From
Lisa Norris, Human Resources Director
Title
Insurance Fund Monthly Review
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Review Only
Analysis
This analysis covers the experience in the Employee Insurance Fund through September 2016:
Employee Insurance Fund Summary (Attachment, page 1):
September 2016 resulted in a final month of active claims hitting $1.3 million causing the final active claims reaching $14,701,672 for year-end. Retirees ended the year at $3.12 million - about $600,000 beneath budget. At the end of the day, the fund ended in the red at -2,239,753 (green column, row 55). Any final adjustments may be made to the fund as the year closes out and may cause this final number to modify slightly. I am getting final numbers from our consultant to address the Committee question on our high claimant and what that would look like over the course of the 16-17 budget year against what we have proposed to ensure no modifications to budget are needed.
Our high claimant remains around $1.2 million for this calendar year - January through September. As a reminder, claims are calendar year based, so we will continue to track this claimant in our new fiscal year for the remaining calendar-year months that impact any reinsurance reimbursement we decide to pursue from the Risk fund in 2017 following the calendar year end. No other claimants have exceeded our self-imposed reinsurance threshhold of $400,000 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.