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Health insurance costs jump 17% in Revere's FY2026 budget; officials warn fund strain
Summary
CFO Rich Vasquez told the Ways and Means Subcommittee that city health insurance premiums for active plans are rising 17% in the FY2026 budget and that the self-insured fund is running a multi-million-dollar deficit this fiscal year, prompting warnings that further changes may be required if reserves fall below contractual thresholds.
Revere City officials said health insurance costs in the FY2026 budget are increasing by 17% for HMO and PPO plans, a line-item pressure the CFO told the Ways and Means Subcommittee is one of the most difficult to absorb in the proposed budget.
CFO Rich Vasquez said the city negotiated a nine-year agreement with unions in fiscal 2024 that phases employee premium contributions over time but does not change plan design. "17% was a a really tough number for us to deal with this year," Vasquez said, adding the city's self-insurance fund is…
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