From
Lisa Norris, Human Resources Director
Title
Employee Insurance Fund Monthly Review - Lisa Norris, Human Resources Director
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Review Only
Analysis
This analysis covers the experience in the Employee Insurance Fund through February 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund is back on track through February 2019 with February producing our lowest month of the fiscal year reaching only $922,699 for active claims (row 30, column 6) and the second lowest month of the fiscal year for retirees reaching $179,256 (row 31, column 6). Revenues continue to remain consistent. With five months now under our belt, year end projections (blue column, rows 30 and 31) are projecting well beneath budget with actives projected at only $13,775,296 versus the $15.7 million budgeted and retirees projected at $2,459,439 versus the $3.2 budgeted. This continued positive trend overall creates a projected operating balance at year-end of $3,757,610 (row 39, blue column).
On a side note, this is the year our Third-Party Administrator (TPA) and Pharmacy Benefit Manager (PBM) went out to bid. We had 9 responses for the TPA services and 8 responses for the PBM. HSA services will go out next, and then we are also sending out a proposal to solicit Pet Insurance.
Financial Consideration
The current budget is approved and no financial consideration is necessary at this time until additional claims data based on future months can be reviewed.