Page 11 - Michigan Economic Development Corp 2021 Renewal Information

Key Statistics & Supplemental Rating Data

Key Statistics Supplemental Rating Data
Membership Demographics Renewal Period Prior Period Percent Change Rating Data - All LOBs except noted Renewal Period Prior Period Percent Change
Average Number of Employees 136 130 4.6% Rate Change 4.87% 8.47%
Average Number of Members 342 336 1.8% Experience Period Contract Month 1,631 1,560 4.6%
Average Contract Size 2.51 2.58 (2.7%) Paid Claims for the Experience Period $1,672,479 $1,568,381 6.6%
Paid Claims for the Experience Period as a PCPM $1,025.43 $1,005.37 2.0%

Medical Expenses High Cost Claims
Submitted Charges $3,544,687 $3,401,999 4.2% High-Cost Claims Dollars (Total) $141,382 $115,047 22.9%
Approved Charges $2,965,910 $3,220,377 (7.9%) Number of High Cost Claimants 1 1 0.0%
Provider Savings ($1,691,202) ($1,938,747) (12.8%) Pooling Point $125,000 $125,000
Member Liability ($60,714) ($58,486) 3.8%
Payment Amount $1,213,994 $1,223,144 (0.7%) Overall Projected Cost Break Down
Cost Per Contract Per Month $743.87 $784.07 (5.1%) BCBSM BCN
Cost Per Member Per Month $295.81 $303.36 (2.5%) Renewal Period Projected Contracts 126 0
Total Projected Renewal Premium $2,049,168 $0
Value: Average Provider Savings Percentage 57.0% 60.2% (5.3%) Annual Income at Current Rates $1,953,962 $0
Change from Current Rates 4.87% #DIV/0!
Prescription Drug Contract Year Past Renewals Contracts Covered Rate Action Projected Premium
Submitted Charges $1,950,952 $1,634,211 19.4% 01/2021-12/2021 126 4.87% $2,049,168
Approved Charges $900,443 $665,618 35.3% 01/2020-12/2020 135 8.47% $2,120,671
Provider Savings ($441,949) ($317,174) 39.3% 01/2019-12/2019 128 1.54% $1,869,909
Member Liability ($21,781) ($20,061) 8.6% 01/2018-12/2018 115 5.97% $1,628,212
Payment Amount $436,713 $328,383 33.0%
Cost Per Contract Per Month $267.59 $210.50 27.1%
Cost Per Member Per Month $106.41 $81.44 30.7%
Value: Average Provider Savings Percentage 49.1% 47.7% 3.0%
Effects of Demographic and Benefit Changes
Effects of Demographic and Benefit Changes -1.90%
Note: (+) = favorable and (-) = unfavorable effects on premium required and resulting rate change
BCBSM
Demographic factors 1.0145

Benefit Factors 0.9670
Vision Out-of-state members 126 0.0%
Vision Claims Paid $21,772 $16,854 29.2% Examples of changes for demographics and benefits may include, but are not limited to: location, contract tier, age
Member Liability $1,205 $950 26.8% and population shifts between benefits and/or commercial/HMO.
Cost Per Contract Per Month $13.34 $10.80 23.5%
Cost Per Member Per Month $5.31 $4.18 26.9%
Applies to all of the data listed in the above
-Renewal Experience Period: 03/2019 - 02/2020
-Prior Renewal Experience Period: 04/2018 - 03/2019
*Renewal Period High Claims Threshold = $125,000

MICHIGAN ECONOMIC DEVELOPMEN: January 2021-December 2021