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Mayor says health-insurance actuarial update could force near-doubling of trust and higher rates
Summary
Gardner City officials told the council an actuarial update from Blue Cross in early April raised the city's IBNR from about $600,000 to $1,300,000, prompting consideration of nearly doubling the employee health-insurance trust fund and possibly raising premium rates to meet regulatory requirements.
The mayor told the Gardner City Council that Blue Cross delivered new rate information and an actuarial report in early April showing the city’s incurred-but-not-reported (IBNR) liability rose to $1,300,000 from roughly $600,000, a change that would require a substantially larger trust balance and could mean higher premiums for plan members.
"Now it's $1,300,000, which made it so that we were looking at a higher trust balance to meet regulation rather than the 2,000,000, which we are currently at now and we thought would be hitting," the mayor said, explaining the actuarial revision was the primary driver for…
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