Budgeting and Cost Reconciliation
As a routine part of our services, the C.M. Smith Agency helps our clients establish an overall group insurance budget consisting of total cost, employer cost and employee cost. In so doing, we establish accrual rates and review various employee contribution scenarios to achieve the employer's ultimate goals.
Our Financial monitoring naturally includes oversight of emerging claim experience. For our self-funded clients, we prepare Incurred but not Recorded (IBNR) reserve levels, including actuarial attestation.
We also continually monitor emerging experience results relative to the plan year budget and periodically report back to the employer.