Fiscal Year 2026 Actuarial Report.pdf

Deborah Donaldson, FSA, MAAA Senior Vice President M 303.908.9031 Ddonaldson@segalco.com

7951 E Maplewood Avenue Suite 327

Greenwood Village, CO 80111-4774 segalco.com

5999683v1/14622.001

July 30, 2026

Ms. Jennifer Valdez Statewide Benefits Manager State of Colorado Department of Personnel & Administration 1525 Sherman Street Denver, CO 80203

Dear Jennifer:

Segal has completed its review of financial results for the State of Colorado Department of Personnel and Administration’s (DPA’s) self-funded plan through June 2026 which represents the full Fiscal Year 2026. The exhibits included in this report provide experience on both a paid and an incurred basis.

The results rely on medical and prescription drug claims provided by Cigna and MedImpact, as well as paid dental claims provided by Delta Dental. In addition, the attachment also provides performance on the Kaiser plans through May 2026. The numbers reflected in this report for FY26 include emergency supplemental funding effective November 1, 2025.

Medical/Rx The self-funded medical and prescription drug plans are projected to generate an incurred loss for FY26 of approximately $26.1M or 5.4% of budget. Medical and prescription drug claims and administrative fees for this period were $1,726.29 PEPM, or $852.06 PMPM, or roughly a 0.9% increase from last month.

As noted on the Budget Summary results page, the reserve ending balance at the end of June 2026 is approximately $8.8M due to the additional advanced contributions infusion in June 2026, which aligns with the June 2026 Operating Report provided by DPA.

Prescription drugs continue to have double digit trends with a 14.1% increase from the same period last year. However, trends are decreasing during FY26 and are about 0.2 percentage points lower than last month. In addition, the table below indicates a 5.0% reduction in PMPM rebates this year. We are expecting lower total rebates this year compared to last due to the grandfathering of the anti-obesity medications. This projection also incorporates the impact of the Zepbound program which was effective May 1, 2026.

Prior Fiscal Year (July-Jun.)

Current Fiscal Year (July-Jun.)

Percent Change

Gross PMPM Rx Claim Cost $227.08 $246.19 8.4% Expected PMPM Rebates ($67.47) ($64.09) -5.0% Net PMPM Rx Cost $159.61 $182.10 14.1%

The financial summary reflects estimated stop loss reimbursements based upon our projections of historical data given the lag in actual reimbursements. The current stop loss threshold is a

Ms. Jennifer Valdez July 30, 2026

5999683v1/14622.001

$500,000 combined medical and pharmacy individual specific deductible. There are 34 members with medical and pharmacy paid claims exceeding this amount through June 2026, an additional eight compared to last month. This compares to 24 claimants exceeding the $500k threshold during the same period in FY25, and 18 claimants exceeding the threshold in FY24.

Projected stop loss reimbursements on an incurred basis for FY25 and FY26 are $8.9M and $13.8M, respectively, based on actual reimbursements received year-to-date. Results will vary to the extent that actual large claims experience and resulting reimbursements are higher or lower than expected. Stop loss premiums paid FY26 year-to-date total $21.0M, exceeding expected reimbursements.

The self-funded medical and prescription drug plans generated a paid loss year-to-date of approximately $12.8M or 2.6% higher than budget.

Dental The self-funded dental plan has generated an incurred surplus year-to-date of approximately $1.5M or 4.4% of budget. Claims and administrative fees for this period were $72.99 PEPM, or

$35.72 PMPM.

The self-funded dental plans generated a paid surplus year-to-date of approximately $1.6M or 4.7% of budget.

Actuarial Certification Our internal proprietary pricing model develops aggregate revenue and expense projections.

Our Health Technical Services unit, comprised of actuaries and programmers, is responsible for the initial development and maintenance of this model. The client team programs the assumptions and the calculation methods, validates the model, and reviews the results under my supervision. We are not aware of any material inconsistencies among the assumptions used in the model and the combination of assumptions used in the model does not produce unreasonable results in the aggregate.

This document has been prepared for the exclusive use and benefit of the State of Colorado DPA, based upon information provided by you and your other service providers or otherwise made available to Segal at the time this document was created. Segal makes no representation or warranty as to the accuracy of any forward-looking statements and does not guarantee any particular outcome or result. Except as required by law or required for DPA’s proper administration, this document should not be copied, reproduced, or shared with other parties without Segal’s consent and, in such instances, should only be shared in its entirety. This document does not constitute legal, tax or investment advice or create or imply a fiduciary relationship. You are encouraged to discuss any issues raised with your legal, tax and other advisors before taking, or refraining from taking, any action

I am a Fellow of the Society of Actuaries, a Fellow of the Conference of Consulting Actuaries, and a Member of the American Academy of Actuaries. I meet the Qualification Standards for Actuaries Issuing Statements of Opinion in the United States promulgated by the American

Ms. Jennifer Valdez July 30, 2026

5999683v1/14622.001

Academy of Actuaries and am qualified to render an opinion with regard to loss reserves, actuarial liabilities, and related items.

Sincerely yours, Debbie Donaldson, FSA, MAAA Senior Vice President and Actuarial Consultant

State of Colorado Division of Human Resources Self-Funded Medical and Dental Plans Historical and Projected Incurred Costs

Based on actual experience through 6/30/2026

Time Period Plan Member Months Contributions Incurred Claims

Incurred Reinsurance Recoveries Net Incurred Claims Claims Loss Ratio Incurred Rx Rebates Expenses Profit/(Loss) Profit/Loss Percent

FY2025 Medical/Rx (12 months) Copay Basic 237,452 $165,684,764 $148,701,616 ($2,309,725) $146,391,892 88.4% ($11,851,441) $16,488,959 $14,655,354 8.8%

Copay Plus 212,794 $156,182,475 $228,379,831 ($4,930,839) $223,448,992 143.1% ($21,720,096) $14,776,677 ($60,323,098) -38.6% HDHP with HSA 124,701 $88,372,726 $66,399,780 ($1,629,061) $64,770,720 73.3% ($5,222,477) $12,114,332 $16,710,150 18.9% Sub-total 574,947 $410,239,964 $443,481,228 ($8,869,625) $434,611,603 105.9% ($38,794,014) $43,379,968 ($28,957,594) -7.1%

Dental Basic 316,684 $10,465,161 $7,631,584 $7,631,584 72.9% $866,130 $1,967,447 18.8% Basic Plus 550,463 $20,936,210 $19,993,321 $19,993,321 95.5% $1,505,515 ($562,625) -2.7% Sub-total 867,147 $31,401,371 $27,624,905 $27,624,905 88.0% $2,371,645 $1,404,822 4.5%

Self-funded plan Total $441,641,335 $471,106,132 ($8,869,625) $462,236,508 104.7% ($38,794,014) $45,751,613 ($27,552,772) -6.2%

FY2026 Medical/Rx (Actual YTD - 12 month) Copay Basic 260,830 $207,354,162 $187,853,125 ($4,504,450) $183,348,676 88.4% ($12,849,875) $19,778,562 $17,076,799 8.2%

Copay Plus 217,273 $180,800,568 $253,114,714 ($8,125,686) $244,989,028 135.5% ($20,564,936) $17,370,905 ($60,994,429) -33.7% HDHP with HSA 120,777 $96,064,102 $70,174,769 ($1,170,715) $69,004,055 71.8% ($4,969,984) $14,175,448 $17,854,583 18.6% Sub-total 598,880 $484,218,832 $511,142,608 ($13,800,850) $497,341,758 102.7% ($38,384,795) $51,324,915 ($26,063,046) -5.4%

Dental Basic 314,949 $10,461,067 $7,845,036 $7,845,036 75.0% $945,029 $1,671,002 16.0% Basic Plus 572,078 $22,699,041 $21,414,360 $21,414,360 94.3% $1,481,540 ($196,859) -0.9% Sub-total 887,027 $33,160,107 $29,259,396 $29,259,396 88.2% $2,426,569 $1,474,142 4.4%

Self-funded plan Total $517,378,939 $540,402,005 ($13,800,850) $526,601,154 101.8% ($38,384,795) $53,751,484 ($24,588,904) -4.8%

FY2026 Medical/Rx (Projected - 12 months) Copay Basic 260,830 $207,354,162 $187,853,125 ($4,504,450) $183,348,676 88.4% ($12,849,875) $19,778,562 $17,076,799 8.2%

Copay Plus 217,273 $180,800,568 $253,114,714 ($8,125,686) $244,989,028 135.5% ($20,564,936) $17,370,905 ($60,994,429) -33.7% HDHP with HSA 120,777 $96,064,102 $70,174,769 ($1,170,715) $69,004,055 71.8% ($4,969,984) $14,175,448 $17,854,583 18.6% Sub-total 598,880 $484,218,832 $511,142,608 ($13,800,850) $497,341,758 102.7% ($38,384,795) $51,324,915 ($26,063,046) -5.4%

Dental Basic 314,949 $10,461,067 $7,845,036 $7,845,036 75.0% $945,029 $1,671,002 16.0% Basic Plus 572,078 $22,699,041 $21,414,360 $21,414,360 94.3% $1,481,540 ($196,859) -0.9% Sub-total 887,027 $33,160,107 $29,259,396 $29,259,396 88.2% $2,426,569 $1,474,142 4.4%

Self-funded plan Total $517,378,939 $540,402,005 ($13,800,850) $526,601,154 101.8% ($38,384,795) $53,751,484 ($24,588,904) -4.8%

(2) Medical/Rx expenses include administration fees, Stop Loss premiums, EBU, Wellness, HSA and Marathon fees.

(3) Dental expenses include administration and EBU fees.

(4) The FY2026 actual YTD figures and FY2026 projections include emergency supplemental funding effective November 1, 2025.

(1) For FY2025 and FY2026, contribution amounts shown above reflect an estimate of # employees x PEPM budget rate by coverage tier. In practice, no contributions are collected by CO DPA in July and contributions are doubled in June.

State of Colorado, DPA Loss Ratio Exhibit

97% 102% 100%

106% 105% 105%

0%

25%

50%

75%

100%

125%

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

FY22 FY23 FY24 FY25 FY26 (12 Months) FY26 (Projection)

Self Funded Plan Performance & Projection (Includes Cigna and Delta Dental)

Expenses Budget Loss Ratio

Expenses and budget are shown on an incurred basis.

Lo ss R at io

State of Colorado Division of Human Resources Self-Funded Medical and Dental Plans

Paid Costs Based on actual experience through 6/30/2026

Time Period Plan Member Months Contributions Paid Claims Paid Reinsurance Recoveries

Net Paid Claims Claims Loss Ratio Paid Rx Rebates Expenses Profit/(Loss) Profit/Loss Percent

FY2024 Medical/Rx (12 months) Copay Basic 204,652 $133,752,396 $111,710,063 ($5,854,902) $105,855,162 79.1% ($7,615,750) $12,127,639 $23,385,345 17.5%

Copay Plus 200,221 $134,999,491 $189,294,890 ($4,558,549) $184,736,340 136.8% ($15,146,304) $11,865,059 ($46,455,605) -34.4% HDHP with HSA 130,446 $84,038,754 $60,130,430 ($1,389,069) $58,741,361 69.9% ($4,305,618) $7,730,205 $21,872,806 26.0% Sub-total 535,319 $352,790,641 $361,135,383 ($11,802,520) $349,332,863 99.0% ($27,067,671) $31,722,903 ($1,197,454) -0.3%

Dental Basic 322,311 $10,466,648 $7,599,950 $7,599,950 72.6% $904,148 $1,962,550 18.8% Basic Plus 509,049 $16,546,313 $18,309,644 $18,309,644 110.7% $1,427,987 ($3,191,318) -19.3% Sub-total 831,360 $27,012,961 $25,909,594 $25,909,594 95.9% $2,332,135 ($1,228,768) -4.5%

Self-funded plan Total $379,803,603 $387,044,977 ($11,802,520) $375,242,458 98.8% ($27,067,671) $34,055,038 ($2,426,221) -0.6%

FY2025 Medical/Rx (12 months) Copay Basic 237,452 $163,900,007 $150,216,022 ($3,410,450) $146,805,572 89.6% ($9,901,132) $16,488,959 $10,506,609 6.4%

Copay Plus 212,794 $154,219,332 $226,704,820 ($4,108,338) $222,596,482 144.3% ($19,213,160) $14,776,677 ($63,940,667) -41.5% HDHP with HSA 124,701 $87,345,049 $66,149,023 ($1,305,418) $64,843,605 74.2% ($4,688,233) $8,659,391 $18,530,286 21.2% Sub-total 574,947 $405,464,388 $443,069,865 ($8,824,206) $434,245,659 107.1% ($33,802,525) $39,925,027 ($34,903,772) -8.6%

Dental Basic 316,684 $10,659,270 $7,669,903 $7,669,903 72.0% $866,130 $2,123,237 19.9% Basic Plus 550,463 $18,517,071 $20,182,789 $20,182,789 109.0% $1,505,515 ($3,171,233) -17.1% Sub-total 867,147 $29,176,341 $27,852,692 $27,852,692 95.5% $2,371,645 ($1,047,996) -3.6%

Self-funded plan Total $434,640,730 $470,922,558 ($8,824,206) $462,098,351 106.3% ($33,802,525) $42,296,672 ($35,951,768) -8.3%

FY2026 Medical/Rx (12 months) Copay Basic 260,830 $207,354,162 $184,784,729 ($5,074,434) $179,710,295 86.7% ($13,777,490) $19,778,562 $21,642,794 10.4%

Copay Plus 217,273 $180,800,568 $253,471,430 ($8,814,879) $244,656,551 135.3% ($24,021,327) $17,370,905 ($57,205,561) -31.6% HDHP with HSA 120,777 $96,064,102 $70,370,273 ($1,587,761) $68,782,512 71.6% ($5,793,594) $10,314,508 $22,760,676 23.7% Sub-total 598,880 $484,218,832 $508,626,431 ($15,477,073) $493,149,358 101.8% ($43,592,410) $47,463,975 ($12,802,091) -2.6%

Dental Basic 314,949 $10,461,067 $7,767,700 $7,767,700 74.3% $945,029 $1,748,338 16.7% Basic Plus 572,078 $22,699,041 $21,404,803 $21,404,803 94.3% $1,481,540 ($187,302) -0.8% Sub-total 887,027 $33,160,107 $29,172,503 $29,172,503 88.0% $2,426,569 $1,561,035 4.7%

Self-funded plan Total $517,378,939 $537,798,935 ($15,477,073) $522,321,861 101.0% ($43,592,410) $49,890,544 ($11,241,056) -2.2%

(2) Medical/Rx expenses include administration fees, Stop Loss premiums and Marathon fees. Please note that these expenses do not include HSA funds provided by the State.

(3) Dental expenses include administration fees.

(4) Rebates paid on a quarterly basis.

(5) The FY2026 projections include emergency supplemental funding effective November 1, 2025.

(1) For FY2024, FY2025, and FY2026, contribution amounts shown above reflect an estimate of # employees x PEPM budget rate by coverage tier. In practice, no contributions are collected by CO DPA in July and contributions are doubled in June.

Plan Year Reserve Beginning Balance Revenue Expense Reserve Ending Balance Premium Stablization Reserve

2022 $68,215,954 $506,988,125 $514,706,232 $60,497,847 $22,131,062 2023 $60,497,847 $536,030,895 $558,949,174 $37,579,568 $24,767,960 2024 $37,579,568 $615,886,096 $606,176,345 $47,289,319 $28,480,336 2025 $47,289,319 $693,934,774 $720,261,511 $20,962,582 $34,667,738 Jul-25 $20,962,582 $3,278,193 $39,705,658 ($15,464,883) $2,605,052

Aug-25 ($15,464,883) $70,415,117 $59,766,772 ($4,816,538) $2,746,879 Sep-25 ($4,816,538) $60,153,835 $66,737,149 ($11,399,853) $3,360,115 Oct-25 ($11,399,853) $59,122,765 $61,361,272 ($13,638,360) $2,931,861 Nov-25 ($13,638,360) $71,761,984 $64,175,913 ($6,052,289) $3,011,236 Dec-25 ($6,052,289) $62,430,878 $71,725,552 ($15,346,963) $3,738,013 Jan-26 ($15,346,963) $61,124,111 $60,522,132 ($14,744,984) $2,879,821 Feb-26 ($14,744,984) $62,557,045 $62,078,690 ($14,266,629) $3,005,256 Mar-26 ($14,266,629) $75,343,084 $75,963,753 ($14,887,298) $4,033,467 Apr-26 ($14,887,298) $66,576,544 $69,207,902 ($17,518,656) $3,505,606 May-26 ($17,518,656) $69,834,694 $64,075,632 ($11,759,595) $3,211,377 Jun-26 ($11,759,595) $124,675,645 $104,127,796 $8,788,254 $4,466,403 2026 $20,962,582 $787,273,894 $799,448,222 $8,788,254 $39,495,087

Notes

(1) Historical plan year balances tie to the operating reports provided by CO DPA.

(2) Based on data through June 2026.

(3) The fund balance for PY2026 includes emergency supplemental funding effective November 1, 2025.

State of Colorado, DPA Fund Balance Tracking

(4) Revenue and Expense amounts include income and costs associated with self-funded and fully insured coverages, including medical, prescription drug, dental, vision, life, disability, wellness, and spending accounts.

(5) Due to timing of contribution payments, it is likely that the reserve ending balance will be negative as of July 2026.

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

2022 2023 2024 2025 2026

M ill io ns

Plan Year Ending Fund Balance vs. Premium Stabilization Reserve (PSR)

Premium Stablization Reserve Reserve Ending Balance

State of Colorado DPA Monthly Financial Report

July 2025-June 2026

© 2026 by The Segal Group Inc.

The fees listed below are included in the Actuarial Exhibits (Page 4 & 6) HSA Contributions, EBU fees, Wellness credits and Marathon fees

Monthly Financial Report:

Items included in self-funded budget, and have been included in the following exhibits are:

EBU fees, approximate annual cost $3.0M Cigna/MedImpact Rx EBU fees: $1.7M Dental EBU fees: $1.3M

Items that were not included in the budget but that are paid from the fund include:

Wellness Program Funds approximate annual cost: $1.3M Vision, approximate annual cost: $3.8M

Total annual Marathon fees for both fully and self insured business: $10.7M Marathon fees are included in the Medical/Rx Administration Fees of the Monthly Financial Report

State of Colorado, DPA Self-Funded Plan Notes

Medical/Rx Budget

Total $ PEPM

Budget $484,218,832 $1,638

Total Plan Costs $499,087,007 $1,688

Surplus / (Deficit) ($14,868,176) ($50.30)

Costs as a Percentage of Budget 103.1%

Dental Budget

Total $ PEPM

Budget $33,160,107 $76.39

Total Plan Costs $31,583,449 $72.76

Surplus / (Deficit) $1,576,658 $3.63

Costs as a Percentage of Budget 95.2% Note: Amounts shown reflect actual totals year-to-date, net of ISL reimbursements and Rx rebates.

Note: Total Plan Costs include HSA funds provided by the State

State of Colorado, DPA YTD Performance to Self Funded Budget

$517,378,939 $479,728,417

$20,972,206

$26,630,987

$3,338,846

$13,291,517

Budget Actual Deficit

Total Net Claims Cost Stop Loss Premium Medical/Rx/Dental Administration HSA Funding Deficit

24,633 23,718 22,151 20,057 12 12 12 12

FY2026 FY2025 FY2024 FY2023

Category Total Paid PEPM

Medical/Rx Administration $24,220,041 $81.94 $74.32 $72.92 $70.88 Stop Loss Premium $20,972,206 $70.95 $65.09 $44.87 $30.96 HSA Funding $3,338,846 $11.30 $12.14 $13.18 $15.20 Gross Medical Claims $361,218,831 $1,222.01 $1,096.75 $1,010.95 $992.66 ISL Reimbursements ($15,477,073) ($52.36) ($31.00) ($44.40) ($49.79) Gross Rx Claims $147,407,600 $498.68 $460.01 $347.68 $316.21 Rx Rebates ($42,593,444) ($144.09) ($136.31) ($117.11) ($118.30) Total $499,087,007 $1,688.41 $1,541.00 $1,328.10 $1,257.82 Increase/Decrease 9.6% 16.0% 5.6%

* Medical/Rx Administration fees in FY23-FY26 include Base Admin fees, Marathon Fees and EBU fees.

36,174 35,368 33,883 31,958 12 12 12 12

FY2026 FY2025 FY2024 FY2023

Category Total Paid PEPM

Dental Administration $2,410,946 $5.55 $5.59 $5.74 $5.33 Gross Dental Claims $29,172,503 $67.20 $65.63 $63.72 $63.59 Total $31,583,449 $72.76 $71.21 $69.46 $68.92 Increase/Decrease 2.2% 2.5% 0.8%

* Dental Administration fees in FY23-FY26 include ASO fees and EBU fees.

Number of Months in Year to Date July 01, 2025 - June 30, 2026

State of Colorado, DPA Historical Self-Funded Plan Cost Summary

Average Medical/Rx Enrollment Number of Months in Year-to-Date

July 01, 2025 - June 30, 2026

Average Dental Enrollment

Employee/Employer Share of Total Plan Cost

Date EE Lives Total Medical/Rx

Plan Cost Total Dental Plan

Cost Employee Medical

Contributions Employee Dental

Contributions Net Employer

Cost Jul-25 24,445 $40,279,737 $2,696,503 $4,038,258 $750,967 $36,498,858 Aug-25 24,431 $31,317,721 $2,712,173 $4,037,633 $750,114 $36,485,174 Sep-25 24,447 $41,151,949 $2,731,527 $4,042,256 $750,710 $36,527,429 Oct-25 24,494 $44,705,728 $2,787,835 $4,051,506 $751,874 $36,615,694 Nov-25 24,598 $34,046,406 $2,073,371 $4,065,724 $753,297 $38,991,390 Dec-25 24,716 $48,827,414 $2,637,180 $4,083,287 $755,800 $39,162,521 Jan-26 24,697 $42,267,105 $2,618,551 $4,080,000 $754,669 $39,152,258 Feb-26 24,738 $31,445,530 $2,535,340 $4,081,486 $754,357 $39,200,014 Mar-26 24,757 $47,067,205 $2,689,905 $4,080,803 $753,174 $39,219,603 Apr-26 24,767 $51,361,575 $2,691,288 $4,084,107 $753,309 $39,234,409 May-26 24,775 $36,238,042 $2,408,023 $4,087,382 $752,717 $39,265,279 Jun-26 24,730 $50,378,597 $3,001,754 $4,071,649 $754,729 $39,186,502

Total 295,595 $499,087,007 $31,583,449 $48,804,091 $9,035,717 $459,539,131

Employee Total Costs: $57,839,808 Total Employee Percentage: 11% Employer Total Costs: $459,539,131 Total Employer Percentage: 89%

Total Overall Cost: $517,378,939

State of Colorado, DPA Employer/Employee Contribution Share

10.1%

89.9%

Medical/Rx

EE Medical Contributions

Net Employer Cost

27.2%

72.8%

Dental

EE Dental Contributions Net Employer Cost

FY2026 as of 06/30/2026 FY2025 FY2024 Claimants over $500,000 as a

Percentage Gross Claims 6% 5% 8%

Specific Stop Loss - Paid Basis FY2026 as of 06/30/2026 FY2025 FY2024

Specific Deductible $500,000 $500,000 $500,000 Specific Contract Basis Incurred Incurred Incurred

ISL Claims Type Medical/Rx Medical/Rx Medical/Rx ISL Premium $20,972,206 $18,525,260 $11,926,925

Reimbursements $15,477,073 $8,824,206 $11,802,520 Loss Ratio 74% 48% 99%

Specific Stop Loss - Incurred Basis FY2026 as of 06/30/2026 FY2025 FY2024

Specific Deductible $500,000 $500,000 $500,000 Specific Contract Basis Incurred Incurred Incurred

ISL Claims Type Medical/Rx Medical/Rx Medical/Rx Claimants over ISL 34 26 31

ISL Premium $20,972,206 $18,525,260 $11,926,925 Reimbursements $13,201,227 $8,003,763 $12,625,761

Note: The large claims are medical and pharmacy claims

State of Colorado, DPA Large Paid Claims & Stop Loss Detail

FY2026 FY2025 FY2024

94% 95% 92%

6% 5% 8%

Other Claimants Claimants over $500k

FY2026 as of 06/30/2026 FY2025 # Claimants Plan Paid Avg Spend Per Patient # Claimants Plan Paid Avg Spend Per Patient

$25,000 - $100,000 2,968 $141,090,797 $47,537 2,773 $132,424,739 $47,755 $100,000 - $199,999 478 $64,626,724 $135,202 464 $64,106,292 $138,160 $200,000 - $299,999 125 $29,711,411 $237,691 122 $29,656,545 $243,086 $300,000 - $399,999 35 $12,295,617 $351,303 46 $15,725,018 $341,848 $400,000 - $499,999 27 $11,912,263 $441,195 24 $10,618,879 $442,453 $500,000 - $599,999 11 $5,796,923 $526,993 9 $5,015,216 $557,246 $600,000 - $699,999 6 $4,031,699 $671,950 5 $3,096,996 $619,399 $700,000 - $799,999 4 $2,950,843 $737,711 5 $3,710,447 $742,089 $800,000 - $899,999 4 $3,371,009 $842,752 1 $890,145 $890,145 $900,000 - $999,999 2 $1,847,637 $923,819 2 $1,836,413 $918,207 $1,000,000 - $1,999,999 6 $7,194,330 $1,199,055 2 $2,512,094 $1,256,047 $2,000,000 and Up 1 $3,196,659 $3,196,659 2 $5,435,769 $2,717,884 Total 3,667 $288,025,913 $78,545 3,455 $275,028,555 $79,603 Note: The distribution table does not include claimants that have claims under $25,000

Large Claimants Above $500,000 # Plan Patient Relationship Medical Pharmacy Claimant Total Amount Above ISL Diagnosis 1 Copay Basic Employee 3,193,458$ 3,201$ $3,196,659 $2,696,659 Other sepsis 2 Copay Plus Employee 7,295$ 1,359,486$ $1,366,781 $866,781 Other and unspecified metabolic disorders 3 Copay Plus Child 1,309,720$ 577$ $1,310,297 $810,297 Liveborn infants according to place of birth and type of delivery 4 Copay Plus Child 1,307,693$ 512$ $1,308,205 $808,205 Liveborn infants according to place of birth and type of delivery 5 Copay Plus Employee 38,957$ 1,053,863$ $1,092,820 $592,820 Other and unspecified osteoarthritis 6 Copay Plus Employee 1,066,577$ -$ $1,066,577 $566,577 Malignant neoplasm of eye and adnexa 7 Copay Basic Spouse 790,628$ 259,023$ $1,049,651 $549,651 Myeloid leukemia 8 Copay Basic Child 935,010$ 9,719$ $944,729 $444,729 Intracranial injury 9 Copay Plus Spouse 26,335$ 876,573$ $902,908 $402,908 Abnormalities of breathing 10 Copay Plus Employee 190,148$ 673,223$ $863,372 $363,372 Other disorders of cartilage 11 Copay Basic Employee 854,743$ 1,385$ $856,127 $356,127 Fracture of lumbar spine and pelvis 12 Copay Plus Child 839,159$ 1,240$ $840,400 $340,400 Respiratory failure, not elsewhere classified 13 Copay Plus Spouse 799,964$ 11,146$ $811,110 $311,110 Encounter for other aftercare and medical care 14 Copay Plus Employee 781,488$ -$ $781,488 $281,488 Other specified and unspecified types of non-Hodgkin lymphoma 15 Copay Plus Employee 737,917$ 1,339$ $739,256 $239,256 Nontraumatic intracerebral hemorrhage 16 Copay Plus Employee 717,754$ 7,094$ $724,848 $224,848 Encounter for other aftercare and medical care 17 Copay Basic Employee 168,620$ 536,631$ $705,251 $205,251 Other immunodeficiencies 18 Copay Basic Child 698,587$ -$ $698,587 $198,587 of newborn related to short gestation and low birth weight, not elsewhere 19 HDHP Child 694,874$ 160$ $695,034 $195,034 Encounter for other aftercare and medical care 20 HDHP Employee 16,306$ 669,731$ $686,037 $186,037 Hereditary factor VIII deficiency 21 Copay Plus Child 668,667$ 717$ $669,384 $169,384 Fracture of rib(s), sternum and thoracic spine 22 Copay Plus Employee 643,586$ 11,181$ $654,767 $154,767 Encounter for other aftercare and medical care 23 Copay Basic Employee 627,761$ 130$ $627,891 $127,891 Cerebral infarction 24 Copay Basic Employee 578,799$ 7,816$ $586,615 $86,615 Chronic kidney disease (CKD) 25 HDHP Child 3,193$ 540,106$ $543,298 $43,298 Disorders of mineral metabolism 26 Copay Basic Child 540,891$ 120$ $541,011 $41,011 Fracture of femur 27 Copay Basic Employee 430,457$ 105,481$ $535,938 $35,938 Multiple myeloma and malignant plasma cell neoplasms 28 Copay Plus Spouse 520,541$ 8,249$ $528,790 $28,790 Hypertensive chronic kidney disease 29 Copay Plus Employee 4,895$ 514,330$ $519,226 $19,226 Malignant neoplasm of brain 30 Copay Plus Employee 4,894$ 512,240$ $517,134 $17,134 neoplasms of uncertain behavior of lymphoid, hematopoietic and related t 31 Copay Plus Employee 856$ 511,285$ $512,141 $12,141 Cystic fibrosis 32 HDHP Employee 506,066$ -$ $506,066 $6,066 Premature rupture of membranes 33 HDHP Employee 7,816$ 497,837$ $505,653 $5,653 Migraine 34 Copay Plus Employee 500,434$ 618$ $501,052 $1,052 Aortic aneurysm and dissection

Total $28,389,101 $11,389,101

Note: The large claims include Medical and Pharmacy claims Note: The average cost per patient in excess of $500,000 fiscal year-to-date is $835K as compared to $865K last year.

Note: Due to differences in timing, the stop loss reimbursements shown above may differ from actual claims experience shown on other exhibits.

State of Colorado, DPA FY2026 Claim Distribution

Plan Paid Range

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Under $100,000 $100,000 - $199,999 $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000 - $599,999 $600,000 - $699,999 $700,000 - $799,999 $800,000 - $899,999 $900,000 - $999,999 $1,000,000 - $1,999,999

$2,000,000 and Up

Distribution of Large Claims

FY2024 FY2025 FY2026

Self-funded Medical/Rx Financial Exhibits

Fixed Costs Paid Claims Employee

Medical/Rx Lives

Medical/Rx Administration*

Stop Loss Premium HSA Funding Total Fixed Cost

Gross Paid Medical Claims Gross Rx Claims Total Claims

Amounts over ISL Rx Rebates Net Claims Cost

Medical/Rx Plan Costs

Medical/Rx Budget Surplus / (Deficit) Cost/Budget

Jul-24 23,293 $685,392 $1,523,539 $270,441 $2,479,372 $24,387,948 $9,880,632 $34,268,580 $1,548,896 $0 $32,719,684 $35,199,056 $33,565,777 ($1,633,279) 104.9% Aug-24 23,326 $1,783,517 $1,517,187 $321,128 $3,621,832 $23,059,872 $9,317,091 $32,376,964 $545,558 ($7,662,764) $24,168,642 $27,790,474 $33,612,814 $5,822,341 82.7% Sep-24 23,406 $1,004,457 $1,516,514 $285,063 $2,806,034 $21,593,728 $9,952,012 $31,545,740 $110,152 $0 $31,435,587 $34,241,622 $33,702,169 ($539,453) 101.6% Oct-24 23,487 $2,513,269 $1,531,307 $295,718 $4,340,294 $27,162,651 $10,779,733 $37,942,384 $790,521 $0 $37,151,863 $41,492,157 $33,814,506 ($7,677,651) 122.7% Nov-24 23,564 $1,751,926 $1,531,047 $287,865 $3,570,839 $23,266,298 $9,884,893 $33,151,191 $444,493 ($8,452,389) $24,254,309 $27,825,148 $33,930,598 $6,105,450 82.0% Dec-24 23,677 $1,754,997 $1,540,236 $290,592 $3,585,825 $25,041,335 $10,537,642 $35,578,977 $185,668 $0 $35,393,310 $38,979,135 $34,114,122 ($4,865,013) 114.3% Jan-25 23,749 $972,888 $1,554,565 $270,863 $2,798,315 $27,800,928 $11,126,009 $38,926,937 $293,983 $0 $38,632,954 $41,431,269 $34,261,756 ($7,169,513) 120.9% Feb-25 23,894 $2,529,485 $1,550,444 $285,642 $4,365,571 $22,609,847 $10,680,163 $33,290,009 $508,961 ($8,634,910) $24,146,138 $28,511,709 $34,454,076 $5,942,367 82.8% Mar-25 23,933 $1,747,902 $1,559,752 $285,950 $3,593,604 $28,692,620 $11,786,838 $40,479,458 $717,614 $0 $39,761,844 $43,355,448 $34,524,307 ($8,831,141) 125.6% Apr-25 24,024 $1,767,419 $1,559,752 $287,863 $3,615,034 $30,086,626 $12,124,798 $42,211,424 $935,442 $0 $41,275,981 $44,891,015 $34,664,620 ($10,226,395) 129.5% May-25 24,098 $1,676,888 $1,569,190 $288,514 $3,534,591 $30,264,639 $11,872,259 $42,136,898 $885,665 ($9,383,332) $31,867,902 $35,402,492 $34,755,280 ($647,212) 101.9% Jun-25 24,159 $3,211,627 $1,571,728 $285,338 $5,068,693 $28,179,158 $12,982,145 $41,161,303 $1,857,253 $0 $39,304,050 $44,372,742 $34,839,939 ($9,532,804) 127.4% Jul-25 24,445 $822,345 $1,750,970 $279,121 $2,852,437 $26,451,540 $11,689,707 $38,141,247 $713,947 $0 $37,427,300 $40,279,737 $38,534,995 ($1,744,742) 104.5% Aug-25 24,431 $2,901,530 $1,721,782 $277,381 $4,900,694 $27,954,948 $10,959,086 $38,914,033 $2,482,204 ($10,014,802) $26,417,027 $31,317,721 $38,523,037 $7,205,316 81.3% Sep-25 24,447 $1,109,442 $1,732,244 $278,119 $3,119,805 $26,207,543 $12,201,297 $38,408,841 $376,697 $0 $38,032,144 $41,151,949 $38,567,893 ($2,584,056) 106.7% Oct-25 24,494 $2,016,713 $1,736,921 $273,206 $4,026,841 $28,268,358 $12,725,732 $40,994,090 $315,202 $0 $40,678,887 $44,705,728 $38,661,335 ($6,044,393) 115.6% Nov-25 24,598 $2,911,941 $1,744,306 $274,096 $4,930,343 $28,436,506 $11,758,354 $40,194,859 $317,826 ($10,760,970) $29,116,063 $34,046,406 $41,046,713 $7,000,307 82.9% Dec-25 24,716 $1,996,279 $1,752,039 $268,896 $4,017,214 $32,503,949 $12,592,160 $45,096,109 $285,909 $0 $44,810,200 $48,827,414 $41,228,138 ($7,599,276) 118.4% Jan-26 24,697 $1,111,800 $1,758,285 $266,345 $3,136,430 $29,218,731 $11,267,646 $40,486,378 $1,355,703 $0 $39,130,675 $42,267,105 $41,217,630 ($1,049,474) 102.5% Feb-26 24,738 $2,038,394 $1,749,769 $279,855 $4,068,018 $28,704,778 $11,155,349 $39,860,126 $301,429 ($12,181,185) $27,377,511 $31,445,530 $41,266,315 $9,820,786 76.2% Mar-26 24,757 $2,027,385 $1,755,084 $309,449 $4,091,919 $35,085,148 $12,340,231 $47,425,380 $4,450,093 $0 $42,975,287 $47,067,205 $41,287,799 ($5,779,406) 114.0% Apr-26 24,767 $2,017,238 $1,762,398 $277,581 $4,057,217 $34,386,061 $13,810,407 $48,196,468 $892,110 $0 $47,304,358 $51,361,575 $41,305,615 ($10,055,960) 124.3% May-26 24,775 $2,897,304 $1,750,833 $277,398 $4,925,536 $30,426,001 $13,113,619 $43,539,620 $2,590,627 ($9,636,487) $31,312,506 $36,238,042 $41,340,233 $5,102,191 87.7% Jun-26 24,730 $2,369,669 $1,757,573 $277,398 $4,404,641 $33,575,269 $13,794,012 $47,369,281 $1,395,325 $0 $45,973,956 $50,378,597 $41,239,129 ($9,139,468) 122.2% Total: Current Plan YTD 295,595 $24,220,041 $20,972,206 $3,338,846 $48,531,093 $361,218,831 $147,407,600 $508,626,431 $15,477,073 ($42,593,444) $450,555,914 $499,087,007 $484,218,832 ($14,868,176) 103.1% PEPM $81.94 $70.95 $11.30 $164.18 $1,222.01 $498.68 $1,720.69 $52.36 ($144.09) $1,524.23 $1,688.41 $1,638.12 ($50.30) % Change 8.2% 8.3% -7.5% 7.2% 10.3% 7.8% 9.5% 40.8% 16.8% 7.8% 7.7% 12.0% -132.3% -4.9% FY2025 284,610 $21,399,766 $18,525,260 $3,454,976 $43,380,003 $312,145,649 $130,924,216 $443,069,865 $8,824,206 ($34,133,395) $400,112,264 $443,492,267 $410,239,964 ($33,252,303) 108.1% FY2025 PEPM $75.19 $65.09 $12.14 $152.42 $1,096.75 $460.01 $1,556.76 $31.00 ($119.93) $1,405.83 $1,558.25 $1,441.41 ($116.83)

* Medical/Rx Administration fees include Base Admin fees, Marathon Fees and EBU fees.

State of Colorado, DPA Total Plan Cost Detail, Medical/Rx

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026

Medical/Rx Plan Costs

Medical/Rx Budget

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$500.0

$550.0

Budget Actual

M ill io ns

FY2025

FY2026

Medical/Rx

Lives Medical/Rx

Administration* Stop Loss Premium HSA Funding Total Fixed Cost

Gross Paid Medical Claims

Gross Rx Claims Total Claims

Amounts over ISL Rx Rebates Net Claims Cost

Medical/Rx Plan Costs

Medical/Rx Budget

Surplus / (Deficit) Cost/Budget

Jul-25 5,358 $180,246 $383,788 $279,121 $843,156 $3,704,751 $1,545,678 $5,250,429 $109,361 $0 $5,141,068 $5,984,224 $7,666,352 $1,682,128 78.1% Aug-25 5,345 $634,795 $376,690 $277,381 $1,288,867 $4,343,547 $1,298,766 $5,642,313 $454,952 ($1,381,867) $3,805,493 $5,094,360 $7,660,855 $2,566,495 66.5% Sep-25 5,339 $242,292 $378,306 $278,119 $898,717 $3,212,306 $1,399,140 $4,611,446 $299 $0 $4,611,147 $5,509,864 $7,637,074 $2,127,210 72.1% Oct-25 5,332 $439,010 $378,103 $273,206 $1,090,320 $4,036,729 $1,713,461 $5,750,190 $368 $0 $5,749,822 $6,840,141 $7,634,243 $794,102 89.6% Nov-25 5,362 $634,760 $380,233 $274,096 $1,289,089 $3,895,698 $1,521,473 $5,417,171 $230,416 ($1,508,260) $3,678,496 $4,967,585 $8,166,480 $3,198,895 60.8% Dec-25 5,363 $433,162 $380,166 $268,896 $1,082,225 $5,432,069 $1,718,459 $7,150,528 $195,181 $0 $6,955,347 $8,037,572 $8,175,623 $138,051 98.3% Jan-26 5,367 $241,609 $382,100 $266,345 $890,054 $3,220,910 $1,520,472 $4,741,381 $88,864 $0 $4,652,517 $5,542,571 $8,189,646 $2,647,074 67.7% Feb-26 5,371 $442,567 $379,902 $279,855 $1,102,323 $4,114,272 $1,337,518 $5,451,790 $105,432 ($1,483,264) $3,863,094 $4,965,417 $8,184,145 $3,218,728 60.7% Mar-26 5,379 $440,494 $381,330 $309,449 $1,131,273 $4,834,214 $1,716,521 $6,550,735 $190,832 $0 $6,359,903 $7,491,176 $8,197,916 $706,740 91.4% Apr-26 5,374 $437,705 $382,409 $277,581 $1,097,695 $4,718,810 $1,942,052 $6,660,862 $7,955 $0 $6,652,907 $7,750,602 $8,182,156 $431,554 94.7% May-26 5,383 $629,513 $380,413 $277,398 $1,287,325 $4,387,242 $1,659,584 $6,046,826 $64,436 ($1,287,437) $4,694,953 $5,982,278 $8,187,519 $2,205,241 73.1% Jun-26 5,376 $515,137 $382,075 $277,398 $1,174,611 $5,241,275 $1,855,327 $7,096,602 $139,664 $0 $6,956,937 $8,131,548 $8,182,093 $50,545 99.4% Total: Current Plan YTD 64,349 $5,271,291 $4,565,516 $3,338,846 $13,175,654 $51,141,822 $19,228,451 $70,370,273 $1,587,761 ($5,660,827) $63,121,684 $76,297,338 $96,064,102 $19,766,763 79.4% Average 5,362 $439,274 $380,460 $278,237 $1,097,971 $4,261,819 $1,602,371 $5,864,189 $132,313 ($471,736) $5,260,140 $6,358,112 $8,005,342 $1,647,230 PEPM $81.92 $70.95 $51.89 $204.75 $794.76 $298.82 $1,093.57 $24.67 ($87.97) $980.93 $1,185.68 $1,492.86 $307.18 % Change -3.1% 8.4% 8.3% -0.3% 6.2% 8.0% 11.1% 8.9% 20.3% 18.9% 7.7% 7.4% 10.8% 23.9% FY2025 66,367 $4,978,184 $4,319,844 $3,454,976 $12,753,005 $48,520,700 $17,628,323 $66,149,023 $1,305,418 ($4,734,123) $60,109,482 $72,862,487 $88,372,726 $15,510,238 82.4% FY2025 Average 5,531 $414,849 $359,987 $287,915 $1,062,750 $4,043,392 $1,469,027 $5,512,419 $108,785 ($394,510) $5,009,124 $6,071,874 $7,364,394 $1,292,520 FY2025 PEPM $75.01 $65.09 $52.06 $192.16 $731.10 $265.62 $996.72 $19.67 ($71.33) $905.71 $1,097.87 $1,331.58 $233.70

* Medical/Rx Administration fees include Base Admin fees, Marathon Fees and EBU fees.

State of Colorado, DPA Total Plan Cost Detail, HDHP Plan

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026

Medical/Rx Plan Costs

Medical/Rx Budget

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

FY2025 FY2026

M ill io ns

Budget

Actual

Medical/Rx Lives

Medical/Rx Administration*

Stop Loss Premium HSA Funding Total Fixed Cost

Gross Paid Medical Claims

Gross Rx Claims Total Claims

Amounts over ISL Rx Rebates

Net Claims Cost

Medical/Rx Plan Costs

Medical/Rx Budget Surplus / (Deficit) Cost/Budget

Jul-25 10,023 $337,180 $717,937 $0 $1,055,117 $8,521,265 $3,738,148 $12,259,413 $29,596 $0 $12,229,817 $13,284,934 $16,281,170 $2,996,236 81.6% Aug-25 10,034 $1,191,681 $707,149 $0 $1,898,830 $10,063,145 $3,540,960 $13,604,106 $460,742 ($3,059,618) $10,083,745 $11,982,575 $16,297,296 $4,314,721 73.5% Sep-25 10,084 $457,627 $714,523 $0 $1,172,150 $8,977,479 $3,997,945 $12,975,424 $837 $0 $12,974,587 $14,146,738 $16,389,126 $2,242,388 86.3% Oct-25 10,140 $834,877 $719,049 $0 $1,553,926 $10,409,561 $4,212,935 $14,622,496 $306 $0 $14,622,190 $16,176,116 $16,475,609 $299,493 98.2% Nov-25 10,231 $1,211,158 $725,506 $0 $1,936,664 $10,166,206 $3,863,244 $14,029,450 $2,363 ($3,263,506) $10,763,582 $12,700,246 $17,544,145 $4,843,899 72.4% Dec-25 10,317 $833,290 $731,340 $0 $1,564,630 $12,123,974 $4,224,080 $16,348,054 ($36,256) $0 $16,384,310 $17,948,940 $17,680,469 ($268,471) 101.5% Jan-26 10,326 $464,852 $735,152 $0 $1,200,004 $12,175,583 $3,843,057 $16,018,640 $401,620 $0 $15,617,020 $16,817,024 $17,711,422 $894,398 95.0% Feb-26 10,367 $854,234 $733,279 $0 $1,587,513 $10,864,253 $3,776,685 $14,640,938 ($42,559) ($3,941,679) $10,741,818 $12,329,331 $17,781,591 $5,452,260 69.3% Mar-26 10,379 $849,951 $735,793 $0 $1,585,744 $13,911,198 $4,277,785 $18,188,983 $2,439,074 $0 $15,749,908 $17,335,652 $17,799,866 $464,214 97.4% Apr-26 10,378 $845,274 $738,489 $0 $1,583,763 $13,678,252 $4,622,824 $18,301,076 $630,233 $0 $17,670,844 $19,254,607 $17,794,022 ($1,460,585) 108.2% May-26 10,378 $1,213,652 $733,407 $0 $1,947,058 $12,306,611 $4,560,099 $16,866,710 $613,834 ($3,196,960) $13,055,916 $15,002,974 $17,807,241 $2,804,267 84.3% Jun-26 10,384 $995,012 $737,996 $0 $1,733,008 $12,010,004 $4,919,435 $16,929,438 $574,645 $0 $16,354,793 $18,087,801 $17,792,205 ($295,597) 101.7% Total: Current Plan YTD 123,041 $10,088,787 $8,729,620 $0 $18,818,407 $135,207,533 $49,577,196 $184,784,729 $5,074,434 ($13,461,764) $166,248,531 $185,066,938 $207,354,162 $22,287,224 89.3% Average 10,253 $840,732 $727,468 $0 $1,568,201 $11,267,294 $4,131,433 $15,398,727 $422,869 ($1,121,814) $13,854,044 $15,422,245 $17,279,514 $1,857,269 PEPM $82.00 $70.95 $0.00 $152.94 $1,098.88 $402.93 $1,501.81 $41.24 ($109.41) $1,351.16 $1,504.11 $1,685.24 $181.14 % Change 9.0% 8.1% 8.3% 0.0% 8.2% 10.4% 11.3% 10.6% 26.1% 18.4% 9.6% 9.4% 12.2% 35.1% FY2025 111,943 $8,436,950 $7,286,332 $0 $15,723,282 $110,221,654 $39,994,368 $150,216,022 $3,410,450 ($9,998,047) $136,807,525 $152,530,807 $165,684,764 $13,153,957 92.1% FY2025 Average 9,329 $703,079 $607,194 $0 $1,310,274 $9,185,138 $3,332,864 $12,518,002 $284,204 ($833,171) $11,400,627 $12,710,901 $13,807,064 $1,096,163 FY2025 PEPM $75.37 $65.09 $0.00 $140.46 $984.62 $357.27 $1,341.90 $30.47 ($89.31) $1,222.12 $1,362.58 $1,480.08 $117.51

* Medical/Rx Administration fees include Base Admin fees, Marathon Fees and EBU fees.

State of Colorado, DPA Total Plan Cost Detail, Copay Basic Plan

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026

Medical/Rx Plan Costs

Medical/Rx Budget

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$220.0

FY2025 FY2026

M ill io ns

Budget

Medical/Rx Lives

Medical/Rx Administration*

Stop Loss Premium HSA Funding Total Fixed Cost

Gross Paid Medical Claims

Gross Rx Claims Total Claims

Amounts over ISL Rx Rebates

Net Claims Cost

Medical/Rx Plan Costs

Medical/Rx Budget

Surplus / (Deficit) Cost/Budget

Jul-25 9,064 $304,919 $649,245 $0 $954,164 $14,225,524 $6,405,881 $20,631,405 $574,990 $0 $20,056,415 $21,010,579 $14,587,473 ($6,423,106) 144.0% Aug-25 9,052 $1,075,054 $637,942 $0 $1,712,997 $13,548,255 $6,119,360 $19,667,615 $1,566,510 ($5,573,316) $12,527,789 $14,240,786 $14,564,885 $324,100 97.8% Sep-25 9,024 $409,523 $639,415 $0 $1,048,937 $14,017,758 $6,804,213 $20,821,970 $375,561 $0 $20,446,410 $21,495,347 $14,541,693 ($6,953,655) 147.8% Oct-25 9,022 $742,826 $639,769 $0 $1,382,595 $13,822,068 $6,799,336 $20,621,403 $314,528 $0 $20,306,875 $21,689,470 $14,551,483 ($7,137,988) 149.1% Nov-25 9,005 $1,066,023 $638,567 $0 $1,704,590 $14,374,601 $6,373,637 $20,748,238 $85,048 ($5,989,205) $14,673,985 $16,378,575 $15,336,089 ($1,042,486) 106.8% Dec-25 9,036 $729,826 $640,534 $0 $1,370,359 $14,947,907 $6,649,620 $21,597,527 $126,984 $0 $21,470,543 $22,840,902 $15,372,046 ($7,468,856) 148.6% Jan-26 9,004 $405,339 $641,033 $0 $1,046,372 $13,822,239 $5,904,118 $19,726,357 $865,219 $0 $18,861,138 $19,907,509 $15,316,563 ($4,590,947) 130.0% Feb-26 9,000 $741,594 $636,588 $0 $1,378,182 $13,726,252 $6,041,146 $19,767,398 $238,557 ($6,756,242) $12,772,599 $14,150,781 $15,300,579 $1,149,798 92.5% Mar-26 8,999 $736,941 $637,961 $0 $1,374,902 $16,339,737 $6,345,925 $22,685,662 $1,820,186 $0 $20,865,476 $22,240,378 $15,290,017 ($6,950,361) 145.5% Apr-26 9,015 $734,259 $641,499 $0 $1,375,759 $15,988,999 $7,245,531 $23,234,529 $253,922 $0 $22,980,607 $24,356,366 $15,329,437 ($9,026,929) 158.9% May-26 9,014 $1,054,139 $637,014 $0 $1,691,153 $13,732,148 $6,893,937 $20,626,085 $1,912,358 ($5,152,090) $13,561,636 $15,252,789 $15,345,472 $92,683 99.4% Jun-26 8,970 $859,520 $637,502 $0 $1,497,023 $16,323,990 $7,019,251 $23,343,241 $681,016 $0 $22,662,225 $24,159,248 $15,264,831 ($8,894,417) 158.3% Total: Current Plan YTD 108,205 $8,859,962 $7,677,070 $0 $16,537,032 $174,869,477 $78,601,953 $253,471,430 $8,814,879 ($23,470,853) $221,185,698 $237,722,731 $180,800,568 ($56,922,163) 131.5% Average 9,017 $738,330 $639,756 $0 $1,378,086 $14,572,456 $6,550,163 $21,122,619 $734,573 ($1,955,904) $18,432,142 $19,810,228 $15,066,714 ($4,743,514) PEPM $81.88 $70.95 $0.00 $152.83 $1,616.09 $726.42 $2,342.51 $81.46 ($216.91) $2,044.14 $2,196.97 $1,670.91 ($526.06) % Change 1.8% 8.3% 8.3% 0.0% 8.3% 10.7% 5.1% 9.0% 52.6% 15.9% 6.5% 6.6% 12.1% -10.7% FY2025 106,300 $7,984,632 $6,919,084 $0 $14,903,716 $153,403,296 $73,301,525 $226,704,820 $4,108,338 ($19,401,225) $203,195,257 $218,098,973 $156,182,475 ($61,916,498) 139.6% FY2025 Average 8,858 $665,386 $576,590 $0 $1,241,976 $12,783,608 $6,108,460 $18,892,068 $342,362 ($1,616,769) $16,932,938 $18,174,914 $13,015,206 ($5,159,708) FY2025 PEPM $75.11 $65.09 $0.00 $140.20 $1,443.12 $689.57 $2,132.69 $38.65 ($182.51) $1,911.53 $2,051.73 $1,469.26 ($582.47)

* Medical/Rx Administration fees include Base Admin fees, Marathon Fees and EBU fees.

State of Colorado, DPA Total Plan Cost Detail, Copay Plus Plan

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026

Medical/Rx Plan Costs

Medical/Rx Budget

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

FY2025 FY2026

M ill io ns

Budget

Rolling 12 Paid Claims - Medical/Rx

$522.90 $532.15 $542.91 $556.13 $573.01 $591.03 $603.16

$199.54 $213.45 $227.72 $234.72 $241.96 $241.67 $246.14

$722.44 $745.60

$770.63 $790.85 $814.97 $832.70 $849.30

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

Medical Rolling 12 PMPM Rx Rolling 12 PMPM Total Claims PMPM July 2025 Trended Forward at 7.17%

Self-funded Dental

Paid Claims Employee Dental

Lives Dental

Administration Dental Basic

Claims Dental Basic Plus

Claims Total Dental Plan

Cost Dental Budget Budget Surplus /

(Deficit) Jul-24 35,383 $0 $643,078 $1,797,850 $2,440,928 $2,617,139 $176,211 Aug-24 35,020 $194,474 $716,863 $2,025,321 $2,936,658 $2,593,266 ($343,392) Sep-24 35,122 $195,969 $581,341 $1,625,878 $2,403,189 $2,598,662 $195,473 Oct-24 35,173 $196,504 $682,510 $1,855,484 $2,734,498 $2,601,028 ($133,469) Nov-24 35,234 $196,383 $584,393 $1,424,710 $2,205,486 $2,606,214 $400,728 Dec-24 35,339 $197,130 $602,949 $1,586,310 $2,386,389 $2,614,544 $228,155 Jan-25 35,375 $197,764 $641,526 $1,667,970 $2,507,260 $2,618,315 $111,055 Feb-25 35,506 $198,035 $624,149 $1,585,265 $2,407,449 $2,626,032 $218,583 Mar-25 35,523 $198,789 $641,373 $1,719,827 $2,559,989 $2,629,160 $69,171 Apr-25 35,570 $294,580 $663,838 $1,718,523 $2,676,942 $2,632,087 ($44,855) May-25 35,625 $103,422 $663,478 $1,530,192 $2,297,092 $2,634,631 $337,539 Jun-25 35,550 $398,594 $624,406 $1,645,459 $2,668,459 $2,630,295 ($38,164) Jul-25 35,995 $0 $690,682 $2,005,821 $2,696,503 $2,753,088 $56,585 Aug-25 35,947 $200,084 $619,757 $1,892,331 $2,712,173 $2,749,885 $37,712 Sep-25 35,987 $199,696 $677,085 $1,854,746 $2,731,527 $2,752,503 $20,976 Oct-25 36,068 $199,929 $698,580 $1,889,327 $2,787,835 $2,757,738 ($30,097) Nov-25 36,162 $200,289 $503,555 $1,369,527 $2,073,371 $2,763,698 $690,327 Dec-25 36,307 $200,167 $648,012 $1,789,002 $2,637,180 $2,773,470 $136,290 Jan-26 36,241 $201,849 $655,783 $1,760,919 $2,618,551 $2,769,297 $150,745 Feb-26 36,274 $201,348 $636,543 $1,697,449 $2,535,340 $2,769,541 $234,202 Mar-26 36,238 $201,570 $692,231 $1,796,104 $2,689,905 $2,765,781 $75,875 Apr-26 36,246 $201,456 $674,816 $1,815,015 $2,691,288 $2,766,210 $74,923 May-26 36,243 $201,478 $597,387 $1,609,158 $2,408,023 $2,765,146 $357,123 Jun-26 36,383 $403,080 $673,269 $1,925,405 $3,001,754 $2,773,750 ($228,003) Total: Current Plan YTD 434,091 $2,410,946 $7,767,700 $21,404,803 $31,583,449 $33,160,107 $1,576,658

PEPM $5.55 $17.89 $49.31 $72.76 $76.39 $3.63

% Change -0.6% -1.0% 3.6% 2.1% 3.1% 23.6% FY2025 424,420 $2,371,645 $7,669,903 $20,182,789 $30,224,337 $31,401,371 $1,177,034

FY2025 PEPM $5.59 $18.07 $47.55 $71.21 $73.99 $2.77

* Dental Administration fees include ASO fees and EBU fees.

State of Colorado, DPA Total Plan Cost Detail, Dental

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

Total Dental Plan Cost Dental Budget $0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

FY2025 FY2026

M ill io ns

Budget

Rolling 12 Paid Claims - Dental

$32.08 $32.08

$32.12

$32.33 $32.30

$32.53

$32.89

$30.50

$31.00

$31.50

$32.00

$32.50

$33.00

$33.50

Dental Rolling 12 PMPM July 2025 Trended Forward at 3%

Kaiser Permanente

Premiums shown in the following exhibits reflect premiums collected by Kaiser.

Medical and pharmacy claims shown reflect the amounts paid by Kaiser on a fully insured basis.

The fully insured exhibits do not include the following plan expenses:

EBU fees, approximate annual cost: $773K Wellness Program Funds, approximate annual cost: $599K

State of Colorado, DPA Fully Insured Plan Notes

Medical/Rx

Lives Gross Paid

Medical Claims Gross Paid Rx Claims Total Claims

HSA

Contributions

Medical/Rx Premium Surplus / (Deficit) Loss Ratio

Jul-24 11,125 $9,960,270 $1,566,337 $11,526,607 $87,480 $13,830,564 $2,216,477 83.3% Aug-24 11,090 $9,284,697 $1,562,812 $10,847,509 $87,360 $13,791,621 $2,856,752 78.7% Sep-24 11,097 $8,778,403 $1,477,410 $10,255,813 $87,480 $13,790,886 $3,447,593 74.4% Oct-24 11,080 $10,747,637 $1,587,801 $12,335,438 $87,360 $13,759,285 $1,336,487 89.7% Nov-24 11,077 $10,818,554 $1,459,586 $12,278,140 $87,360 $13,754,328 $1,388,828 89.3% Dec-24 11,065 $9,420,396 $1,588,763 $11,009,159 $87,540 $13,743,494 $2,646,795 80.1% Jan-25 11,045 $9,671,080 $1,645,627 $11,316,707 $87,780 $13,722,743 $2,318,256 82.5% Feb-25 11,041 $11,561,066 $1,587,619 $13,148,686 $87,660 $13,706,048 $469,703 95.9% Mar-25 11,019 $12,160,018 $1,615,749 $13,775,767 $87,900 $13,697,269 ($166,398) 100.6% Apr-25 11,003 $11,180,028 $1,675,158 $12,855,186 $87,840 $13,660,079 $717,053 94.1% May-25 10,981 $12,355,733 $1,564,641 $13,920,374 $87,240 $13,623,707 ($383,907) 102.2% Jun-25 10,947 $12,003,956 $1,658,965 $13,662,921 $86,640 $13,573,597 ($175,964) 100.7% Jul-25 10,918 $13,382,151 $1,686,307 $15,068,458 $85,620 $14,180,855 ($973,223) 106.9% Aug-25 10,885 $10,261,518 $1,399,084 $11,660,602 $85,740 $14,145,700 $2,399,358 83.0% Sep-25 10,899 $9,828,135 $1,517,174 $11,345,309 $86,640 $14,154,592 $2,722,643 80.8% Oct-25 10,927 $10,444,900 $1,558,065 $12,002,965 $86,880 $14,190,943 $2,101,097 85.2% Nov-25 10,927 $12,496,421 $1,494,095 $13,990,516 $87,660 $14,191,765 $113,589 99.2% Dec-25 10,955 $12,127,490 $1,576,562 $13,704,052 $87,840 $14,233,518 $441,626 96.9% Jan-26 10,927 $10,864,020 $1,741,700 $12,605,720 $87,540 $14,205,696 $1,512,437 89.4% Feb-26 10,922 $11,546,427 $1,451,752 $12,998,179 $87,660 $14,182,380 $1,096,541 92.3% Mar-26 10,905 $12,612,395 $1,648,269 $14,260,663 $88,080 $14,145,034 ($203,709) 101.4% Apr-26 10,900 $12,645,861 $1,742,213 $14,388,075 $88,560 $14,144,606 ($332,028) 102.3% May-26 10,889 $12,333,867 $1,676,358 $14,010,225 $88,560 $14,135,081 $36,296 99.7% Jun-26 Total: Current Plan YTD 120,054 128,543,185 $17,491,578 $146,034,763 $960,780 $155,910,170 $8,914,627 94.3% Average 10,914 11,685,744 $1,590,143 $13,275,888 $87,344 $14,173,652 $810,421 94.3%

PEPM $1,070.71 $145.70 $1,216.41 $8.00 $1,298.67 $74.26

% Change PEPM -1.2% 9.9% 1.7% 8.9% 1.1% 4.4% -69.4% FY2025 132,570 $127,941,839 $18,990,470 $146,932,309 $1,049,640 $164,653,622 $16,671,674 89.9% FY2025 Average 11,048 $10,661,820 $1,582,539 $12,244,359 $87,470 $13,721,135 $1,389,306 89.9%

FY2025 PEPM $965.09 $143.25 $1,108.34 $7.92 $1,242.01 $125.76

Note: Kaiser fully insured data is shown on a paid basis through May 31, 2026 due to the timing of Kaiser reporting.

Note: EBU and Wellness fees are not included in this exhibit.

State of Colorado, DPA Premium vs. Claims, Total Medical/Rx

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

Gross Paid Rx Claims

Gross Paid Medical Claims

Medical/Rx Premium

Medical/Rx

Lives Gross Paid

Medical Claims Gross Rx

Claims Total Claims

HSA

Contributions Medical/Rx Premium Surplus / (Deficit) Loss Ratio

Jul-25 1,427 $1,352,227 $44,711 $1,396,938 $85,620 $1,622,619 $140,061 91.4% Aug-25 1,429 $1,321,815 $68,086 $1,389,901 $85,740 $1,623,507 $147,866 90.9% Sep-25 1,444 $736,394 $78,673 $815,067 $86,640 $1,636,222 $734,515 55.1% Oct-25 1,448 $1,031,968 $20,155 $1,052,124 $86,880 $1,634,992 $495,988 69.7% Nov-25 1,461 $1,325,299 $67,532 $1,392,831 $87,660 $1,646,885 $166,394 89.9% Dec-25 1,464 $970,890 $38,116 $1,009,006 $87,840 $1,651,942 $555,096 66.4% Jan-26 1,459 $972,360 $37,981 $1,010,341 $87,540 $1,642,577 $544,696 66.8% Feb-26 1,461 $820,645 $75,593 $896,238 $87,660 $1,642,577 $658,679 59.9% Mar-26 1,468 $1,077,548 $74,734 $1,152,283 $88,080 $1,646,403 $406,041 75.3% Apr-26 1,476 $922,184 $95,186 $1,017,370 $88,560 $1,650,026 $544,096 67.0% May-26 1,476 $836,565 $89,081 $925,646 $88,560 $1,653,375 $639,170 61.3% Jun-26 Total: Current Plan YTD 16,013 $11,367,896 $689,849 $12,057,744 $960,780 $18,051,125 $5,032,601 72.1% Average 1,456 $1,033,445 $62,714 $1,096,159 $87,344 $1,641,011 $457,509 72.1%

PEPM $709.92 $43.08 $753.00 $60.00 $1,127.28 $314.28

% Change PEPM -0.1% 4.5% -22.8% 2.9% 0.0% 3.4% 5.1% FY2025 17,494 $11,859,046 $925,369 $12,784,415 $1,049,640 $19,051,776 $5,217,720 72.6% FY2025 Average 1,458 $988,254 $77,114 $1,065,368 $87,470 $1,587,648 $434,810 72.6%

FY2025 PEPM $677.89 $52.90 $730.79 $60.00 $1,089.05 $298.26

Note: Kaiser fully insured data is shown on a paid basis through May 31, 2026 due to the timing of Kaiser reporting.

Note: EBU and Wellness fees are not included in this exhibit.

State of Colorado, DPA Premium vs. Claims, HDHP Plan

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$…