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 …
