Self-Insured Plans

Every member of HUB's Health and Benefits team has experience with self-insured plans. Based upon the package chosen, our team will provide you detailed reporting and independent, actuarial based recommendations. Our reporting capabilities include the following:

Budgeting, Contribution & Trend Report: The BCT report uses actuarial models to forecast the costs in the coming year and enables an employer to set budgeted rates for self-insured plans. After budgeted rates are established, we model employee contributions according to your desired strategy. A trend analysis allows outliers or seasonality problems to be identified and addressed.

CFR HPI (Health Plan Intelligence) Dashboard: provides an understandable and intuitive view of how your plan is performing with specific focus on key health service areas and underlying conditions. The HPI-Dashboard is a management-level, key performance indicator and benchmarking report which combines health experience data and underlying membership information. Our analysis provides our clients the opportunity to understand how their plan is performing, how they compare to other companies, and identify areas for additional investigation.

CFR HPI Analytics: provides our clients direct access to powerful views of underlying health care data. All the underlying data have been enhanced to include logical groupings and descriptions which afford our clients the opportunity to quickly understand and easily use the application.

HPI-BeneCalcTM: provides our clients the advantage of predicting both the financial and member impact of potential plan changes. The HPI-BeneCalc application affords our clients the opportunity to pursue changes which maximize plan savings while minimizing member disruption.

Stop-Loss Analysis: This report assesses the risks and costs for various stop-loss coverage levels. Utilizing Monte Carlo simulation, we provide a graphic display of potential scenarios to determine what options fit your risk preferences.

Financial Monitoring Report: This report brings together claims experience, paid benefits, expenses and budgets into one financial report for gross and net costs. The report performs preliminary auditing of data to confirm accuracy of reports. Up-to-date forecasting leveraged through actuarial analysis turns "data" into "information" giving you the ability to manage proactively, not reactively.

Incurred But Not Reported (IBNR) Reserve: The IBNR reserve calculation uses actuarial projection techniques to estimate incurred claims and determine how much you should be holding in reserves to avoid IRS and DOL compliance issues. We can provide reports annually or quarterly, and will help explain results to auditors in light of Sarbanes-Oxley requirements.

 

Employee Benefits Consultants

Jay Condry
Benefits Consultant

Kelly Elkins
Benefits Consultant

Tony Ishmael
Benefits Consultant

Jack Nicar
Benefits Consultant

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