Retirees of Gregg County will pay more for health insurance next year, but the county also will up its ante.
The Gregg County Commissioners Court increased rates for retirees by 5% during its regular meeting Monday. The county also is increasing its contribution to retirees’ premiums by 5%, and it is increasing its contribution to the overall Health Fund by another 2.5%.
The increases are needed because of ongoing high claims and constraints on the fund, according to the self-funded plan’s consultant, Addison-based McGriff, Seibels and Williams Inc.
For a 60-year-old Gregg County retiree who is single, their annual premium will increase from $1,247.70 to $1,331.14 effective July 1.
Current employees also will begin paying a monthly premium of $50 for medical insurance, compared with the county’s contribution of $1,030.40.
Employees also will be able to increase their contribution to their Flexible Spending Accounts by $100 starting July 1, to $2,750. The IRS increased this election this year, Human Resources Director Rita Fyffe said.
Commissioners decided Monday to continue contributing to employees’ retirement fund at a rate of 11.86%, rather than follow the state’s minimum required rate of 11.44%.
County Auditor Laurie Woloszyn recommended keeping the 11.86% rate with no changes to the plan. Gregg County’s pension fund is 92% funded.
“Due to recent events and market conditions, this will help to lower future projections of rate increases,” she said.