Agenda - 10-19-15 Reg. Meeting - Laserfiche WebLink

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040 LEE COUNTY Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT ITEM NO. V. C. _ Information Meeting Date: October 19, 2015 XX Action Item Consent Agenda SUBJECT: Lee County Post -65 Retiree Health Insurance Plan Renewal DEPARTMENT: Human Resources CONTACT PERSON: Joyce McGehee, SPHR, IPMA-CP, SHRM-SCP Human Resources Director REQUEST: Approve proposed retiree health insurance recommendations SUMMARY: It is proposed that Lee County remain with Aetna for post -65 retiree health insurance purposes for the 2016 plan year. It is proposed that the current post -65 retiree health insurance benefit vendor remain the same for 2016. The Aetna plan is a Medicare advantage plan that works in addendum with Medicare Part A and Part B for retirees who have attained the age of 65. To qualify, the retiree must have been hired prior to March 1, 2010, and have attained 20 years in the Retirement System with the last 15 years consecutively working in Lee County Government. The current plan cost $247.60 per month per retiree. The cost for 2016 will increase to $264.93 per month per retiree. There are currently 66 post -65 five retirees in the plan. Nine retirees will come into the plan in 2016. The annual cost is $3,179.16 per employee. If the post -65 retiree were on the regular insurance plan, the annual cost would be $6,679.08 per retiree. The amount of the increase was budgeted at 10 percent in the current budget. The overall costs increase is 7 percent annually. The current budget will cover the increase for 2016. BUDGET IMPACT: Costs for 2016 is approximately $238,437 ATTACHMENT(S): 2016 Renewal Rates PUBLIC HEARING: No RECOMMENDATION Approve proposed retiree health insurance recommendations and authorize the Chair to sign required documents.