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 2011. 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 2011. 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
$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 2011. 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 2012. 08/01/2011 2
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
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
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 252 319 386 453 520 587 654 721 788 855 922 989 2,517 7,446 Cash Balance BEGINNING OF MONTH - - - - - - - - - - - - Receipts Premium Receipts 147,866 187,179 226,493 265,806 305,120 344,433 383,747 423,060 462,374 501,687 541,001 580,312 1,476,897 4,369,078 HHS Reimbursement 298,833 378,064 479,517 561,966 671,987 769,332 872,428 986,384 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 446,699 565,243 706,010 827,772 977,107 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 348,395 462,515 586,859 716,197 861,109 993,342 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 46,909 172,420 421,806 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 85,861 254,000 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 19,000 114,000 228,000 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 17,567 105,400 225,800 Professional Fees 22,333 22,333 34,333 22,333 22,333 22,333 22,333 22,333 22,333 22,333 26,333 22,333 146,000 284,000 Start-Up Expense - - - - - - - - - - - - - - Total Expense 446,699 565,243 706,010 827,772 977,107 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 181 226 304 341 410 446 - - - - - - 1,908 Cash Balance BEGINNING OF MONTH 10,259 30,281 69,142 (153,776) (123,195) (842) - - - - - - Receipts Premium Receipts 138,672 168,400 304,878 191,326 202,821 505,728 - - - - - - 1,511,825 HHS Reimbursement 483,891 573,331 1,056,848 1,265,821 1,232,262 1,049,116 - - - - - - 5,661,269 Pharmacy Rebate Income - - - - - - - - - - - - - Claim Refunds Receipts - - 25 104 124 790 - - - - - - 1,042 Investment Income - - - - - - - - - - - - - Abandoned Claims - - - - - - - - - - - - - Other Income - - - - - - - - - - - - - Total Receipts 622,563 741,731 1,361,751 1,457,251 1,435,207 1,555,634 - - - - - - 7,174,136 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 486,710 530,825 1,293,648 1,097,763 964,676 1,357,428 - - - - - - 5,731,050 Pharmacy Claim Expense 45,135 101,877 167,946 244,023 253,204 438,580 - - - - - - 1,250,764 Administrative Expense 21,996 22,869 26,323 28,791 30,337 31,991 - - - - - - 162,307 Variable Administrative Expense 15,458 11,098 13,560 23,093 19,628 19,968 - - - - - - 102,804 Salary and Benefits Expense 14,574 17,024 22,608 15,120 25,974 6,188 - - - - - - 101,489 Contracted Outreach Fees 10,263-9,774 - - 9,892 - - - - - - 29,929 Prescription Administrative Expense 48 4,291 15 529-14 - - - - - - 4,896 Miscellaneous Expense 3,546 5,607 6,944 5,916 3,767 5,590 - - - - - - 31,371 Professional Fees 4,398 5,633 41,687 5,666 10,158 8,075 - - - - - - 75,616 Start-Up Expense - - - - - - - - - - - - - Total Expense 602,127 699,223 1,582,506 1,420,899 1,307,745 1,877,726 - - - - - - 7,490,227 Cash Balance 30,281 69,142 (153,776) (123,195) (842) (333,252) - - - - - - Checks written in excess of Cash Balance - - 153,776 123,195 842 333,252 - - - - - - Available Cash Balance 30,281 69,142 - - - - - - - - - - (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
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 185,058 195,267 577,331 703,854 560,274 279,784 2,501,568 Pharmacy Rebate Income - - - - - - - Claim Refunds Receipts - - 25 104 124 790 1,042 Investment Income - - - - - - - Abandoned Claims - - - - - - - Other Income - - - - - - - Total Receipts 175,864 176,488 655,741 629,478 458,099 441,869 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 - - 153,776 123,195 842 333,252 Available Cash Balance 30,281 69,142 - - - - 2011 Admin Expense YTD 508,413 2011 Claims Expense YTD 6,980,772 2011 Premium Receipts YTD 1,484,404 2011 Admin Budget YTD 668,181 2011 Claims Budget YTD 3,968,417 2011 Premiums Budget YTD 1,476,897 Favorable/ (Unfavorable) Variance 159,768 Favorable/ (Unfavorable) Variance (3,012,355) Favorable/ (Unfavorable) Variance 7,507 2011 Admin % of Total Cost YTD ACTUAL 6.8% 2011 Admin % of Total Cost YTD BUDGET 14.4% 08/01/2011 6
PCIP-WA 2011 Administrative Expense Budget Variance Analysis Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total ship (1) 252 319 386 453 520 587 654 721 788 855 922 989 7,446 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 46,909 421,806 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 33,737 254,000 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 19,000 228,000 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 17,567 225,800 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 22,333 284,000 Start Up Costs (9) - - - - - - - - 176,000 - - - 176,000 Total Budget Operating Expenses 98,304 102,728 119,151 111,575 115,998 120,423 124,846 129,270 324,693 138,117 146,539 146,963 1,678,606 Actual Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Total ship (1) 181 226 304 341 410 446 - - - - - - 1,908 Administrative Expense (2) 21,996 22,869 26,323 28,791 30,337 31,991 - - - - - - 162,307 Variable Administrative Expense (3) 15,458 11,098 13,560 23,093 19,628 19,968 - - - - - - 102,804 Salary and Benefits Expense (4) 14,574 17,024 22,608 15,120 25,974 6,188 - - - - - - 101,489 Contracted Outreach Fees (5) 10,263-9,774 - - 9,892 - - - - - - 29,929 RX Benefit Management Fees (6) 48 4,291 15 529-14 - - - - - - 4,896 Miscellaneous Expense (7) 3,546 5,607 6,944 5,916 3,767 5,590 - - - - - - 31,371 Professional Fees (8) 4,398 5,633 41,687 5,666 10,158 8,075 - - - - - - 75,616 Start Up Costs (9) - - - - - - - - - - - - - Total Actual Operating Expenses 70,282 66,521 120,912 79,114 89,865 81,719 - - - - - - 508,413 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 38,704 - - - - - - 159,768 Notes: (1) ship is projected to increase by 67 members per month. ship budget developed by Leif and Assoc in 2010. (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
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 101,637,051 2010 September 27 27 19.3% 17,580 651 35,960 200,848 200,848 101,436,203 October 51 51 36.4% 286,018 5,608 27,473 240,165 34,312 274,477 101,161,726 November 88 85 60.7% 260,978 3,070 66,296 194,682 91,691 286,373 100,875,353 December 140 142 101.4% 441,240 3,107 121,782 319,458 77,647 397,105 100,478,248 2010 Totals 306 305 1,005,816 3,298 251,511 754,305 404,498 1,158,803 Revised 2010 Budget (Nov 2010) 811,186 2,651 207,827 603,359 672,553 1,275,912 2010 Budget Variance F/(U) (194,630) 43,684 (150,946) 268,055 117,109 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 2010. 2010 Admin % of Total Costs 28.7% 08/01/2011 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) 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 100,478,248 2011 January 182 181 22.1% 531,845 2,938 138,257 393,588 70,282 463,870 28,754,701 100,014,378 February 229 226 27.6% 632,702 2,800 164,753 467,949 66,521 534,470 28,220,231 99,479,908 March 305 304 37.2% 1,461,569 4,808 302,714 1,158,855 120,912 1,279,767 26,940,464 98,200,141 April 339 341 41.7% 1,341,681 3,935 185,556 1,156,125 79,113 1,235,239 25,705,225 96,964,902 May 405 410 50.1% 1,217,756 2,970 197,713 1,020,043 89,865 1,109,908 24,595,317 95,854,994 June 464 446 54.5% 1,795,218 4,025 495,411 1,299,807 81,718 1,381,525 23,213,792 94,473,469 July 523 496 60.6% 1,219,526 2,459 203,272 1,016,254 40,778 1,057,031 22,156,761 93,416,438 August 582 0.0% 3,070,567 330,229 2,740,338 121,588 2,861,926 19,294,835 90,554,512 September 641 0.0% 3,457,070 363,706 3,093,364 140,654 3,234,018 16,060,818 87,320,495 October 700 0.0% 3,840,904 397,182 3,443,722 129,687 3,573,409 12,487,408 83,747,085 November 759 0.0% 4,249,895 430,659 3,819,236 137,745 3,956,981 8,530,427 79,790,104 December 818 0.0% 4,649,823 464,136 4,185,687 137,801 4,323,488 4,206,941 75,466,617 2011 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) 117,109 2011 Contract Adjustment 246,028 Revised 2011 Budget (May 2011) 30,807,063 5,180 3,370,397 27,436,666 1,418,768 28,855,434 2011 Budget Variance F/(U) 3,338,507 303,191 3,641,698 202,105 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 2010. 2011 Admin % of Total Costs 4.2% 08/01/2011 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) 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 75,466,617 2012 January 877 0.0% 5,062,558 547,374 4,515,184 140,873 4,656,057 70,810,559 February 936 0.0% 5,480,006 584,198 4,895,808 144,724 5,040,532 65,770,028 March 995 0.0% 5,903,789 621,023 5,282,766 161,055 5,443,821 60,326,206 April 1,054 0.0% 6,333,983 657,847 5,676,136 152,406 5,828,542 54,497,665 May 1,113 0.0% 6,770,662 694,672 6,075,990 156,237 6,232,227 48,265,438 June 1,172 0.0% 7,213,902 731,496 6,482,406 160,088 6,642,494 41,622,944 July 1,231 0.0% 7,663,781 768,321 6,895,460 163,920 7,059,380 34,563,564 August 1,290 0.0% 8,120,376 805,145 7,315,231 167,771 7,483,002 27,080,562 September 1,349 0.0% 8,583,766 841,970 7,741,796 186,613 7,928,409 19,152,153 ** October 1,408 0.0% 9,054,029 878,794 8,175,235 175,454 8,350,689 10,801,465 November 1,467 0.0% 9,531,247 915,619 8,615,628 183,799 8,799,427 2,002,038 December 1,526 0.0% 10,015,499 952,443 9,063,056 183,189 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 82,710,823 2012 Budget Variance F/(U) Projected Remaining (7,244,207) 2012 Admin % of Total Costs 2.2% 08/01/2011 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) 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 1,585 0.0% 10,506,869 1,088,194 9,418,675 189,427 9,608,102 (16,852,309) February 1,644 0.0% 11,005,438 1,128,701 9,876,737 193,271 10,070,008 (26,922,317) March 1,703 0.0% 11,511,290 1,169,208 10,342,082 210,117 10,552,199 (37,474,516) April 1,762 0.0% 12,024,511 1,209,715 10,814,796 200,961 11,015,757 (48,490,273) May 1,821 0.0% 12,545,184 1,250,222 11,294,962 204,806 11,499,768 (59,990,041) June 1,880 0.0% 13,073,396 1,290,729 11,782,667 208,650 11,991,317 (71,981,358) July 1,939 0.0% 13,609,235 1,331,236 12,277,999 212,078 12,490,077 (84,471,435) August 1,998 0.0% 14,152,788 1,371,743 12,781,045 216,922 12,997,967 (97,469,402) September 2,057 0.0% 14,704,144 1,412,250 13,291,894 235,767 13,527,661 (110,997,062) October 2,116 0.0% 15,263,394 1,452,757 13,810,637 224,611 14,035,248 (125,032,310) November 2,175 0.0% 15,830,628 1,493,264 14,337,364 233,455 14,570,819 (139,603,129) December 2,234 0.0% 16,405,938 1,533,770 14,872,168 232,308 15,104,476 (154,707,604) 2013 Totals 22,914 160,632,815 15,731,789 144,901,026 2,562,371 147,463,397 Revised 2013 Budget (May 2011) 160,632,815 7,010 15,731,789 144,901,026 2,562,371 147,463,397 2013 Budget Variance F/(U) Projected Remaining (154,707,604) 2013 Admin % of Total Costs 1.6% 08/01/2011 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 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 2,864,183 101,245 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 859,255 859,255 45,935 905,190 (176,891,764) November 572,837 572,837 43,743 616,580 (177,508,344) December 286,418 286,418 41,551 327,969 (177,836,312) 2014 Totals 22,340,624 22,340,624 788,083 23,128,707 Revised 2014 Budget (May 2011) 22,340,624 22,340,624 788,083 23,128,707 2014 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 1,005,816 251,511 754,305 404,498 27,468,556 3,673,588 23,794,968 1,216,663 89,733,598 8,998,903 80,734,695 1,976,128 160,632,815 15,731,789 144,901,026 2,562,371 22,340,624 22,340,624 788,083 301,181,409 28,655,791 272,525,618 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 2012. 08/01/2011 12