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USI presents medical-plan numbers: city projects to finish the year about $1.4M under budget
Summary
USI told the committee that year-to-date projections put total plan costs at about $119.2 million versus a FY budget just over $120 million, and that a blended overall cost increase of roughly 4.5% is projected for the next fiscal year (10% expected for fully insured Medicare-wrap plans).
Kate Kennedy, senior vice president with USI Insurance, reported the city’s self-funded medical plan was tracking slightly under the FY budget and walked the committee through key cost drivers and assumptions.
USI’s slides showed year-to-date active medical claims at roughly $60.4 million (projected to $85.84 million if run-rate continues), retiree claims annualized at roughly $28.6 million, and workers’ comp medical claims…
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