Benchmarking / Actuarial Services
CAH sponsors an annual online comprehensive Mid Market employee benefits survey of companies in the Southeast, providing employers with important data that can assist them in tailoring their benefits programs to help ensure that they are an employer of choice. This survey is part of the largest and broadest national survey of health benefits for mid-sized employers, benchmarking plan designs, premiums, employee contributions, benefit offerings, wellness programs, HSAs/HRAs, strategies, and administration. Participating employers receive a detailed report showing how their company compares to other employers through state-specific and national benchmarking data and cost savings opportunities. You and your CAH consulting team use this information to move forward with increased confidence in the sound basis for your employee benefit decisions.
CAH maintains an agreement with a national actuarial firm allowing us to offer a suite of actuarial services covering varied topics including:
- Comprehensive Assessment of Health Plans Report (CAHP): Designed for the mid-market employer, the CAHP report is a standardized report covering plan design, analysis of rating, employee contribution strategy, funding and risk management.
- Benefits Positioning System (BPS): Using your specific plan design measured against the Mid market Benefits Survey and processed through the cost and utilization models, we can help you “position” your benefit plans relative to others in the nation, your specific industry and your region.
- Plan Design Analysis: Industry experience allows our consultants to help design a healthcare program that meets the participant and employer needs. Using Health Cost Guidelines and Dental Cost Guidelines, actuaries can readily value benefit design changes to ensure healthcare programs meet your financial constraints.
- Renewal Evaluation: This is a multi-step process to help you evaluate fully-insured renewals as well as begin preliminary budgeting on self-insured plans. Using claims experience; expected cost for the upcoming plan year is calculated and compared to the carrier renewals.
- Budgeting, Contribution &Trend Report (BCT): This report accurately forecast costs in the coming year and provides enablement to set budgeted rates for self-insured plans. Through this report we are able to calculate your total annual cost by plan and tier and display variances to show the total dollar impact. This report also allows us to see the relative value of variances by plan and coverage tier to make sure your plan rates equitably reflect the differences in cost. After budgeted rates are established, employee contributions are modeled according to your desired strategy. A trend analysis allows outliers or seasonality problems to be identified and addressed.
- Financial Monitoring Report (FMR): This report provides the answers a benefits manager needs to facilitate communications with participants, accounting and finance. FMR brings together claims experience, benefits paid, expenses, and gross and net costs, to name just a few items, in one financial report.
- Incurred But Not Reported Reserve Calculation (IBNR): Using actuarial projection techniques we can help you estimate incurred claims and determine how much you should be holding in reserve to avoid IRS or DOL compliance issues.
- Stop-Loss Analysis: Using Monte Carlo simulation, we provide a graphic display of potential scenarios to determine what options fit your risk preferences.
- FSA Assist™: Innovative software that helps employees estimate their out-of-pocket costs for medical, dental, vision coverage.
These services are available to CAH clients at a discounted cost. These services, along with the consulting support provided by your CAH team, can help your company base important financial decisions on actuarially sound analysis.
