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Board approves one-year extensions for Colonial Life and Health Advantage; Health Advantage PMPM to rise to $22.51
Summary
The board approved a one-year renewal for Colonial Life that raises the state's cost for the $10,000 life benefit by about $70,000 (from roughly $920,000 to $990,000, paid from a FICA savings account) and approved an extension for the Health Advantage third-party administrator, moving PMPM from $20.55 to $22.51, a plan-wide increase of about $3.7 million.
The State Board of Finance approved one-year contract extensions for two Employee Benefits Division (EBD) contracts to preserve operations while the legislature considers a permanent governance structure.
Jake Bleed, EBD administrator, explained the first renewal for Colonial Life would allow continued provision of optional supplemental life products. Colonial Life requested roughly a 10% rate increase…
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