The board of supervisors heard a presentation from World Insurance Associates LLC, IGHCP Denise Ballard about Employee Benefits Premiums.
Denise gave the supervisors an update on their insurance renewals for all county employees. Henry County’s self-funded claims have slightly exceeded contributions, leading to a $50,000 draw from reserves. IGHCP’s consulting fee increased by $5 per member, which was the first increase in 20 years.
Current reserves are trending downward with projected usage of $345,000 this year. The county’s actual renewal with total annual costs are projected at $2.26 million. A 2% funding increase was proposed to maintain reserve levels, though that is optional and the supervisors elected for more information in this increase to a possible 3% funding increase.
Overall, No changes were made to Henry County’s benefits, as the plan is running well. The county must decide whether to increase partial self-funding to stabilize the decline in reserves.