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Town of Lexington and the Lexington Public Employee Committee

Town of Lexington and the Lexington Public Employee Committee. Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013-FY2015. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement. Summary of Negotiated Agreement

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Town of Lexington and the Lexington Public Employee Committee

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  1. Town of Lexington and the Lexington Public Employee Committee Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013-FY2015

  2. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement Summary of Negotiated Agreement • Negotiated Under Coalition Bargaining Statute, Rather than New Health Insurance Law • Join the State’s Group Insurance Commission (GIC) Program, Effective July 1, 2012 • Three-Year Agreement, FY2013-2015 • New Employee/Retiree Contribution Rates • Creation of Two Health Reimbursement Accounts (HRA) to Mitigate New Deductibles and Co-pays • New Medicare Part-B Subsidy for Retirees, Funded by Lower Town Contribution Rates

  3. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement FY2013 Financial Impact • TOWN: Estimated Premium Savings of $2.6 million in FY13. There will be a $1,120,000 set aside for employees and retirees, however, to mitigate the impact of GIC deductibles and co-pays. • EMPLOYEES/RETIREES: Estimated Premium Savings of $1.9 million in FY13.

  4. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement New Employee/Retiree Contribution Rates

  5. Town of Lexington Proposed Employee/Retiree Health Insurance Coalition Agreement Mitigation for Employees/Retirees • HRA-Part 1: Debit Card to cover out-of-pocket deductibles equal to – 75% in year 1; 50% in year 2 and balance in account in year 3 • HRA-Part 2: Reimbursement of high out-of-pocket co-pays between $2,000 and $5,000 for individual plans and $4,000 and $10,000 for family plans. • Contribution by Town of 40% of the monthly premium of Medicare Part B for eligible retirees

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