Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
GIC staff say preliminary FY27 rates could rise about 11% as GLP‑1 drugs and high‑cost claimants drive spike
Summary
WTW actuaries told the Group Insurance Commission the preliminary FY27 weighted average budget increase for GIC plans is 10.9% (range 8.9%–12.9%), driven principally by pharmacy spending — notably GLP‑1 medications — and a spike in high‑cost claimants.
Brian Stitzel, senior director and actuary at WTW, told the Group Insurance Commission that the firm’s early estimate for fiscal year 2027 budget rates — known at the GIC as premium equivalents — is a 10.9% weighted average increase, with an illustrative range of 8.9% to 12.9%. "We're currently estimating the FY27 increase for the GIC plans at an average of 10.9%," Stitzel said.
Stitzel said WTW sets budget rates by projecting total plan costs using recent claims experience (he noted heavy reliance on FY25 actuals) and carriers’ growth…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
