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PEBB board approves more conservative 2026 rates, setting aside funds for 2027
Summary
The Public Employees Benefits Program Board approved plan-year 2026 premiums under a more conservative funding scenario (scenario 2) to preserve reserves and reduce the risk of large premium spikes in year two of the biennium; the measure passed with one dissenting vote.
The Public Employees Benefits Program (PEBB) Board on March 25 approved plan-year 2026 premium rates under staff’s recommended scenario 2, a more conservative funding option intended to preserve reserves and reduce the risk of larger premium increases in the second year of the state biennium.
Board members said rising medical and pharmacy cost trends and uncertainty about second-year state contributions motivated the decision. Executive Officer Celestina Glover said PEBB will ask the Interim Finance Committee for $33,000,000 to cover an expected shortfall in claims for the current year. “We will be going to IFC on April 3, asking for $33,000,000 to bump up our claims category because that is the shortfall we’re projecting for now to the end of the year,” Glover said.
The board heard a technical presentation from Richard Ward of Siegel on cost trends and the methodology used to set rates. Ward noted persistent increases in medical and specialty pharmacy…
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