PEIA Finance Board approves 2022-23 benefits plan with no premium hikes — but deficits loom – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
December 22, 2021 Newswires No comments
Share
Share
Tweet
Email

PEIA Finance Board approves 2022-23 benefits plan with no premium hikes — but deficits loom

Herald-Dispatch, The (Huntington, WV)

CHARLESTON — For the fourth straight year, the Public Employees Insurance Agency Finance Board on Thursday approved a new benefits plan with no premium increases for state and public school employees for the 2022-23 plan year, which begins July 1.

While projections are for 9% employee premium increases for the 2023-24 plan, agency interim executive director Jason Haught said Gov. Jim Justice has pledged the state will cover those costs.

However, presidents of the state’s two teachers unions raised concerns Thursday about projected 16% and 12% employee premium increases projected for the following two years, at a total cost of $39.2 million.

“I have concerns after this governor leaves office, because we have deficits looming in the future,” West Virginia Education Association President Dale Lee said. “We can’t wait to 2025 to start to come up with solutions for PEIA.”

Fred Albert, president of the state chapter of the American Federation of Teachers, said he is grateful for another year with no premium hikes, and for Justice’s proposal Thursday to give public school and state employees a 5% pay raise in 2022, but said more needs to be done to recruit and retain teachers.

“We have a teacher shortage in West Virginia,” he said. “We also have a substitute teacher shortage that is making their jobs even more difficult.”

Uncertainty about the future financial stability of the state-managed health insurance plan was a key factor in statewide teacher walkouts in 2018 and 2019. Lee said those issues still remain.

“Our educators deserve to know that there’s not going to be huge [premium] increases in the out years,” he told the Finance Board.

Meanwhile, Haught noted medical costs are running ahead of projections so far in the 2021-22 plan year.

He said medical claim expenses of $152.15 million through Oct. 31 are $10.57 million higher than projected, with a 9% increase in utilization of in-patient medical and surgical procedures.

Haught said the agency is hopeful the increase represents pent-up demand from insurees who put off procedures early in the pandemic.

“We’ve not dealt with the impact of a pandemic on the numbers in the health care industry,” he said.

Likewise, he said costs for professional services are up 14% so far this plan year, which likely represents more people going back for medical appointments after putting them off last year.

Older

Pet Insurance Market Report Analysis 2022-2027: Industry Size, Share, Trends and Forecast

Newer

Reliance Global Group Announces Definitive Agreement to Acquire Medigap Health Insurance Company

Advisor News

  • ‘Spring Cleaning’ Includes Your Client’s Finances, Too
  • Retirement Savers Remain Confident Despite Short-Term Woes
  • City of Memphis Helps Employees With Financial Wellness Programs
  • IRI CEO: ‘I Am Optimistic for Our Industry’s Future’
  • 2/3 Of Near-Retirees Failed Or Barely Passed A Basic Social Security Quiz
More Advisor News

Annuity News

  • LibertyMark Freedom Fixed Indexed Annuities Launch
  • Nationwide Adds BNP Paribas Global H-Factor Index To FIA
  • Transamerica Launches Structured Index Advantage Annuity
  • Recommending FIAs: Start With The Client’s Objective
  • NC Man Wins First $5 Million Prize In Scratch-Off Game
Sponsor
More Annuity News

Health/Employee Benefits News

  • EBRI Studies Expanding Pre-Deductible Coverage For Chronic Conditions
  • Most Consumers Choose To Pay Higher LTCi Premiums
  • CMS Creates More User-Friendly Medicare Website
  • Integrity Marketing Group Buys Ritter Insurance Marketing
  • Maine Powerless In Big Fight Between Its Largest Insurer And Hospital
More Health/Employee Benefits News

Life Insurance

  • The 5 Secrets To Retaining Financial Sales Professionals
  • Life Insurance Activity Continues Dip In April But Still Stronger Than 2021, MIB Reports
  • Transamerica Adds Execs To Annuity And Life Insurance Team
  • Northwestern Mutual Invests $5M In Black-Led Financial Institutions
  • Protective Life Closes On AUL Acquisition
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.