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 October 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund has tentatively closed, minus any final adjustments in the 13th period. As such the Beginning Resource Balance shown is an estimate based upon what I showed the ending balance to be following September's close. To start the new fiscal year, active claims appear to be high at $1,086,665 (column 3, row 30), but remember this is still "year end" for purposes of the calendar year and employees/retirees completing final surgeries and procedures due to deductibles being met. All in all, we ended the year very strong, with claims falling well beneath budgeted. I wouldn't put much stock in the blue column of projections at this point, as those are a straight line projection of one month of claims for the entire year. Additionally, we were notified December 9, 2019 of a large claim hitting of around $700,000 billed and over $500,000 paid for a period from mid-October through mid-November for a 3-week hospital stay, so we are starting the year off with that claim rolling. It may not reflect in claims until the month of December. We are in good standing to absorb that claim due to our diligence in saving both within the fund and in the stoploss reserve.
UHC Slides:
I have no UHC slides to report at this time.
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.