Massena — The St. Lawrence Louis Health Insurance Consortium continues to remain financially sound, according to Massena Central School Superintendent Patrick H. Brady, who serves as district representative for the consortium.
He said workers’ compensation plans are in “very good shape.”
“They are likely to recommend a 0% rate hike this year. They see some more claims than last year. But they feel the budget has enough money to cover it even if that trend continues with Workman’s Comp. said Brady.
On the health insurance side, medical claims have started to rise over the past year, he said. This is a 23% jump, he said, putting him 7% above budget levels.
“There are quite a few large claims out there, some of which are covered by stop-loss insurance and have not yet been reflected in the report. “I don’t know if this is a development trend or if it happened in the first quarter. Whether it’s a trend or not, I don’t know yet,” Brady said.
He said earnings are ahead of budget, partly because Edwards Knox Central School District is about to reopen its plans.
“It’s going to cost us to go back to the plan,” he said.
Furthermore, he said, with interest rates rising, the plan’s interest income is also above budget.
Locey & Cahill LLC, a consultant for the plan, was recently asked to propose both the Medicare Advantage Plan and the EGWP (Employer Group Waiver Plan), which deals with prescription drugs for eligible Medicare members, according to Brady. I was.
“Both of these deal with Medicare-eligible people over the age of 65,” he said. The matter was not to move to the medical side at this time, as that type of change would not be acceptable enough to recommend significant changes in medical care for the group of individuals aged 65 and over. There weren’t enough savings in , so the recommendation was not to go ahead with it.”
But on the prescription drug side, he said, he recommended that the board approve a plan to save about 3.7% in costs for patients over the age of 65.
“This is primarily based on rebates received through negotiations with the federal government. The federal government allows private insurers, including St. Lawrence Louis BOCES, to get involved in Medicare and prescription drugs on the medical side.” he said. “They are putting together a communication aimed at people over the age of 65. This will not change the plan. But in any case, the formulary is subject to yearly change through ProAct.”
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