Healthcare Actuarial & GASB 43/45

Health care benefit plans are under pressure to be reformed as rising  costs and legislation continue to shift the burden of cost from the government to employers and ultimately to participants. The dramatic rise in healthcare costs have put pressure on corporations and governments of all sizes to put understand the impact of those costs to provide health care benefits.

GASB 43/45 has raised the visibility of the cost of post-retirement health benefits (also known as OPEB benefits) for state and local government entities.  Nyhart has established a national reputation for quality and cost-effectiveness in assessing the financial impact of those benefits. We have consulted to more than 200 municipalities in 32 states to measure and manage their OPEB liabilities. (Learn more about GASB 43/45 Actuarial Review.)

Nyhart has a dedicated team of health actuaries and  benefit consultants advising corporations and governments on the fiscal impacts of their health care costs and benefits. We are uniquely qualified to work with firms with all matters related to evaluating and managing the costs of a health care benefit to your employees.

We provide a variety of services and expertise to:

Analyze the Cost of Self-Insured Health Plans

• Calculate self-funded budget rates for active and retired groups
• Calculate actuarially certified COBRA rates and Incurred But Not Reported (IBNR) claim reserve
• Short-term and long-term reserving of Health Reimbursement Arrangements (HRA)
• Analyze historical claims experience and  compare it with national benchmarks
• Evaluation of onsite clinics on a pre-implementation and post-implementation basis
• Illustrate financial impact of various levels of stop-loss reinsurance
• Evaluate medical and prescription drug discounts
• Certifications of financial status of health plans in several states
• Evaluate tax implications of various funding vehicles (VEBAs and other trusts)
• LTD claimant reserves

Measure Impact of Plan Design Changes

• Deductible, coinsurance, co-payments, out-of-pocket maximums
• Prescription drug  plan designs
• Consumer-driven health plans (HRA, HSA, and High-Deductible Plans)
• Modeling of employee anti-selection for dual option plans
• Modeling using normative data or actual claims experience
• Nondiscrimination testing for health and section 125 plans
• Dental, STD, LTD, and sick pay plan design changes
• Benchmarking of plan design and costs (Indiana employers only)

Personalized consultation from forward-thinking actuaries

As one of the nation’s largest independent actuarial and employee benefit firms, our teams of advisers deliver personalized analysis and recommendations for your health care benefits after considering your unique situation and financial and HR objectives. As both practitioners and consultants, our team can translate the results into common language that assists your executive team to make sense of the impact and status of your health care benefit projections and requirements.

Our consultants are fully accredited through a number of actuarial organizations.

Why Nyhart?

Our clients regularly recognize us for our responsiveness, level of service we provide, reliability of our calculation, our attention to details, and administration services. We serve as an independent voice to our clients with unbiased advice.  Our actions show that we are client-driven and make available any of our clients as references.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of actuaries, plan advisers and support staff. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your health care plan and can help resolve your issues.

Ask Nyhart

Do you have an actuarial or benefit question or are interested in learning how Nyhart may be able to provide the long-term partnership to evaluate or manage a health care benefit plan for your company or government agency? Please call us at (317) 845-3500 or email us at connect@nyhart.com today and we will be in touch quickly.