Pre-Existing Condition Insurance Plan Washington State (PCIP-WA) June 2011 Financial Review

Transcription

1 Pre-Existing Condition Insurance Plan Washington State (PCIP-WA) June 2011 Financial Review 1. Financial Statements June 2011 UBalance Sheet Due to the timing of the HHS reimbursement receipts, there is no available cash on hand at the end of June Cash position is discussed further in the Budgeted Cash Flow section below. As of June 2011, the receivable for unbilled HHS reimbursements is $5.2 M. This amount represents an offset of liabilities, including IBNR, which will be invoiced and funded by HHS before the end of the program. The total IBNR of $4.2 M increased $1.0 M or 32.8% as compared to the prior month. Medical increased $1.1 M or 38.7%, while pharmacy decreased $104 K or 49.5% from May UIncome Statement Total member months for June 2011 YTD are 1,908. months are measured as the cumulative monthly member count (PMPM) over a period of time. The total incurred claim loss for June 2011 YTD is $10.4 M. Incurred claim loss represents the total medical and pharmacy claims expense in addition to the change in unpaid losses (IBNR) and accrued loss adjustment for the period. For June 2011 YTD, the medical claims portion is $9.0 M and the pharmacy claims portion is $1.3 M. As of June 2011 YTD, total operating expenses are $525 K and HHS Reimbursement is $9.8 M. 2. Budgeted Cash Flow June 2011 The Budgeted Cash Flow document contains the original budget (upper portion) as established in 2010 and the actual (lower portion) cash flow results year-to-date. The budget portion of the analysis is kept static all year so that our original thoughts are maintained. The Program Summary (discussed below) is a dynamic report and therefore changes as better financial information is obtained. At the end of June 2011 there is no available cash balance. Total net cash receipts for June 2011 YTD are $2.5 M or 54.1% favorable to budget due to higher than anticipated reimbursements from HHS. Total YTD expenses are $2.9 M or 61.5% unfavorable to budget. Total medical and pharmacy claims expenses combined are 08/01/2011 1

2 $3.0 M or 75.9% unfavorable to budget, but that is partially offset by $160 K of favorable administrative variances discussed further below. 3. Administrative Expense Budget June 2011 For June 2011 YTD, administrative expenses are $160 K or 23.9% favorable to budget (cash basis). This positive variance is primarily seen in miscellaneous expense and professional fees. 4. PCIP-WA Program Summary June 2011 The program summary is a blended cash flow forecast tool that tracks the federally allotted funds throughout the life of the program. Actual claims, premiums and administrative expense data is input as incurred, while data for future months is based on the original budget. The summary shows the projected remaining balance at the end of each year as well as at the end of the program. The summary also compares the original budget figures to the blended forecast figures and calculates the blended administrative cost percentage (yearly and in total). PCIP-WA submitted a revised forecast in May 2011 and those re-forecasted figures were updated in the April packet. Actual results are illustrated through July As of July 2011, membership is at 60.6% of projected year-end enrollment. Actual YTD claims PMPM is $3,411 as compared to $5,180 budgeted claims PMPM. In June 2011, PCIP-WA administration amended the current HHS contract and HHS allotted an additional $18.7 M for 2011, bringing the total 2011 funding to $28.9 M. Administrative costs as a percent of total costs is projected to be 4.2% for 2011, and by the end of the program, that percentage is projected to be 2.3%. As of July 2011, projections indicated that PCIP-WA will use up 75% of the original federally allotted funds by September /01/2011 2

3 PCIP-WA Unaudited Balance Sheet as of June 30 Total Enrollment : 446 Assets: 2011 Cash $ - Premiums Receivable 16,209 HHS Receivable - Unbilled HHS Reimbursement 5,186,477 Prepaid Expense 15,350 Total Assets $ 5,218,037 Liabilities and Unassigned Surplus: Reserve for Unpaid Losses - Medical $ 4,067,000 Reserve for Unpaid Losses - Pharmacy 106,000 Accrued Loss Adjustment 109,000 Premiums Received in Advance 540,436 Checks Written in Excess of Cash Balance (1) 333,252 Due to WSHIP - Accrued Expenses 62,349 Total Liabilities $ 5,218,037 Unassigned Surplus - Total Liabilities and Unassigned Surplus $ 5,218,037 (1) Checks Written in Excess of Cash Balance are claim checks written prior to the receipt of HHS reimbursements. These checks are not distributed until the proper funding is received. 08/01/2011 3

4 2011 Total 1,908 Premium Income Earned $ 1,083,739 Pharmacy Rebate Income - Incurred Claim Loss - Medical 9,021,034 Incurred Claim Loss - Pharmacy 1,333,738 Total Incurred Claim Loss 10,354,772 Operating Expenses: PCIP-WA Unaudited Statement of Operations January 1 to June 30 Administrative Expense $ 142,296 Variable Administrative Expense 133,890 Salary and Benefit Expense 105,694 Contracted Outreach Fees 24,550 Miscellaneous Expense 31,398 Professional Fee Expense 87,445 Start-Up Expenses - Total Operating Expenses $ 525,272 Underwriting Gain (Loss) $ (9,796,305) HHS Reimbursement 9,796,305 Investment Income - Other Income - Changes in Unassigned Surplus $ - 08/01/2011 4

5 PCIP-WA 2011 Budgeted Cash Flow Original Budget JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JUN YTD TOTAL Enrollment Count ,517 7,446 Cash Balance BEGINNING OF MONTH Receipts Premium Receipts 147, , , , , , , , , , , ,312 1,476,897 4,369,078 HHS Reimbursement 298, , , , , , , ,384 1,118,671 1,224,349 1,352,473 1,476,110 3,159,701 10,190,113 Pharmacy Rebate Income Claim Refunds Receipts Investment Income Abandoned Claims Other Income Total Receipts 446, , , , ,107 1,113,765 1,256,175 1,409,444 1,581,045 1,726,036 1,893,474 2,056,422 4,636,598 14,559,191 Refunds Premium Refunds Total Refunds Expenses Medical Claim Expense 348, , , , , ,342 1,131,329 1,280,174 1,432,352 1,587,919 1,746,935 1,909,459 3,968,417 13,056,585 Pharmacy Claim Expense Administrative Expense 23,391 25,530 27,667 29,806 31,943 34,082 36,219 38,358 40,495 42,634 44,770 46, , ,806 Variable Administrative Expense 8,596 10,882 13,167 15,453 17,738 20,024 22,309 24,595 26,880 29,166 31,452 33,737 85, ,000 Salary and Benefits Expense 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19, , ,000 Contracted Outreach Fees 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 30,000 60,000 Prescription Administrative Expense 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 14,500 29,000 Miscellaneous Expense 17,567 17,567 17,567 17,567 17,567 17,567 17,567 17,567 32,567 17,567 17,567 17, , ,800 Professional Fees 22,333 22,333 34,333 22,333 22,333 22,333 22,333 22,333 22,333 22,333 26,333 22, , ,000 Start-Up Expense Total Expense 446, , , , ,107 1,113,765 1,256,175 1,409,444 1,581,045 1,726,036 1,893,474 2,056,422 4,636,598 14,559,191 Cash Balance Month End $ - $ - $ - - $ - $ - $ - $ - $ - $ - $ - $ - Actual JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL YTD Enrollment Count ,908 Cash Balance BEGINNING OF MONTH 10,259 30,281 69,142 (153,776) (123,195) (842) Receipts Premium Receipts 138, , , , , , ,511,825 HHS Reimbursement 483, ,331 1,056,848 1,265,821 1,232,262 1,049, ,661,269 Pharmacy Rebate Income Claim Refunds Receipts ,042 Investment Income Abandoned Claims Other Income Total Receipts 622, ,731 1,361,751 1,457,251 1,435,207 1,555, ,174,136 Refunds Premium Refunds 415 3,647 2,164 5,770 5,108 10, ,421 Total Refunds 415 3,647 2,164 5,770 5,108 10, ,421 Expenses Medical Claim Expense 486, ,825 1,293,648 1,097, ,676 1,357, ,731,050 Pharmacy Claim Expense 45, , , , , , ,250,764 Administrative Expense 21,996 22,869 26,323 28,791 30,337 31, ,307 Variable Administrative Expense 15,458 11,098 13,560 23,093 19,628 19, ,804 Salary and Benefits Expense 14,574 17,024 22,608 15,120 25,974 6, ,489 Contracted Outreach Fees 10,263-9, , ,929 Prescription Administrative Expense 48 4, ,896 Miscellaneous Expense 3,546 5,607 6,944 5,916 3,767 5, ,371 Professional Fees 4,398 5,633 41,687 5,666 10,158 8, ,616 Start-Up Expense Total Expense 602, ,223 1,582,506 1,420,899 1,307,745 1,877, ,490,227 Cash Balance 30,281 69,142 (153,776) (123,195) (842) (333,252) Checks written in excess of Cash Balance , , , Available Cash Balance 30,281 69, (1) Assumes an annual claims expense trend of 15%. (2) Assumes a premium rate level of 100% of the standard risk rate. (3) Assumes a 10% rate increase in January of each year. (4) Assumes an increase in membership of 67 per month. Variance to Original Budget 08/01/2011 5

6 PCIP-WA 2011 Budgeted Cash Flow Favorable/(Unfavorable) JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL YTD Enrollment Count (71) (93) (82) (112) (110) (141) (609) Receipts Premium Receipts (9,194) (18,779) 78,385 (74,480) (102,299) 161,295 34,928 HHS Reimbursement 185, , , , , ,784 2,501,568 Pharmacy Rebate Income Claim Refunds Receipts ,042 Investment Income Abandoned Claims Other Income Total Receipts 175, , , , , ,869 2,537,538 Refunds Premium Refunds (415) (3,647) (2,164) (5,770) (5,108) (10,317) (27,421) Total Refunds (415) (3,647) (2,164) (5,770) (5,108) (10,317) (27,421) Expenses Medical Claim Expense (138,315) (68,310) (706,789) (381,566) (103,567) (364,086) (1,762,633) Pharmacy Claim Expense (45,135) (101,877) (167,946) (244,023) (253,204) (438,580) (1,250,764) Administrative Expense 1,395 2,661 1,344 1,015 1,606 2,091 10,114 Variable Administrative Expense (6,861) (216) (393) (7,640) (1,890) 56 (16,943) Salary and Benefits Expense 4,426 1,976 (3,608) 3,880 (6,974) 12,812 12,511 Contracted Outreach Fees (5,263) 5,000 (4,774) 5,000 5,000 (4,892) 71 Prescription Administrative Expense 2,369 (1,874) 2,402 1,888 2,417 2,402 9,604 Miscellaneous Expense 14,020 11,959 10,623 11,650 13,800 11,977 74,029 Professional Fees 17,936 16,700 (7,353) 16,668 12,175 14,258 70,384 Start-Up Expense Total Expense (155,427) (133,980) (876,496) (593,127) (330,638) (763,962) (2,853,629) Cash Balance 30,281 69,142 (153,776) (123,195) (842) (333,252) Checks written in excess of Cash Balance , , ,252 Available Cash Balance 30,281 69, Admin Expense YTD 508, Claims Expense YTD 6,980, Premium Receipts YTD 1,484, Admin Budget YTD 668, Claims Budget YTD 3,968, Premiums Budget YTD 1,476,897 Favorable/ (Unfavorable) Variance 159,768 Favorable/ (Unfavorable) Variance (3,012,355) Favorable/ (Unfavorable) Variance 7, Admin % of Total Cost YTD ACTUAL 6.8% 2011 Admin % of Total Cost YTD BUDGET 14.4% 08/01/2011 6

7 PCIP-WA 2011 Administrative Expense Budget Variance Analysis Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total ship (1) ,446 Administrative Expense (2) 23,391 25,530 27,667 29,806 31,943 34,082 36,219 38,358 40,495 42,634 44,770 46, ,806 Variable Administrative Expense (3) 8,596 10,882 13,167 15,453 17,738 20,024 22,309 24,595 26,880 29,166 31,452 33, ,000 Salary and Benefits Expense (4) 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19, ,000 Contracted Outreach Fees (5) 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 RX Benefit Management Fees (6) 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 2,417 29,000 Miscellaneous Expense (7) 17,567 17,567 17,567 17,567 17,567 17,567 17,567 17,567 32,567 17,567 17,567 17, ,800 Professional Fees (8) 22,333 22,333 34,333 22,333 22,333 22,333 22,333 22,333 22,333 22,333 26,333 22, ,000 Start Up Costs (9) , ,000 Total Budget Operating Expenses 98, , , , , , , , , , , ,963 1,678,606 Actual Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Total ship (1) ,908 Administrative Expense (2) 21,996 22,869 26,323 28,791 30,337 31, ,307 Variable Administrative Expense (3) 15,458 11,098 13,560 23,093 19,628 19, ,804 Salary and Benefits Expense (4) 14,574 17,024 22,608 15,120 25,974 6, ,489 Contracted Outreach Fees (5) 10,263-9, , ,929 RX Benefit Management Fees (6) 48 4, ,896 Miscellaneous Expense (7) 3,546 5,607 6,944 5,916 3,767 5, ,371 Professional Fees (8) 4,398 5,633 41,687 5,666 10,158 8, ,616 Start Up Costs (9) Total Actual Operating Expenses 70,282 66, ,912 79,114 89,865 81, ,413 Variance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Total ship (1) (71) (93) (82) (112) (110) (141) (609) Administrative Expense (2) 1,395 2,661 1,344 1,015 1,606 2,091 10,114 Variable Administrative Expense (3) (6,861) (216) (393) (7,640) (1,890) 56 (16,943) Salary and Benefits Expense (4) 4,426 1,976 (3,608) 3,880 (6,974) 12,812 12,511 Contracted Outreach Fees (5) (5,263) 5,000 (4,774) 5,000 5,000 (4,892) 71 RX Benefit Management Fees (6) 2,369 (1,874) 2,402 1,888 2,417 2,402 9,604 Miscellaneous Expense (7) 14,020 11,959 10,623 11,650 13,800 11,977 74,029 Professional Fees (8) 17,936 16,700 (7,353) 16,668 12,175 14,258 70,384 Start Up Costs (9) Total Variance Expenses 28,023 36,207 (1,761) 32,462 26,133 38, ,768 Notes: (1) ship is projected to increase by 67 members per month. ship budget developed by Leif and Assoc in (2) PMPM Administrative Expense reflects contractual fees and performance bonuses per member for TPA, UM and Network services (3) Variable Administrative Expense includes Case Management, marketing and outreach, special print materials/mailings, and other variable expenses (4) Salary and Benefits Expense reflect the combined amounts of the Executive Director, Executive Assistant and Program Director. (5) Contracted Outreach Fees reflects the amount of outreach expenses charged through the Washington Office of Insurance Commissioner. (6) Prescription Benefit Management Fees (7) Miscellaneous expense includes Board expenses, conference travel, insurance, agent commissions, phone/internet charges, and office expenses. (8) Professional fees include legal fees, auditing fees, actuarial fees, and consulting. (9) Start Up costs include legal and administrative costs associated with the origination of PCIP-WA, LLC. 08/01/2011 7

8 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) Current IBNR 4,173,000 Projected 1) 2) 3) % of Year End Projected Claims Claims PMPM Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income Calculated Drawdowns Total Program Balance Federal Allotment 101,637, September % 17, , , , ,436,203 October % 286,018 5,608 27, ,165 34, , ,161,726 November % 260,978 3,070 66, ,682 91, , ,875,353 December % 441,240 3, , ,458 77, , ,478, Totals ,005,816 3, , , ,498 1,158,803 Revised 2010 Budget (Nov 2010) 811,186 2, , , ,553 1,275, Budget Variance F/(U) (194,630) 43,684 (150,946) 268, ,109 Projected Remaining 100,478,248 1) Measures requirement stated in Section C.2.2(a) Notify HHS when enrollment equals or exceeds 75% of budgeted year end enrollment. 2) Measures requirement stated in Section C.2.2(b) Notify HHS when YTD claims PMPM exceeds budgeted PMPM claims. 3) Measures requirement stated in Section C.2.2(c) Notify HHS when drawdowns project to exceed annual budgeted drawdowns. Net Drawdown for Claims in October 2010 is reduced by $18,380 of excess premiums from September Admin % of Total Costs 28.7% 08/01/2011 8

9 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) Current IBNR 4,173,000 Projected 1) 2) 3) 1) % of Year End Projected Claims Claims PMPM Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income Calculated Drawdowns 2011 Funding Total Program Balance Balance 29,218,571 From 2010 Ending 100,478, January % 531,845 2, , ,588 70, ,870 28,754, ,014,378 February % 632,702 2, , ,949 66, ,470 28,220,231 99,479,908 March % 1,461,569 4, ,714 1,158, ,912 1,279,767 26,940,464 98,200,141 April % 1,341,681 3, ,556 1,156,125 79,113 1,235,239 25,705,225 96,964,902 May % 1,217,756 2, ,713 1,020,043 89,865 1,109,908 24,595,317 95,854,994 June % 1,795,218 4, ,411 1,299,807 81,718 1,381,525 23,213,792 94,473,469 July % 1,219,526 2, ,272 1,016,254 40,778 1,057,031 22,156,761 93,416,438 August % 3,070, ,229 2,740, ,588 2,861,926 19,294,835 90,554,512 September % 3,457, ,706 3,093, ,654 3,234,018 16,060,818 87,320,495 October % 3,840, ,182 3,443, ,687 3,573,409 12,487,408 83,747,085 November % 4,249, ,659 3,819, ,745 3,956,981 8,530,427 79,790,104 December % 4,649, ,136 4,185, ,801 4,323,488 4,206,941 75,466, Totals 5,947 2,404 27,468,556 3,411 3,673,588 23,794,968 1,216,663 25,011,630 Prior Year Excess/(Shortfall) 117, Contract Adjustment 246,028 Revised 2011 Budget (May 2011) 30,807,063 5,180 3,370,397 27,436,666 1,418,768 28,855, Budget Variance F/(U) 3,338, ,191 3,641, ,105 4,206,941 Projected Remaining 75,466,617 1) Measures requirement stated in Section C.2.2(a) () Notify HHS when enrollment equals or exceeds 75% of budgeted year end enrollment. 2) Measures requirement stated in Section C.2.2(b) Notify HHS when YTD claims PMPM exceeds budgeted PMPM claims. 3) Measures requirement stated in Section C.2.2(c) Notify HHS when drawdowns project to exceed annual budgeted drawdowns. Includes $28,855,434 allotted for 2011 plus $117,109 carryover from Admin % of Total Costs 4.2% 08/01/2011 9

10 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) Current IBNR 4,173,000 Projected 1) 1) 2) 3) % of Year End Projected Claims Claims PMPM Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income Calculated Drawdowns Total Program Balance From 2011 Ending 75,466, January % 5,062, ,374 4,515, ,873 4,656,057 70,810,559 February % 5,480, ,198 4,895, ,724 5,040,532 65,770,028 March % 5,903, ,023 5,282, ,055 5,443,821 60,326,206 April 1, % 6,333, ,847 5,676, ,406 5,828,542 54,497,665 May 1, % 6,770, ,672 6,075, ,237 6,232,227 48,265,438 June 1, % 7,213, ,496 6,482, ,088 6,642,494 41,622,944 July 1, % 7,663, ,321 6,895, ,920 7,059,380 34,563,564 August 1, % 8,120, ,145 7,315, ,771 7,483,002 27,080,562 September 1, % 8,583, ,970 7,741, ,613 7,928,409 19,152,153 ** October 1, % 9,054, ,794 8,175, ,454 8,350,689 10,801,465 November 1, % 9,531, ,619 8,615, ,799 8,799,427 2,002,038 December 1, % 10,015, ,443 9,063, ,189 9,246,245 (7,244,207) 2012 Totals 14,418 89,733,598 8,998,903 80,734,695 1,976,128 82,710,823 Revised 2012 Budget (May 2011) 89,733,598 6,224 8,998,903 80,734,695 1,976,128 82,710, Budget Variance F/(U) Projected Remaining (7,244,207) 2012 Admin % of Total Costs 2.2% 08/01/

11 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) Current IBNR 4,173,000 Projected 1) 2) 3) 1) % of Year End Projected Claims Claims PMPM Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income Calculated Drawdowns Total Program Balance From 2012 Ending (7,244,207) 2013 January 1, % 10,506,869 1,088,194 9,418, ,427 9,608,102 (16,852,309) February 1, % 11,005,438 1,128,701 9,876, ,271 10,070,008 (26,922,317) March 1, % 11,511,290 1,169,208 10,342, ,117 10,552,199 (37,474,516) April 1, % 12,024,511 1,209,715 10,814, ,961 11,015,757 (48,490,273) May 1, % 12,545,184 1,250,222 11,294, ,806 11,499,768 (59,990,041) June 1, % 13,073,396 1,290,729 11,782, ,650 11,991,317 (71,981,358) July 1, % 13,609,235 1,331,236 12,277, ,078 12,490,077 (84,471,435) August 1, % 14,152,788 1,371,743 12,781, ,922 12,997,967 (97,469,402) September 2, % 14,704,144 1,412,250 13,291, ,767 13,527,661 (110,997,062) October 2, % 15,263,394 1,452,757 13,810, ,611 14,035,248 (125,032,310) November 2, % 15,830,628 1,493,264 14,337, ,455 14,570,819 (139,603,129) December 2, % 16,405,938 1,533,770 14,872, ,308 15,104,476 (154,707,604) 2013 Totals 22, ,632,815 15,731, ,901,026 2,562, ,463,397 Revised 2013 Budget (May 2011) 160,632,815 7,010 15,731, ,901,026 2,562, ,463, Budget Variance F/(U) Projected Remaining (154,707,604) 2013 Admin % of Total Costs 1.6% 08/01/

12 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) Current IBNR 4,173,000 Projected 1) 2) 3) 1) % of Year End Projected Claims Claims PMPM Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income Calculated Drawdowns Total Program Balance From 2013 Ending (154,707,604) 2014 January 3,437,019 3,437,019 86,630 3,523,649 (158,231,253) February 3,150,601 3,150,601 84,438 3,235,039 (161,466,292) March 2,864,183 2,864, ,245 2,965,428 (164,431,720) April 2,577,764 2,577,764 75,053 2,652,817 (167,084,537) May 2,291,346 2,291,346 72,861 2,364,207 (169,448,744) June 2,004,928 2,004,928 70,668 2,075,596 (171,524,340) July 1,718,510 1,718,510 52,512 1,771,022 (173,295,362) August 1,432,091 1,432,091 50,320 1,482,411 (174,777,773) September 1,145,673 1,145,673 63,128 1,208,801 (175,986,573) October 859, ,255 45, ,190 (176,891,764) November 572, ,837 43, ,580 (177,508,344) December 286, ,418 41, ,969 (177,836,312) 2014 Totals 22,340,624 22,340, ,083 23,128,707 Revised 2014 Budget (May 2011) 22,340,624 22,340, ,083 23,128, Budget Variance F/(U) Projected Remaining (177,836,312) 2014 Admin % of Total Costs 3.4% Blended Summary (Includes Actual data with Forecasted Amounts) 2010 Totals 2011 Totals 2012 Totals 2013 Totals 2014 Totals Summary Claims Net Premiums Net Drawdown for Claims Admin Costs Less Interest Income 1,005, , , ,498 27,468,556 3,673,588 23,794,968 1,216,663 89,733,598 8,998,903 80,734,695 1,976, ,632,815 15,731, ,901,026 2,562,371 22,340,624 22,340, , ,181,409 28,655, ,525,618 6,947,743 Admin % of Total Costs 2.3% **Note: $76,227,788 is 75% of the original federal allotment. With current assumptions, projected to reach that mark in September /01/