C.M. Smith offers health and welfare benefits actuarial support and services through our membership in the Benefit Advisors Network (BAN). We believe it is critical for plan sponsors to develop independent utilization analyses, trend estimates, impact analyses of plan design changes, IBNR reserve calculations and periodic reviews and assessments of alternative funding arrangements. Our actuarial support includes an analysis of total spend against certain benchmarks adjusted for the demographics of the covered population, benefit levels and variation in regional health care costs. The objectives of this in-depth analysis are to determine:
- if the current plan design is appropriate or if there is over- or under utilization;
- if anti-selection is occurring through a thorough review of base benefits, premium rates, out-of-pocket expense exposure or packaging of ancillary benefits (vision, etc.);
- benefits efficiency – can flexible spending accounts, healthcare reimbursement arrangements or health savings accounts improve the overall efficiency of the rewards package?
- impact of large claims – review prognosis and diagnosis for claim projections and for an assessment of stop-loss coverage.
Legislative changes, workplace changes and a competitive marketplace are creating both challenging demands and opportunities for employers. Our actuarial support provides a comprehensive approach to evaluate current plans and funding arrangements to help you capitalize on optimal solutions and meet all compliance requirements.