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State group plan reports $413.7 million in medical claims; reserves above $100.7 million
Summary
The Group Insurance Advisory Committee was told medical claims and expenses totaled $413,656,309 year-to-date, a 9% increase from the prior fiscal year; the plan holds a medical reserve balance of $100,701,003 and a FY2024 reserve projection of $39,840,000. Dental claims were reported at $20,877,803.
Bailey Peterson, Chief Financial Officer for the Department of Administration, reported to the Group Insurance Advisory Committee on Aug. 21 that medical claims and expenses for the plan totaled $413,656,309 so far this fiscal year, a 9% increase over the previous fiscal year. Peterson said the plan’s medical reserve balance is $100,701,003 and the FY2024 reserve projection is $39,840,000.
Peterson also provided a summary of dental claims, reporting year-to-date dental claims of $20,877,803, an increase of 12% and 99% to projection, with a dental reserve balance of $2,080,000. Committee members did not record a formal vote on funding changes during the meeting; staff will continue monitoring claims and reserves for FY25.
