SHPB Rate Renewal Reports Released
The Plan Year 2023 Rate Renewal Reports for the State Employee/Retiree Group, the Local Government Employee/Retiree Group, the Local Education Employee/Retiree Group, and the State/Local Employee/Retiree Dental Plans have been posted. The rescheduled meeting date for the State Health Benefits Commission to adopt the Rate Renewal for Plan Year 2023 has not yet been set.
The proposed rate increase totals for medical and prescription are as follows:
- Local Government Plan - 22.8% total
- Actives: 21.6%
- Early Retirees: 13.0%
- Medicare Retirees: 0.7%
- State Government Plan - 18.6% total
- Actives: 20.0%
- Early Retirees: 12.7%
- Medicare Retirees:-2.9%
- Local Education Plan - 12.9% total
- Actives: 15.1%
- Early Retirees: 15.8%
- Medicare Retirees: -0.1%
Because the combined Active and Retiree Medical and Prescription Drug Claim Stabilization Reserve Balance in the Local Government Plan is projected to be below the targeted 2 months with 0.9 months of plan cost in Plan Year 2023, a 2% margin has been added across the board. A similar margin is not included in the Local Education Plan, as their reserve for the same time period is at 2.5 months. The State Government Plan renewal report does not include this information.
We are currently reviewing the Rate Renewal Report and will provide you with additional analysis shortly.
Contact: Lori Buckelew, Deputy Executive Director, lbuckelew@njlm.org or 609-695-3481 ext. 112
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