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Shrewsbury officials hear wide-ranging insurance briefing on rising costs and plan options
Summary
City staff and outside brokers told the Board of Aldermen that health and property/casualty insurance costs are rising and outlined options — from level-funded plans to self-funding and stop-loss — to manage costs and gain claims data.
Shrewsbury officials on the Board of Aldermen met with outside insurance advisors on options to reduce rising health and property/casualty insurance costs and to secure better long-term pricing.
The board heard presentations from Dustin (financial staff), Janice (health-plan consultant), Melissa (account executive for property/casualty), and Hank (insurance representative). Janice described the city's current “fully insured with an HRA” approach and said moving to a level-funded plan would be “the first step in kind of taking control of your insurance costs,” because it yields claims data the city does not now receive. Janice added that employers sometimes progress from level-funded plans to partial or full…
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