1 / 5

Town of Lexington and the Lexington Public Employee Committee

Town of Lexington and the Lexington Public Employee Committee. Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013-FY2015. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement. Summary of Negotiated Agreement

minerva-english
Download Presentation

Town of Lexington and the Lexington Public Employee Committee

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Town of Lexington and the Lexington Public Employee Committee Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013-FY2015

  2. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement Summary of Negotiated Agreement • Negotiated Under Coalition Bargaining Statute, Rather than New Health Insurance Law • Join the State’s Group Insurance Commission (GIC) Program, Effective July 1, 2012 • Three-Year Agreement, FY2013-2015 • New Employee/Retiree Contribution Rates • Creation of Two Health Reimbursement Accounts (HRA) to Mitigate New Deductibles and Co-pays • New Medicare Part-B Subsidy for Retirees, Funded by Lower Town Contribution Rates

  3. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013 Financial Impact • TOWN: Estimated Premium Savings of $2.6 million in FY13. There will be a $1,120,000 set aside for employees and retirees, however, to mitigate the impact of GIC deductibles and co-pays. • EMPLOYEES/RETIREES: Estimated Premium Savings of $1.9 million in FY13.

  4. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement New Employee/Retiree Contribution Rates

  5. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement Mitigation for Employees/Retirees • HRA-Part 1: Debit Card to cover out-of-pocket deductibles equal to – 75% in year 1; 50% in year 2 and balance in account in year 3 • HRA-Part 2: Reimbursement of high out-of-pocket co-pays between $2,000 and $5,000 for individual plans and $4,000 and $10,000 for family plans. • Contribution by Town of 40% of the monthly premium of Medicare Part B for eligible retirees

More Related