AFY20 Health Care
Item Details
- Meeting
- October 5, 2020 – Board of Education Work Sessions
- Category
- 1. Work Sessions
- Type
- Information item
Public Content
Background Information:
For the first six months of FY20, we had two health care plans employees could choose from, Traditional and High Deductible Health Plan (HDHP). Effective January 1, 2020 the HDHP is the only plan offered to employees. Employees have an option to either a Health Reimbursement Arrangement (HRA) or a Health Savings Account (HSA) under the HDHP. 85% of the health care costs are paid by the District an 15% are paid by the employees.
At the end of FY19, the Employee Health Care Reserve fund totaled $81,251.83. During negotiations it was agreed the district would replenish the Employee Health Care reserve account for all employees to $750,000 by contributing $$668,748.17. At the end of FY20 the Employee Health Cares Reserve fund (unaudited) increase by $631,446.30 for a total of $1,381,446.31. Interest earned on the balance of the reserve fund of $25,066.12 increased the balance to $1,406,512.43.
The Employer Health Care Reserve fund balance (unaudited) at the end of FY20 is $4,870,282.48.
Attached are the June 30, 2020 year-end (unaudited) healthcare reports.