Some expenditures vary with other activity measures than revenue. In the case of the cost of goods sold, a cost per unit may be used, rather than a percentage of sales. There is typically a percentage built into the model that is multiplied by actual revenues to arrive at what expenses should be at a stated revenue level. At its simplest, the flexible budget alters those expenses that vary directly with revenues. Here are several variations on the concept:īasic flexible budget. This means that the variances will likely be smaller than under a static budget, and will also be highly actionable.Ī flexible budget can be created that ranges in level of sophistication. Budget versus actual reports under a flexible budget tend to yield variances that are much more relevant than those generated under a static budget, since both the budgeted and actual expenses are based on the same activity measure. This approach varies from the more common static budget, which contains nothing but fixed amounts that do not vary with actual revenue levels. This updates the variable costs in the flexible budget.Įnter the resulting flexible budget for the completed period into the accounting system for comparison to actual expenses. Identify all fixed costs and segregate them in the budget model.ĭetermine the extent to which all variable costs change as activity measures change.Ĭreate the budget model, where fixed costs are “hard coded” into the model, and variable costs are stated as a percentage of the relevant activity measures or as a cost per unit of activity measure.Įnter actual activity measures into the model after an accounting period has been completed. The steps needed to construct a flexible budget are: The budget is then compared to actual expenses for control purposes. Actual revenues or other activity measures are entered into the flexible budget once an accounting period has been completed, and it generates a budget that is specific to the inputs. Please call our customer service number or see your Evidence of Coverage for more information, including the cost-sharing that applies to out-of-network services.A flexible budget adjusts to changes in actual revenue levels. Out-of-network/non-contracted providers are under no obligation to treat Wellcare members, except in emergency situations.
Wellcare (HMO and HMO SNP) includes products that are underwritten by WellCare of Texas, Inc., WellCare National Health Insurance Company, and SelectCare of Texas, Inc. and Superior HealthPlan Community Solutions, Inc. Wellcare by Allwell (HMO and HMO SNP) includes products that are underwritten by Superior HealthPlan, Inc.
For detailed information about Louisiana Medicaid benefits, please visit the Medicaid website at. Such services are funded in part with the state of New Mexico. Contract services are funded in part under contract with the State of Arizona. TennCare is not responsible for guaranteeing the availability or quality of these benefits. Notice: TennCare is not responsible for payment for these benefits, except for appropriate cost sharing amounts. Every year, Medicare evaluates plans based on a 5-star rating system.
By returning this card, you authorize a plan associate/contracted agent to call or contact you now or during the next enrollment when new benefits information is available. Actual Part B Giveback dollar amount may vary by plan and county. For accommodations of persons with special needs at meetings, call 1-877-MY-WELLCARE TTY 711. Enrollment in our plans depends on contract renewal. Our D-SNP plans have a contract with the state Medicaid program. Wellcare is the Medicare brand for Centene Corporation, an HMO, PPO, PFFS, PDP plan with a Medicare contract and is an approved Part D Sponsor. ‘Ohana Health Plan, a plan offered by WellCare Health Insurance of Arizona, Inc.
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