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Consultants report plan surplus overall, certified IBNR reserves total about $10.6M; pharmacy trends are rising
Summary
Keenan and Keenan-associated consultants reported a combined plan surplus driven by prescription drug rebates and dental performance, certified incurred-but-not-reported reserves of roughly $10.6 million, and a marked rise in specialty and GLP-1 drug costs prompting further review.
Consultants reported to the San Joaquin Valley Insurance Authority on Aug. 27 that SJVIA’s plan-year experience through June 30, 2025 shows an overall surplus driven by prescription drug rebates and favorable dental results, but that pharmacy utilization — particularly specialty and GLP-1 class drugs — is increasing and contributing to rising costs.
Why it matters: The SJVIA must fund incurred-but-not-reported (IBNR) reserves and monitor pharmacy trends because both affect premiums, plan solvency and required stabilization funding.
Highlights from consultant presentations: - Experience report (through…
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