The State of South Dakota Bureau of Human Resources and Administration (“BHRA”) invites qualified bidders to submit proposals for health plan strategy, plan design consulting, and actuarial services. The South Dakota State Employee Health Plan (“SDSEHP”) operates as a self-funded health plan, administered by BHRA. To ensure effective management, the State requires annual actuarial services to project claims activity, assess reserve requirements at fiscal year-end, and support the financial and strategic planning of the health plan. The selected vendor will: • Provide claims activity projections and determine reserve levels needed at the close of each fiscal year. • Deliver a Statement of Actuarial Opinion and an Actuarial Memorandum, including a range estimate for liabilities related to Incurred But Not Reported (“IBNR”) claims for the SDSEHP. • Evaluate the actuarial soundness of the SDSEHP to ensure compliance with federal, state, and local laws. Additionally, the vendor will offer comprehensive actuarial and consulting services, including: • Modeling cost projections for proposed benefit design changes. • Recommending annual premium rate adjustments or assessing fiscal impacts of benefit modifications. • Developing blended premium rate structures for plan participants, if requested. • Monitoring and reporting on actual income and expenses compared to projections. • Advising the State on alternative strategies to equalize risks and/or costs among the health plans offered.
