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Finance committee hears insurance report projecting 27.7% rise in next-year rates; $240,000 reserve refill needed
Summary
The committee learned of a projected 27.7% increase in county employee health insurance rates and that the county may need to contribute about $240,000 to its IPBC terminal fund after claims depleted the benefit reserve; staff said the payment is largely a balance-sheet transaction to meet pool requirements.
The Lee County Finance Committee was told that employee health-insurance costs are expected to jump sharply next fiscal year, and county staff warned of a required reserve contribution to the county's insurance pool.
Nancy Neil, reporting for the insurance committee, said the county is starting a five-year plan review and has issued RFPs for competing insurance proposals. "Our rates next year will be 27.7% higher than they were last year," she said, adding that the committee…
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