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Health Service Board approves $38.15M IBNR and $28.55M contingency reserves
Summary
The San Francisco Health Service Board approved actuarial recommendations for incurred-but-not-reported (IBNR) and contingency reserves as of June 30, 2023, citing higher pharmacy and specialty drug costs and slower carrier claim processing.
The San Francisco Health Service Board voted unanimously to approve actuarial recommendations setting the June 30, 2023 incurred-but-not-reported (IBNR) reserve at approximately $38.15 million and contingency reserves at approximately $28.55 million.
The recommendation came from Mike Clark, an actuary with Aon, who told the board the IBNR and contingency increases were driven by a mix of higher claims — particularly in Blue Shield access plans — pharmacy and specialty drug cost…
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