Agenda - 12-5-16 Reg. Meeting - Laserfiche WebLink

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041 LE'E' %COUNTY Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT ITEM NO. V. B. _ Information Meeting Date: December 5, 2016 XX Action Item Consent Agenda SUBJECT: Lee County Post -65 Retiree Health Insurance Plan Renewal DEPARTMENT: Human Resources CONTACT PERSON: Joyce McGehee, SPHR, IPMA-SCP, SHRM-SCP Human Resources Director REQUEST: Approve proposed retiree health insurance recommendations SUMMARY: It is proposed that the current post -65 retiree health insurance benefit vendor remain the same for 2017. 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 $264.93 per month per retiree. The cost for 2017 will increase to $279.93 per month per retiree. There are currently 73 post -65 five retirees in the plan. Eight retirees will come into the plan in 2017. The annual cost will be $3,359.16 per employee. If the post -65 retirees were on the regular insurance plan, the annual cost would be $7,615.80 per retiree. The amount of the increase was budgeted at 10 percent in the current budget. The overall costs increase is 5.6% percent annually. The current budget will cover the increase for 2017. BUDGET IMPACT: Costs for 2017 is approximately $272,091.96 ATTACHMENT(S): (1) 2017 Renewal Rates PUBLIC HEARING: No RECOMMENDATION Approve proposed retiree health insurance recommendations and authorize the Chair to sign required documents.