The Public Employees Insurance Agency (PEIA) is currently contemplating another round of premium increases for the upcoming year. The PEIA Finance Board is actively assessing the possibility of raising premiums for both state and local employees, as mandated by the recent West Virginia Legislature's approval of an 80-20 cost-sharing ratio between employers and employees.
The changes began with the implementation of Senate Bill 268 on July 1, which not only raised the minimum reimbursement to healthcare providers to 110 percent of Medicare's rates but also introduced a 24 percent premium hike for state employees and a 15.6 percent increase for non-state employees.
During a recent meeting held as part of the October interim legislative sessions, the board discussed potential premium adjustments. For state employees enrolled in PEIA, there's consideration of a 10.5 percent premium increase, with no corresponding changes to their insurance benefits. Additionally, employees of local governments opting for PEIA might experience a 13 percent premium hike, and eligible spouses could face an additional surcharge of around $147.
It's important to note that retirees eligible for Medicare will not encounter any alterations in their premium rates or benefits. On the other hand, employees who meet the retirement age requirement but haven't yet reached Medicare eligibility could see a 10 percent premium increase, without any modifications to their insurance coverage.
To ensure transparency and gather public input, the PEIA board plans to conduct a series of public hearings next month. These meetings are scheduled as follows:
- November 6 at the Highlands Event Center in Wheeling
- November 7 at the Holiday Inn in Martinsburg
- November 9 at the Holiday Inn – University Place in Morgantown
- November 13 at the Culture Center in Charleston
- November 14 at Bluefield State College in Bluefield
- A virtual town hall is scheduled for November 16.
These gatherings will play a crucial role in shaping the final decision on potential premium increases, allowing for a comprehensive exchange of information and viewpoints.