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Committee approves first step of four-year benefit modification to reduce plan costs
Summary
The committee approved a first-year, incremental increase in employee deductibles ($125) and family max out-of-pocket ($250) as the initial step in a four-year plan intended to improve the plan's fiscal sustainability; staff estimates the first step could save about $600,000 based on last year's claims.
Chief Financial Officer Nisha Bamberg presented a proposed multi-year benefit-modification plan that would incrementally raise deductibles and maximum out-of-pocket limits for individual and family coverage over four years. The committee approved the first step: an immediate $125 increase to the individual deductible and a $250 increase to the family out-of-pocket maximum as year-one of the plan. Why it…
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