Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
County insurance fund transfer, early stop-loss signals prompt committee review
Summary
County HR/insurance staff reported a $3 million transfer from the insurance fund to adjust collateral levels, and said the group has already hit stop-loss early in the year, prompting upcoming insurance-committee discussion.
Judy from human resources and insurance told commissioners the county moved about $3,000,000 out of an insurance account to reduce the bank collateral balance and that the money will be moved back once arrangements are finalized. She said the transfer was to keep collateral levels in compliance and that the funds will be returned after necessary adjustments are made.
Judy also said claims are trending higher this year and that the county has already reached its stop-loss threshold unusually early. "So far, we've already reached stop loss, which is really early in the year," she said, and staff said the insurance committee will meet later in March to evaluate implications and funding options. Commissioners were advised that rising claims will likely require further funding or benefit adjustments.
