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Board approves FY27 insurance budget; staff flags premium and claims drivers
Summary
The board approved the FY27 insurance budget after staff explained a projected 10%–12% rise in health premiums and noted increases in unemployment and deductible claim lines driven by recent claims trends; the town will shift workers’ compensation to a self-funded model.
The Waterford Board of Selectmen approved the proposed FY27 insurance budget after hearing departmental explanations for several line-item increases and planned funding changes.
Kim, answering for insurance, said unemployment-compensation costs show a 35% increase and deductible coverage increased about 40%, both driven by actual and projected claims. On health benefits, Kim said the town is on the state partnership plan administered through Anthem; the budget includes a 10% allowance while the state was projecting roughly 12% in premium increases.
Kim also told the board the town plans to change workers’ compensation from fully insured to a self-funded model to reduce long-term premium spending. "We are currently fully funded and we will be moving to self-funded," Kim said, adding the town will use a third-party administrator to manage claims and expects savings once the arrangement is in place.
Selectmen asked how specific increases break down by department and whether temporary savings from unfilled positions affect pension and retirement contribution lines; staff said some lines reflect actual claims while personnel-specific unemployment details are handled by HR and not discussed publicly.
The insurance budget was approved by voice vote as presented on the agenda. The board will not change the approved number as it moves through the town's appropriation process.
