University of Alaska s Health Care Accounting: Projections. Review of FY2015 Health Care Projections and Employee Rates
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1 University of Alaska s Health Care Accounting: Projections Review of FY2015 Health Care Projections and Employee Rates 1
2 Health Care Accounting Overview The health care accounting process is complex and will not be presented in this document. For an overview of the health care accounting process please refer to: 2 2
3 Review of Health Care Accounting Timeline Projections January- March: Project the costs and recoveries for the current and the next fiscal year Finalize the employee health care rates that will be used for open enrollment in April and May by March 15th Fiscal Year Activity July- June: Cost are incurred and paid Recoveries are received Actuals August-October: Determine the actual costs and recoveries for the prior fiscal year Determine the over or under recovery that will be rolled into future periods 3 3
4 Components of Health Care Accounting Projections Net Costs -UA Obligation Employee Recovery Needed ( 18% FY14 Employee Obligation) +/- Over(Under) Recovery Adj Employee Recovery needed For more information about the health care accounting process, visit: 4
5 UA Comparison of Projected Claims Costs that set Employee Rates and Actual Claims Costs 70,000,000 65,000,000 66,922,555 64,835,819 65,928,662 65,686,324 63,299,987 Dollars 60,000,000 55,000,000 50,000,000 45,000,000 40,000,000 51,667,023 49,850,628 41,366,334 45,764,245 57,277,140 56,802,401 55,764,200 59,747,319 49,052,401 55,780,461 56,328,034 56,346,150 55,277,388 54,356,074 58,481,972 Actual Claims Costs Projected Claims Costs 35,000,000 30,000,000 25,000,000 20,000,000 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Proj Fiscal Years FY15 actual figure is the updated projection as of Feb
6 FY2016 Projections Line # Costs FY16 Projections- Feb 2015 Set EE Rates 1 Combined Health/Pharmacy Claims (less pharmacy rebates) 58,425,200 2 Vision Insurance Premium 530,200 3 Admin Cost - Health Program 2,445,200 4 Cobra Outsourcing 11,400 5 Wellness 554,300 6 Total Costs 61,966,300 Recoveries 7 Cobra Health Recovery (196,400) 8 Total Recoveries (196,400) 9 Net Cost 61,769,900 6
7 FY2016 Projections Line # FY16 Projections- Feb 2015 Set EE Rates 9 Net Cost 61,769,900 University Obligation: 10 Yearly Defined Contribution Rate (per Mo = ) 12, Average number of employees University Obligation 44,422,600 University Defined Contribution - 13 % of net costs 71.92% 14 University obligation- to meet floor percentage 6,228, Total University obligation 50,651,300 Total University obligation 16 minimum- % of net costs 82.00% 17 Employee Recovery Needed Before Prior Year Adjustments (Represents EE obligation) 11,118,600 7
8 FY2016 Projections Line # 17 FY16 Projections- Feb 2015 Set EE Rates Employee Recovery Needed Before Prior Year Adjustments (represents EE obligation) 11,118, Employee and Dependent Recovery (10,234,783) (Over)/Under Recovery for FY14 883,817 Accumulated (Over)/Under recovery from prior periods (875,500) 21 Net (Over)/Under Recovery
9 Employee and Dependent Rate Development The employee rate structure is based on plan values and tier ratios, not actual costs incurred. We are evaluating the benefit ratio for the plans for FY16 to prepare for the affordability aspect of the ACA. We are looking at lowering the employee rate and increasing the spouse rate by an equivalent amount. 9
10 Line # "750" Plan Headcount projection as of Feb 2015 FY15 Actual Rates FY16 Proj Rates Option C FY16 % Change FY16 $ Change 1 EE 565 $1, $2, % $ EE + SP 370 3, , % $1, EE + CH 125 2, , % $ EE + 2CH 57 3, , % $ EE + 3 or more CH 23 4, , % $ EE + SP + 1CH 122 4, , % $1, EE + SP + 2CH 136 5, , % $1, EE + SP + 3 or more CH 77 5, , % $1, HDHP Plan 9 EE 609 $ $1, % $ EE + SP 326 1, , % $ EE + CH 100 1, , % $ EE + 2CH 60 1, , % $ EE + 3 or more CH 19 1, , % $ EE + SP + 1CH 191 2, , % $ EE + SP + 2CH 216 2, , % $ EE + SP + 3 or more CH 106 2, , % $1, CDHP Plan 17 EE 282 $ $ % $ EE + SP 98 1, , % $ EE + CH , % $ EE + 2CH 21 1, , % $ EE + 3 or more CH 9 1, , % $ EE + SP + 1CH 103 1, , % $ EE + SP + 2CH 107 1, , % $ EE + SP + 3 or more CH 55 1, , % $ University of Alaska Fiscal Year Employee Plan Rate Scenario Base Annual Rates without surcharges or credits 900K Option 10
11 Total Projected Health Administrative Costs for FY16 Health (PEPM) 1,952,700 Health Utilization Fees 162,900 Health Care Reform Taxes 328,700 Best Doctors 108,300 Total $2,552,600 11
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