Committee: January claims stable; IBNR estimated at $1,000,004
Summary
LP Insurance reported relatively stable paid claims through January 2025, with average composite cost per employee at $500 and average net plan cost at $627; January Incurred But Not Reported (IBNR) was estimated at $1,000,004.
Nate Kerr, of LP Insurance, told the Health Advisory Committee that the 2024 plan year was relatively stable and that January 2025 was a low-cost month largely because of stop‑loss reimbursements. He said the average composite cost per employee per month was $500 in January and the average monthly composite net plan cost per employee per month was $627.
Kerr also reported there were no large claims in January and that the committee's outstanding estimated liability for incurred but not reported claims (IBNR) for January 2025 was $1,000,004. The committee did not take additional action on this item during the meeting; the figures were provided for committee oversight and financial planning.
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