For middle-market employers who have a need for in-depth actuarial analysis of their plans, Great Lakes Employee Benefit Services (GLEBS) maintains the exclusive Michigan relationship with one of the nation's largest and most well-respected actuarial firm's Brokerage and Consulting Services Division. Although this firm generally caters to the Fortune 500, its Brokerage and Consulting Services Division has developed business relationships with select regional brokerage and consulting firms around the country, enabling these partner firms to deliver actuarial servcies to the “middle market” (500 to 5,000 employees).
Through GLEBS’ affiliation with a large actuarial firm, “big company” actuarial services are provided to GLEBS customers at an extremely competitive cost. Utilizing our partnership, GLEBS is able to provide the following Core Actuarial Services:
Comprehensive Assessment of Health Plans (CAHP) Report – plan design benchmarking, proposal analysis, stop-loss analysis, actuarial risk and demographic analysis, and general recommendations.
Benefits Positioning System (BPS) – by measuring an employer plan against the Mid-Market Survey and procesing through cost and utilization models, suggestions are given on how to better position the employer’s benefit plans. Data regarding relative value and percentile ranking scores; plan design, demographics, total cost and employer cost metrics; medical, dental, life, disability and time off coverages; and national, regional and industry-specific comparison groups are included.
Plan Design Analysis – using the actuarial firm’s extensive experience with healthcare providers and carriers, we can help design a healthcare program that meets participant and employer needs and financial constraints.
Renewal Evaluation – multi-step process to help evaluate fully-insured renewals and budget for self-insured plans. Actuaries will review the renewal for proper calculation of reserves, benefit changes, large claims, retention, administration and profit.
Budgeting, Contribution and Trend (BCT) Report – provides accurate cost forecasts for the coming year and budgets rates for self-insured plans. Employee contributions can be modeled, and a trend analysis allows outliers or seasonality problems to be identified and addressed.
Financial Monitoring Report (FMR) – report on claims experience, benefits paid, expenses, gross and net costs, along with other various items. Preliminary auditing of data confirms accuracy of reports.
Incurred but not Reported Reserve Calculation (IBNR Reserves) – actuarial projection techniques are used to estimate incurred claims and determine appropriate reserve amounts to maintain compliance with IRS and DOL regulations.
Stop-Loss Analysis – for self-funded groups, risks and costs are assessed for various stop-loss coverage levels.
FSA Assist – innovative software product to help employees estimate out-of-pocket costs for benefits, customized for each employer group.
Research Reports, Newsletters and Client Bulletins – produced on a regular basis or as the environment dictates (has addressed issues such as new laws for HSAs, HIPAA nondiscrimination for wellness programs, Medicare Part D, etc.).
The following Fully Insured services are also available:
Modified Comprehensive Assessment of Health Plans (CAHP) Report – comprehensive benchmarking report covering plan design, premium rating, and employee contribution strategy based on results from the Mid-Market Survey.
Plan Design Analysis - using the actuarial firm's extensive experience with healthcare providers and carriers, we can help design a healthcare program that meets participant and employer needs and financial constraints.
Renewal Evaluation – assesses fully-insured or partially self-insured rate renewals; calculates manual rates; and reviews for proper calculation of reserves, benefit changes, large claims, retention, administration and profit.
Self-Funded Feasibility Analysis (SFFA) – using proprietary actuarial cost models, the cost and volatility of health plan expenses will be estimated, and a determination will be made regarding whether self insurance is a fit for the group.
Mid-year Pricing – report which accurately forecasts costs in the coming year and provides an expectation of the renewal rates.
Research Reports, Newsletters and Client Bulletins – produced on a regular basis or as the environment dictates (has addressed issues such as new laws for HSAs, HIPAA nondiscrimination for wellness programs, Medicare Part D, etc.).
