|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - September 24, 2013|
Agenda Item #10
2014 Retiree Medical Premium Rates
Contact and/or Presenter Information
Kim Stroud, EHB Division Manager, x6432
Approval of the 2014 Retiree Medical Premium Rates for the YourChoice Health Plan and Medicare Supplements
Annually, in conjunction with the new budget, the County Commission establishes medical plan rates for retirees and approves health benefit rates for the Medicare Supplement plans available to the retirees of Manatee County Board of County Commissioners and participating Constitutional Agencies. The new premium rates become effective for Plan Year 2014 on January 1, 2014.
The long-term cost of providing these benefits is being mitigated by gradually changing the retiree health premiums so that the County share of the premium for those retirees with 10 plus years in the Florida Retirement System is minimized over time and by setting aside funds on an annual basis to offset the future costs. Because we are required by law to offer retirees access to the same health benefit plan at the same premium rate provided to employees, the future cost or liability cannot be eliminated completely.
The Administration recommends a 3% increase in the retiree only premium for the YourChoice Health Plan.
Retirees age 65 and older have the option of enrolling in a Group Medicare Supplement plan with Group Part D prescription coverage as opposed to the YourChoice medical/prescription plan. The County will continue to offer enrollment into the Transamerica Plan and retirees currently enrolled in the Bankers Plan will have the option to continue that plan. These supplement plans offer a generous benefit to the retirees at a significantly reduced cost compared to the YourChoice plan.
The Medicare Supplement Plans also include a Group Part D (Prescription coverage) Plan through First Health. The Administration recommends an increase of a little less than 3% in the Retiree's portion of the premium which includes the increase in the Part D premium as shown in the attached rates.
A summary of rates is attached to this agenda item for the YourChoice Health Plan and the Medicare Supplement Plans. Retirees are eligible to enroll in the Dental plan that is the same plan as the Active employees and fully funded by the retiree.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Please send a scanned copy of approved agenda item to Kim Stroud, EHB at email@example.com
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: 2014 Retiree Rates Final Agenda.pdf