SB 526
Relating to PEIA Cost Sharing Provisions
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies how contributions for public employee insurance premiums are calculated within the West Virginia Public Employees Insurance Agency (PEIA). It requires the Finance Board to use an actuary to estimate financial requirements and develop annual financial plans, ensuring sufficient revenues to cover program and administrative costs. The bill also establishes a framework for cost-sharing between employers and employees, with a goal of maintaining a 80/20 split for employer/employee contributions, and limits increases to employee premium and cost-sharing provisions.
Key provisions
- Requires the Finance Board to utilize an actuary to estimate PEIA’s financial requirements and develop annual financial plans.
- Establishes a target cost-sharing ratio of 80% for employers and 20% for employees for premiums.
- Limits increases to employee premium and cost-sharing provisions to account for projected growth in health insurance expenditures.
- Requires the Finance Board to conduct public hearings on proposed financial plans.
- Mandates the submission of a prospective financial plan for a period of up to five years.
- Specifies a minimum reimbursement rate of 110% of the Medicare amount for healthcare providers.
- Establishes a process for the Finance Board to address potential budget shortfalls.
- Requires the Finance Board to meet quarterly to review and adjust the financial plan as needed.
Who is affected
- West Virginia Public Employees
- Employers of West Virginia Public Employees
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