Health Insurance Valuations And Costings
Custom Valuations and Costings Let You Anticipate and Fund Plans
Nicolay’s Health Insurance Actuarial Services division provides actuarial valuations and related calculations of pre- and post-retirement healthcare plan liabilities and funding costs.
Whether you offer traditional healthcare plans or a self-funded plan, or a combination, we can help in several major areas:
- Perform actuarial valuations of post-retirement healthcare and life insurance benefits
- We calculate turnover, retirement and mortality rates and anticipate future incidence of claims to estimate the current liabilities of retiree healthcare benefits.
- We assist you with plan redesign and fine-tuning where appropriate or necessary.
- Analyze self-funded pre-retirement employee healthcare benefit programs
- We calculate current liabilities and project costs so you can budget accordingly and fund appropriately.
- We identify your IBNR—those claims which have been incurred but not yet reported—to establish the claim reserves necessary to pay these claims upon submission.
- Price and estimate the cost implications of proposed changes in plan design
- We anticipate costs and establish pricing for any changes you are considering for your healthcare plans, including additions or deletions to benefits or changes in deductibles or copayments.
- Other services
- Long-term care self-funding studies.
- Mortality and morbidity projections.
- Demographic analysis.
In addition, Nicolay’s Health Insurance Actuarial Services division
- Completes all forms, reports, and filings.
- Provides actuarial certification of claim reserve adequacy.