The board president Craig Friend offered the employees 2 options.
The Village has been paying $76,000 annually to cover
insurance premiums for 6 full time employees. According to the board this
amount would increase to $103,883.64 yearly.
The amount paid by the employee to cover the family would be $1,328.44
annually and $134.84 per month, with The Village covering the $22,289 which is
the additional amount on premiums annually.
According to the 2nd
option, the employees would have a
health savings account, where the deductible would be higher with a lower
premium. The village would put the premium savings in a savings account for the
The health savings account option
would have saved the village $5,840 in premium costs while adding $18,000 in
costs to contribute to the health savings accounts for an overall annual
increase of $12,160 to $88,000.
Village Treasurer Scott Eidenmiller
told the board in February an industry wide increase will be occurring, and the
Health Care Reform Act has something to do with the increases in insurance
rates. He was willing join hands with other villages and buy in bulk to save
Hannah Punitha (IRDA Licence Number: 2710062)