From
Lisa Norris, Human Resources Director
Title
Insurance Fund Monthly/Quarterly Review
Presenter
Ashley Land, Human Resources Manager
Recommended Action
Review Only
Analysis
This analysis covers the experience in the Employee Insurance Fund through March 2017:
Employee Insurance Fund Summary (Attachment 1):
As our 2nd quarter comes to a close, you can see in our Fund Summary that the Operating Balance (Column 3, row 85) remains in the black! The projections shown on the fund summary were only including up through February as these were submitted during the budget process that was due March 24th (so March had not completed at that time). With those projections, we reflected an imbalance at year-end of $222,726 (column 4 in green, row 85). In this fund summary, you can also see that we have included the high claimant reimbursement of $1,011,396 noted in column 4, row 31. This correlates to the amount being taken out of the Risk Fund Stoploss reserve (separate item on today's agenda - Risk Fund Quarterly Review).
However, if you review the month-to-month fiscal year summary, you can see March numbers and year-end projections inclusive of March data (column 7). March active claims were the highest month of the fiscal year so far at $1,440,984 (column 7, row 29). However, overall year-end projections (column 13, row 40) have improved from -222,726 that was originally reflected on the Fund Summary (1st attachment you reviewed) to -117,444 as shown on this month-to-month review with March revenues and expenses calculated. Using current projections and data, retirees are only expected to reach about 89% of the budgeted number, and actives are projected to reach 102% of budgeted.
UHC Slides
As of March, only 4 claimants have exceeded $100,000 in claims. On the last slide, our high claimants had a positive month with only a few hitting the light blue amounts of $1,000-$49,999 in claims for the month, and none of them exceeding ...
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