Pre-Existing Condition Insurance Plan Washington State (PCIP-WA) January 2012 Financial Review

Transcription

1 Pre-Existing Condition Insurance Plan Washington State (PCIP-WA) January 2012 Financial Review 1. Financial Statements January 2012 U Sheet Due to the timing of the HHS reimbursement receipts, there is no available cash on hand at the end of January Cash position is discussed further in the Budgeted Cash Flow section below. As of January 2012, the receivable for unbilled HHS reimbursements is $8.6 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 $7.7 M increased $426 K or 5.9% as compared to the prior month. The medical portion increased $748 K or 11.2% and pharmacy decreased $322 K or 55.3% from December UIncome Statement Total member months for January 2012 YTD are 507 member months or 280.1% higher than January 2011 YTD. months are measured as the cumulative monthly member count (PMPM) over a period of time. The total incurred claim loss for January 2012 YTD is $1.3 M or 131.6% higher than January 2011 YTD. 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 January 2012 YTD, the medical claims portion is $1.1 M or 119.9% higher than January 2011 YTD. Also, for January 2012 YTD, the pharmacy claims portion is $169 K or 393.9% higher than January 2011 YTD. The total incurred claim loss PMPM for January 2012 YTD is $3,366 as compared to the YTD budgeted amount of $7,562. January 2012 YTD administrative expenses are at the same level as January 2011 YTD. The ratio of administrative expenses as a percentage of total cost is 2.5% for January 2012 YTD as compared to 5.6% in January YTD of the prior year. Total cost is calculated as total incurred claim loss less pharmacy rebates plus administrative expenses. January 2012 YTD HHS Reimbursement is $958 K or 100.9% higher than the January 2011 YTD amount. 02/29/2012 1

2 2. Budgeted Cash Flow January 2012 The Budgeted Cash Flow document contains the budget (upper portion) as revised in August 2011 and the actual (lower portion) cash flow results year-to-date. The Program Summary (discussed below) is a dynamic report and therefore changes as better financial information is obtained. At the end of January 2012 there is no available cash balance. Total net cash receipts for January 2012 YTD are $3.6 M or 65.8% unfavorable to budget due to lower than anticipated reimbursements from HHS. Total YTD expenses are $3.6 M or 64.3% favorable to budget. Total medical and pharmacy claims expenses combined are $3.5 M or 65.1% favorable to budget, and administrative variances discussed further below are $50 K or 36.3% favorable to budget. 3. Administrative Expense Budget January 2012 For January 2012 YTD, administrative expenses are $50 K or 36.3% favorable to budget (cash basis). This positive variance is primarily seen in variable administrative expense and professional fees. 4. PCIP-WA Program Summary January 2012 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 August 2011 and those re-forecasted figures were updated in the July packet. Actual results are illustrated through January As of February 2012, membership is at 48.3% of projected year-end enrollment. Actual YTD claims PMPM is $2,756 as compared to $5,397 budgeted claims PMPM. In December 2011, PCIP-WA was awarded $61.2 M for PCIP-WA had $13.9 M remaining from 2011, which carried forward, bringing the total 2012 funding to $75.1 M. As of February 2012, PCIP-WA has used up 4.7% of the 2012 funding and is projected to have enough funds to cover costs for the remainder of 2012 with excess funds carried forward to Administrative costs as a percent of total costs is projected to be 2.6% for 2012, and by the end of the program, that percentage is projected to be 2.5%. As of February 2012, projections indicated that PCIP-WA will use up 75% of the federally allotted funds by November /29/2012 2

3 PCIP-WA Unaudited Sheet as of January 31 Total Enrollment : 688 Assets: Cash $ - $ 30,281 Premiums Receivable 158,050 20,077 HHS Receivable - - Unbilled HHS Reimbursement 8,636,853 1,517,053 Prepaid Expense 15,350 15,350 Total Assets $ 8,810,252 $ 1,582,761 Liabilities and Unassigned Surplus: Reserve for Unpaid Losses - Medical $ 7,400,000 $ 1,321,000 Reserve for Unpaid Losses - Pharmacy 260,000 23,000 Accrued Loss Adjustment 200,000 32,000 Premiums Received in Advance 799, ,251 Checks Written in Excess of Cash (1) 50,515 - Due to WSHIP - - Accrued Expenses 100,239 30,510 Total Liabilities $ 8,810,252 $ 1,582,761 Unassigned Surplus - - Total Liabilities and Unassigned Surplus $ 8,810,252 $ 1,582,761 (1) Checks Written in Excess of Cash are claim checks written prior to the receipt of HHS reimbursements. These checks are not distributed until the proper funding is received. 02/29/2012 3

4 Total Premium Income Earned $ 467,880 $ 109,883 Pharmacy Rebate Income - - Incurred Claim Loss - Medical 2,103, ,958 Incurred Claim Loss - Pharmacy 211,802 42,887 Total Incurred Claim Loss 2,315, ,845 Operating Expenses: PCIP-WA Unaudited Statement of Operations January 1 to January 31 Administrative Expense $ 42,413 $ 25,759 Variable Administrative Expense 5,157 7,928 Salary and Benefit Expense 7,188 7,120 Contracted Outreach Fees - 4,883 Miscellaneous Expense 1,000 6,347 Professional Fee Expense 3,922 7,505 Start-Up Expenses - - Total Operating Expenses $ 59,680 $ 59,541 Underwriting Gain (Loss) $ (1,907,581) $ (949,503) HHS Reimbursement 1,907, ,503 Investment Income - - Other Income - - Changes in Unassigned Surplus $ - $ - 02/29/2012 4

5 PCIP WA 2012 Budgeted Cash Flow Budget JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JAN YTD TOTAL Enrollment Count ,017 1,076 1,135 1,194 1,253 1,312 1,371 1,430 1, ,974 Cash BEGINNING OF MONTH Receipts Premium Receipts 551, , , , , , , , , , , , ,479 9,174,251 HHS Reimbursement 4,967,837 5,017,390 4,416,512 4,543,520 4,796,002 4,708,348 5,023,191 5,270,201 5,596,969 6,499,951 7,906,553 9,450,425 4,967,837 68,196,899 Pharmacy Rebate Income Claim Refunds Receipts Investment Income Abandoned Claims Other Income Total Receipts 5,519,316 5,607,604 5,045,461 5,211,204 5,502,421 5,453,502 5,807,079 6,092,824 6,458,327 7,400,044 8,845,381 10,427,987 5,519,316 77,371,150 Refunds Premium Refunds Total Refunds Expenses Medical Claim Expense 5,380,643 5,465,073 4,886,573 5,060,958 5,348,318 5,295,541 5,645,261 5,927,148 6,273,793 7,226,652 8,663,632 10,246,880 5,380,643 75,420,472 Pharmacy Claim Expense Administrative Expense 42,081 43,959 45,836 47,714 49,591 51,469 53,345 55,223 57,101 58,979 60,856 62,734 42, ,888 Variable Administrative Expense 28,192 30,173 32,153 34,133 36,113 38,093 40,073 42,054 44,034 46,014 47,994 49,974 28, ,000 Salary and Benefits Expense 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 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 5,000 60,000 Prescription Administrative Expense 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 Miscellaneous Expense 18,066 18,066 18,066 18,066 18,066 18,066 18,066 18,066 33,066 18,066 18,066 18,066 18, ,790 Professional Fees 23,083 23,083 35,583 23,083 23,083 23,083 23,083 23,083 23,083 23,083 27,583 23,083 23, ,000 Start-Up Expense Total Expense 5,519,316 5,607,604 5,045,461 5,211,204 5,502,421 5,453,502 5,807,079 6,092,824 6,458,327 7,400,044 8,845,381 10,427,987 5,519,316 77,371,150 Cash Month End $ - $ - $ - - $ - $ - $ - $ - $ - $ - $ - $ - Actual JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL YTD Enrollment Count Cash BEGINNING OF MONTH 31, Receipts Premium Receipts 398, ,078 HHS Reimbursement 1,508,000 1,508,000 Pharmacy Rebate Income - - Claim Refunds Receipts 1,526 1,526 Investment Income - - Abandoned Claims - - Other Income - - Total Receipts 1,907, ,907,604 Refunds Premium Refunds 21,211 21,211 Total Refunds 21, ,211 Expenses Medical Claim Expense 1,338,089 1,338,089 Pharmacy Claim Expense 542, ,219 Administrative Expense 38,746 38,746 Variable Administrative Expense 8,087 8,087 Salary and Benefits Expense 15,420 15,420 Contracted Outreach Fees 1,914 1,914 Prescription Administrative Expense Miscellaneous Expense 21,889 21,889 Professional Fees 2,180 2,180 Start-Up Expense - - Total Expense 1,968, ,968,667 Cash (50,515) Checks written in excess of Cash 50, Available Cash (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 59 per month. 02/29/2012 5

6 PCIP WA 2012 Budgeted Cash Flow Variance to Original Budget Favorable/(Unfavorable) JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL YTD Enrollment Count (152) (152) Receipts Premium Receipts (153,401) (153,401) HHS Reimbursement (3,459,837) (3,459,837) Pharmacy Rebate Income - - Claim Refunds Receipts 1,526 1,526 Investment Income - - Abandoned Claims - - Other Income - - Total Receipts (3,611,712) (3,611,712) Refunds Premium Refunds (21,211) (21,211) Total Refunds (21,211) (21,211) Expenses Medical Claim Expense 4,042,555 4,042,555 Pharmacy Claim Expense (542,219) (542,219) Administrative Expense 3,335 3,335 Variable Administrative Expense 20,105 20,105 Salary and Benefits Expense 4,330 4,330 Contracted Outreach Fees 3,086 3,086 Prescription Administrative Expense 2,376 2,376 Miscellaneous Expense (3,823) (3,823) Professional Fees 20,904 20,904 Start-Up Expense Total Expense 3,550,649 3,550,649 Cash (50,515) Checks written in excess of Cash 50,515 Available Cash Admin Expense YTD 88, Claims Expense YTD 1,878, Premium Receipts YTD 376, Admin Budget YTD 138, Claims Budget YTD 5,380, Premiums Budget YTD 551,479 Favorable/ (Unfavorable) Variance 50,313 Favorable/ (Unfavorable) Variance 3,501,862 Favorable/ (Unfavorable) Variance (174,613) 2012 Admin % of Total Cost YTD ACTUAL 4.5% 2012 Admin % of Total Cost YTD BUDGET 2.5% 02/29/2012 6

7 PCIP-WA 2012 Administrative Expense Budget Variance Analysis Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total ship (1) ,017 1,076 1,135 1,194 1,253 1,312 1,371 1,430 1,489 13,974 Administrative Expense (2) 42,081 43,959 45,836 47,714 49,591 51,469 53,345 55,223 57,101 58,979 60,856 62, ,888 Variable Administrative Expense (3) 28,192 30,173 32,153 34,133 36,113 38,093 40,073 42,054 44,034 46,014 47,994 49, ,000 Salary and Benefits Expense (4) 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 19,750 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) 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 Miscellaneous Expense (7) 18,066 18,066 18,066 18,066 18,066 18,066 18,066 18,066 33,066 18,066 18,066 18, ,790 Professional Fees (8) 23,083 23,083 35,583 23,083 23,083 23,083 23,083 23,083 23,083 23,083 27,583 23, ,000 Start Up Costs (9) Total Budget Operating Expenses 138, , , , , , , , , , , ,107 1,950,678 Actual Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Total ship (1) Administrative Expense (2) 38,746 38,746 Variable Administrative Expense (3) 16,202 16,202 Salary and Benefits Expense (4) 15,420 15,420 Contracted Outreach Fees (5) 1,914 1,914 RX Benefit Management Fees (6) Miscellaneous Expense (7) 13,774 13,774 Professional Fees (8) 2,180 2,180 Start Up Costs (9) - - Total Actual Operating Expenses 88, ,359 Variance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Total ship (1) (152) (152) Administrative Expense (2) 3,335 3,335 Variable Administrative Expense (3) 11,990 11,990 Salary and Benefits Expense (4) 4,330 4,330 Contracted Outreach Fees (5) 3,086 3,086 RX Benefit Management Fees (6) 2,376 2,376 Miscellaneous Expense (7) 4,292 4,292 Professional Fees (8) 20,904 20,904 Start Up Costs (9) - - Total Variance Expenses 50, ,313 Notes: (1) ship is projected to increase by 59 members per month. ship budget developed by Leif and Assoc in September of (2) Administrative Expense reflects fixed contractual TPA fees as well as contractual and performance bonuses per member for TPA, Utilization Management fees and Network services. (3) Variable Administrative Expense includes Case Management & Care Coaching, special mailings, and misc. system programming. (4) Salary and Benefits Expense reflect the combined amounts of the Executive Director, Deputy Executive Director, Executive Assistant and Program Coordinator. PCIP-WA reimburses WSHIP for 50% of salary and benefit costs and these figures reflect those reimbursements. (5) Contracted Outreach Fees is the outreach expenses billed from the Washington Office of Insurance Commissioner. (6) Prescription Administrative Expense is the administrative fees charged by the PBM. (7) Miscellaneous expense includes Board expenses, conference travel, insurance, agent commissions, phone/internet charges, and office expenses. PCIP-WA reimburses WSHIP for 50% of miscellaneous costs and these figures reflect those reimbursements. (8) Professional fees include legal fees, auditing fees, actuarial fees, and consulting. 02/29/2012 7

8 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) 1) 2) 3) % of Year End Claims less Refunds Claims PMPM Net Premiums for Claims Income Calculated Drawdowns 2010 Funding % of 2010 Funding Used Total Program 1,275,913 Federal Allotment 239,733, September % 17, , , ,848 1,075, % 239,532,691 October % 286,018 5,608 27, ,165 34, , , % 239,258,214 November % 260,978 3,070 66, ,682 91, , , % 238,971,841 December % 441,240 3, , ,458 77, , , % 238,574, Totals ,005,816 3, , , ,498 1,158,803 Contract Adjustment (246,028) Revised 2010 Budget (Aug 2011) 1,005,996 3, , , ,470 1,523, Budget Variance F/(U) , , , ,472 Remaining 238,574, Admin % of Total Costs 28.7% 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. for Claims in October 2010 is reduced by $18,380 of excess premiums from September "Total Program " column is populated with the most current projections which were approved by HHS in December /29/2012 8

9 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) 1) 2) 3) 1) % of Year End Claims less Refunds Claims PMPM Net Premiums for Claims Income Calculated Drawdowns 2011 Funding % of 2011 Funding Used Total Program 29,218,573 Carry forward 238,574, January % 531,845 2, , ,588 70, ,870 28,754, % 238,110,866 February % 632,702 2, , ,949 66, ,470 28,220, % 237,576,396 March % 1,461,569 4, ,714 1,158, ,912 1,279,767 26,940, % 236,296,629 April % 1,341,681 3, ,556 1,156,125 79,114 1,235,239 25,705, % 235,061,390 May % 1,217,756 2, ,713 1,020,043 89,865 1,109,908 24,595, % 233,951,482 June % 1,795,218 4, ,411 1,299,807 81,719 1,381,526 23,213, % 232,569,956 July % 1,216,882 2, ,438 1,015,444 36,539 1,051,983 22,161, % 231,517,973 August % 1,730,552 3, ,019 1,528, ,275 1,672,808 20,489, % 229,845,165 September % 1,552,438 2, ,316 1,305,122 61,438 1,366,560 19,122, % 228,478,605 October % 2,287,994 3, ,699 1,634, ,656 1,742,951 17,379, % 226,735,654 November % 2,203,600 3, ,938 1,985,661 65,031 2,050,692 15,328, % 224,684,961 December % 2,105,353 2, ,471 1,298,882 88,898 1,387,780 13,941, % 223,297, Totals 5,688 5,513 18,077,590 3,279 3,813,285 14,264,304 1,013,249 15,277,554 Contract Adjustment 246,028 Revised 2011 Budget (Aug 2011) 23,690,280 4,165 3,299,899 20,390,381 1,404,215 21,794, Budget Variance F/(U) 5,612, ,386 6,126, ,966 6,763,070 Remaining 223,297, Admin % of Total Costs 5.3% 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 $29,101,463 available for 2011 plus $117,110 carryover from (Note: Even though the August 2011 reforecast reduced the 2011 contract amount, HHS had put $29,101,463 on the PMS based on the June 2011 reforecast. That amount remained on PMS and any excess will carry forward to "Total Program " column is populated with the most current projections which were submitted to HHS for approval in August /29/2012 9

10 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) 1) 1) 2) 3) % of Year End Claims less Refunds Claims PMPM Net Premiums for Claims Income Calculated Drawdowns 2012 Funding % of 2012 Funding Used Total Program 75,137,918 Carry forward 223,297, January % 1,878,781 2, ,866 1,501,914 88,360 1,590,274 73,547, % 221,706,907 February % 1,998,891 2, ,215 1,820,676 72,207 1,892,883 71,654, % 219,814,024 March % 4,886, ,949 4,257, ,888 4,416,512 67,238, % 215,397,512 April 1, % 5,060, ,684 4,393, ,246 4,543,520 62,694, % 210,853,992 May 1, % 5,348, ,419 4,641, ,103 4,796,002 57,898, % 206,057,990 June 1, % 5,295, ,154 4,550, ,961 4,708,348 53,190, % 201,349,642 July 1, % 5,645, ,888 4,861, ,818 5,023,191 48,167, % 196,326,451 August 1, % 5,927, ,623 5,104, ,676 5,270,201 42,896, % 191,056,250 September 1, % 6,273, ,358 5,412, ,534 5,596,969 37,300, % 185,459,281 October 1, % 7,226, ,093 6,326, ,392 6,499,951 30,800, % 178,959,330 November 1, % 8,663, ,827 7,724, ,749 7,906,554 22,893, % 171,052,776 December 1, % 10,246, ,562 9,269, ,107 9,450,425 13,443, % 161,602, Totals 13,974 1,407 68,452,428 2,756 8,587,640 59,864,788 1,830,041 61,694,829 Revised 2012 Budget (Aug 2011) 75,420,472 5,397 9,174,251 66,246,221 1,950,678 68,196, Budget Variance F/(U) 6,968,044 (586,611) 6,381, ,637 6,502,070 Remaining 161,602, Admin % of Total Costs 2.6% Inception to Date Actual s Claims Claims PMPM Net Premiums for Claims Income 2010 Totals 305 1,005,816 3, , , , Totals 5,513 18,077,590 3,279 3,813,285 14,264,304 1,013, YTD Totals 1,407 3,877,672 2, ,082 3,322, ,567 Inception to Date 7,225 22,961,078 3,178 4,619,878 18,341,200 1,578,315 ITD Admin % of Total Costs 6.4% "Total Program " column is populated with the most current projections which were submitted to HHS for approval in August Includes $61,196,899 available for 2012 plus $13,941,019 carryover from $68,196,899 is the 2012 projected drawdowns based on the latest actuarial forecast submitted to HHS. HHS estimated a $7,000,000 carry forward from 2011, so the current contract admendment only shows $61,196,899 awarded for /29/

11 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) 1) 2) 3) 1) % of Year End Claims less Refunds Claims PMPM Net Premiums for Claims Income Calculated Drawdowns Total Program Carry forward 161,602, January 1, % 11,830,605 1,138,253 10,692, ,208 10,879, ,722,791 February 1, % 11,672,435 1,181,636 10,490, ,063 10,681, ,040,929 March 1, % 10,164,885 1,225,019 8,939, ,917 9,147, ,893,146 April 1, % 10,212,134 1,268,402 8,943, ,772 9,142, ,750,643 May 1, % 10,532,988 1,311,785 9,221, ,627 9,423, ,326,813 June 1, % 10,204,841 1,355,168 8,849, ,482 9,056, ,270,658 July 1, % 10,646,168 1,398,551 9,247, ,919 9,457,536 93,813,121 August 1, % 10,961,887 1,441,934 9,519, ,774 9,734,727 84,078,394 September 2, % 11,387,370 1,485,317 9,902, ,628 10,135,681 73,942,713 October 2, % 12,848,864 1,528,700 11,320, ,483 11,542,647 62,400,065 November 2, % 15,146,321 1,572,085 13,574, ,338 13,805,574 48,594,491 ** December 2, % 17,654,390 1,615,468 16,038, ,193 16,269,115 32,325, Totals 22, ,262,888 16,522, ,740,570 2,536, ,276,976 Revised 2013 Budget (Aug 2011) 143,262,888 6,376 16,522, ,740,570 2,536, ,276, Budget Variance F/(U) Remaining 32,325, Admin % of Total Costs 1.7% "Total Program " column is populated with the most current projections which were submitted to HHS for approval in August /29/

12 Pre existing Condition Insurance Pool PCIP WA Program Expense and Funding Summary (Highlighted cells represent actual data) 1) 2) 3) 1) % of Year End Claims less Refunds Claims PMPM Net Premiums for Claims Income Calculated Drawdowns Total Program Carry forward 32,325, January 3,869,798 3,869,798 86,668 3,956,466 28,368,910 February 3,547,314 3,547,314 84,514 3,631,829 24,737,081 March 3,224,831 3,224, ,361 3,326,192 21,410,889 April 2,902,348 2,902,348 75,207 2,977,555 18,433,334 May 2,579,865 2,579,865 73,053 2,652,918 15,780,416 June 2,257,382 2,257,382 70,899 2,328,281 13,452,135 July 1,934,899 1,934,899 52,281 1,987,180 11,464,955 August 1,612,416 1,612,416 50,128 1,662,543 9,802,412 September 1,289,933 1,289,933 62,974 1,352,906 8,449,505 October 967, ,449 45,820 1,013,269 7,436,236 November 644, ,966 43, ,632 6,747,604 December 322, ,483 41, ,995 6,383, Totals 25,153,683 25,153, ,083 25,941,766 Revised 2014 Budget (Aug 2011) 25,153,683 25,153, ,083 25,941, Budget Variance F/(U) Remaining 6,383, Admin % of Total Costs 3.0% Blended Summary (Includes Actual data with Forecasted Amounts) 2010 Totals 2011 Totals 2012 Totals 2013 Totals 2014 Totals Summary Claims less Refunds Net Premiums for Claims Income 1,005, , , ,498 18,077,590 3,813,285 14,264,304 1,013,249 68,452,428 8,587,640 59,864,788 1,830, ,262,888 16,522, ,740,570 2,536,406 25,153,683 25,153, , ,952,405 29,174, ,777,651 6,572,277 Admin % of Total Costs 2.5% **Note: $179,800,154 is 75% of the federal allotment. With current assumptions, projected to reach that mark in November /29/