Stand Alone Services

Renewal Evaluation – Fully Insured

The Wakely Renewal Report is an easy to understand package incorporating our three key viewpoints of the renewal projection which allows employers to quickly identify the important pieces of the renewal while at the same time providing in-depth analysis. Included in the Renewal Report are mini-reports focusing on key components including trend and seasonality, claims projections, administrative fees and employer contributions. Wakely completes the initial Fully Insured Renewal Evaluation prior to reviewing the vendor renewal report and after we have completed our impartial projection we validate the vendor renewal. The Renewal Report includes a review of carrier assumptions including IBNR levels, trend, plan design changes (if applicable), and large claims adjustments.

Self-Insured Feasibility Analysis

The Wakely Self-Insured Feasibility Analysis assesses the feasibility of changing from current fully insured arrangement to self-funded. The Wakely model analyzes the projected total cost (claims and admin expenses) under both arrangements. As part of the analysis Wakely provides an estimate of the number of stop loss claims (using Monte Carlo simulations) at various attachment points to assist the employer in understanding their risk tolerance. Wakely reviews the profile of the Employer with the goal of determining if their specific plan characteristics would lead to a better, average or worse risk for self-funding.

Healthcare Reform Modeling ACA

The Wakely Healthcare Reform ACA modeling provides a thorough analysis from both the employer and employee’s perspective of the various options available to them beginning in 2014.  The model creates employer-specific scenarios that model employee behavior based on an elasticity model incorporating cost sharing decisions, the impact of salary and changes in contributions.  The Wakely ACA Report is an easy to understand comprehensive report detailing the impacts from all potential ACA decisions including Cadillac Tax, potential subsidies for the employee, the cost of coverage under a potential exchange, and the cost of opting out for both an employee and an employer.

Mergers & Acquisitions Analysis

Wakely can provide an analysis of the potential impact to health care costs under a merger or acquisition.  Our Mergers and Acquisition analysis includes plan design analyses, demographic analysis and a cost projection.

Stop Loss Analysis

For groups that are not fully insured, the Wakely Stop Loss Analysis uses detailed, member level Monte Carlo simulation to assess the risk of different stop loss coverage levels. Our Stop Loss Analysis Report provides an easy to read and understand summary of the various coverage options as well as a graphical display of the result of the Monte Carlo simulation results for each employer. The Stop Loss Report is typically included in the Renewal Report but it can be done on a stand-alone basis.

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