INSURANCE COMMISSIONER
T 2000-04
TO: | All Health Carriers |
SUBJECT: | Minimum Benefit for Chemical Dependency |
DATE: | July 25, 2000 |
The purpose of this technical assistance advisory is to: (1) Advise you how to calculate the inflation adjustment each year; and (2) provide a sample calculation of the adjustment applicable to new or revised contracts with effective dates from January 1, 2001, through December 31, 2001.
To ensure that you have enough lead time to develop and file your contracts, the adjustment will use consumer price index (CPI) data through June. This information is generally available on the Bureau of Labor Statistics (BLS) website (http://www.bls.gov/cpihome.htm) in mid-July. The CPI for June 1999 will be used as the base. To calculate the adjustment factor for any coming year, simply divide the CPI for June of the current year by the CPI for June 1999. The minimum benefit is then $10,000 times the adjustment factor.
The specific CPI series to be used is the medical care CPI, not seasonally adjusted, for all urban consumers in the Seattle-Tacoma-Bremerton area. The series ID is CUURA423SAM. The data can be obtained easily using the selective access option in the BLS website.
For new and revised contracts effective in 2001 the
inflation adjustment is calculated as follows:
CPI for June 2000 = 247.4
Adjustment factor = 247.4/239.6 = 1.0326
For the future you should plan on calculating the adjustment on your own by the method outlined above. Always divide the CPI for June of the current year by the CPI for June 1999. We do not plan to issue a technical assistance advisory on this subject annually.
If your have any questions about this technical assistance advisory, please contact our lead health actuary, Lichiou Lee, at LichiouL@oic.wa.gov or (360) 586-5313.