also keep up with the new ways of …
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 …
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 …
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 …
Implicit rate subsidy is measured as the difference between an individual’s actual incurred costs for coverage (i.e., total incurred claims) and the premium rate charged to the individual for such coverage. In general, premium rates for a group plan are based on the total expected costs of all participants covered in the group. While, in most cases, each participant is …
Can’t prepare until information is known as of fiscal year end (roll-forward blog already that we can use/update? A common question we get from clients is when they can expect to receive their table updates for the year. As some background, “table updates” are tables provided to you in years when a full valuation is not prepared. Basically, the liabilities …
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 …
Other Post-Employment Benefits, or “OPEB” for short, is defined by GASB as any post-employment benefit other than pensions or compensated absences. These types of post-employment benefits are at the complete discretion of the employer including if any OPEB benefits are provided or not, what classifications are offered benefits, and the eligibility requirements in order to receive them upon retirement. OPEBs …
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 …
If your health or dental plan is self-insured, then you know that there are some key differences in comparison to a fully insured plan. For public school districts in Wisconsin that self-insure their sponsored health or dental plans, there is one other emerging requirement. Wisconsin Statute §120.14 and the Wisconsin Department of Public Instruction (DPI) state audit guidelines require that …
Key Benefit Concepts (KBC) provides several unique actuarial services including attestation of self-insured health and dental plan financial soundness and/or adequacy of incurred but not reported (IBNR) reserves. Wisconsin Statute §120.14 state audit guidelines that school district audits should include information concerning the school district’s self-insured health and dental plans. Specifically, a footnote with a date of actuarial certification attesting …
There are many different benefit vehicles available through employers for their employees depending on the type of entity. One specific benefit vehicle is a 403(b) or Tax-Sheltered Annuity (TSA). According to the Internal Revenue Service, a 403(b) or TSA plan is a retirement plan offered by public schools and certain charities and is similar to a 401(K) plan maintained by …
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 …
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 …
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 …
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 …
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 …
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, …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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. …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
Health Savings Account Changes for 2024 Recently, the Internal Revenue Service released the 2024 health savings account (HSA) limits. Below is a comparison of the current limits and the new limits for 2024. 2023 2024 HSA Contribution Limits Self-Only: $ 3,850 Family: $ 7,750 Self-Only: $ 4,150 Family: $ 8,300 For those age 55 or older: HSA catch-up contributions …
Key Benefit Concepts is involved in many conferences throughout the year of 2023! KBC enjoys being affiliate members of many government employer associations. We look forward to sponsoring, attending, speaking and most of all having booth at conferences throughout the United States. Why? Because we get an opportunity to spend time with our favorite people – our clients – in …
When posting an Ad on a Social Media site or on the website/conference site we might be attending. It is important to find a theme. If it is a specific Holiday or if the conference is related to an event or style. Finding the right background is key. Wither the Ad is going to be bright or colorful or If …
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, 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 …
