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 December 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund has tentatively closed the first quarter of Fiscal Year 19-20. In revenues, we had an unusual amount ($22,140) appear in November on line 10, "QCD Dental"(column3) that we are validating with Finance. That will likely be corrected next month, assuming what is found. In expenses, active claims "ticked" up as we expected at calendar year end in December by reaching $1,492, 529. However, even with that high month, we currently remain under budget. Remember, we do have a high claimant so that will impact us by year-end, once those costs hit the fund. Retirees are currently a little lower than expected at year end, actually declining in costs since October. All things considered, as we closed out the plan year, were remain "in the black." Additionally, projections remain strong for year-end at this point with a projected operating balance of $2,314,377 (blue column, row 39). Once we receive year-end numbers from UHC regarding the large claimant as of January 31, 2020, I will let you know how that large claim ended. At the time of this report, those numbers are not yet available.
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.