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 January 2018:
Employee Insurance Fund (Attachment 1):
January closed with our highest claims month of the fiscal year for active claims, reaching $1.65 million (column 5, row 29), while retirees were the lowest of the fiscal year and nearly half of other months, reaching $164,504. However, January has been a typically high month in the past couple of years because claims paid are generally run-off claims being paid from procedures at year-end. This year compounds that problem because we communicated substantial plan changes, deductible and out-of-pocket changes as we narrowed the plans from three to two plans. However, even with these high claims, we are still projected to be in the black by year-end because our premiums (revenues) for January were up and those collections are used to project the remaining eight months of the fiscal year. On the expense side, you see a new line on row 38 called HSA Contributions. This reflects the city's contribution of the $500 per year contributed by the city to the employees and retirees who elected the HSA plan this year.
UHC Slides
There are no UHC slides at this time to show. We will get those to you once collected and reviewed.
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.