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APPROPRIATION COMMITTEE-ATM 2018
<br /> Below is a table of the Town's health insurance costs by subscriber category:
<br /> Subscriber Category Count Total Cost Average Cost to Town
<br /> Active- Town-Individual 81 $596,302 $7,362
<br /> Active- Town-Family 176 $3,326,462 $18,900
<br /> Active- School -Individual 336 $2,451,427 $7,296
<br /> Active- School -Family 502 $9,463,525 $18,852
<br /> Overall Actives 1,095 $15,837,717 $14,464
<br /> Retiree-Individual 134 $1,155,143 $8,620
<br /> Retiree-Family 84 $1,636,250 $19,479
<br /> Retiree-Medicare Plan 1,051 $4,205,263 $4,001
<br /> Overall Retirees 1,269 $6,996,655 $5,514
<br /> Total Active& Retirees 2,364 $22,834,372 $9,659
<br /> Open Enrollment 90 $1,278,315 $14,203
<br /> Position Vacancies 27 $484,709 $17,952
<br /> New Positions 33 $458,010 $13,879
<br /> Estimated Reduction -34 -$122,882 $3,614
<br /> Net Other Subscriber Increase 116 $2,098,152 $18,088
<br /> Opt-Out Program N/A $350,000 N/A
<br /> Administrative Costs & Misc. Ex- N/A $268,309 N/A
<br /> penses
<br /> Part B Penalty N/A $97,090 N/A
<br /> Other,Non-General Fund Sources N/A -$105,534 N/A
<br /> Total Other Costs N/A $609,865 N/A
<br /> Grand Total 2,480 $25,542,389 $10,299
<br /> The"grand total"health insurance cost of$25,542,389 will be 100%funded from the General Fund.
<br /> The FY2019 budgeted rates on health insurance are based on an increase of 5.5% over FY2018 actual
<br /> rates and a projected addition of ninety (90) subscribers (new enrollees to health coverage, either from
<br /> new retirees, active employees electing to begin or resume coverage, and active employees switching
<br /> from individual to family plans). The budget includes benefits for both new school and new town posi-
<br /> tions.
<br /> The second largest category within Employee Benefits & Insurance is Contributory Retirement, with a
<br /> total FY2019 budget of$6,005,537. The year-over-year increase in Contributory Retirement is $250,000
<br /> or 4.3%. The funding amount is based on a funding schedule from the January 1, 2017 actuarial valuation
<br /> of the Lexington Retirement System. This schedule projects full funding of the system's unfunded liabil-
<br /> ity by 2024, given the current actuarial assumptions.
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