The Bond County Board must grapple with a big increase in health insurance costs for next year.
At Tuesday’s meeting, the board learned from the Snedeker and Associates, which administers the H.O.P.E. Insurance Trust, consisting of 23 other governmental entities, that Bond County’s premium will be increasing overall about 18 percent.
The rate is rising about 20 percent in the major medical and qualified high deductible plan, and about 6.85 percent in the health reimbursement plan.
Bond County Treasurer Colleen Camp told WGEL that represents an overall increase of about $130,000.
Jason Booth, from Snedeker and Associates, said for the 2020-2021 year, the executive board decided that to some extent, performance should be factored in. He said some employers were consistently underperforming, having claims and expenses paid out in excess of what they paid in year after year. For Bond County, for the last four years, for every $100 that Bond County has paid in, the Hope Trust has paid out over $110-120.
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H.O.P.E. Trust has been in existence since 2012. The county board learned there was no action that could be taken and the increases are automatic, since the trust guidelines require a member give 120 days or more notice if it wants to leave the trust.
That deadline for the coming year has passed.
The county board did not discuss wanting to get out.
The board did get some good insurance news. Risk management insurance was to increase about three percent, but the trust allowed a credit of $13,000 due to COVID-19 so the final result is a decrease in the premium of about two percent. Treasurer Camp stated that represents about $5,000.