Update Insurance Rates
At the August Board meeting the NMPSIA Board reviewed updated claim projections and the current fund balance. After considering a variety of options, the Board voted to reduce the previously announced medical premium increase from 2.85% to 1.5%. This increase takes effect October 1, 2014 and will be reflected in the September deductions. Attached are the New Premium rate sheets.
The Board also reviewed the medical plan design and, in response to member feedback, will improve the coverage for diagnostic lab tests beginning January 1, 2015. Lab work is currently covered two ways: (1) at 100%, no deductible, if ordered as part of a wellness visit, or (2) subject to the calendar year deductible and coinsurance if it is related to the treatment of an illness. The first improvement will be to remove the requirement that the deductible applies to lab work. The second improvement will be either a copay applying or a low coinsurance.
Also on January 1, 2015, there will be a cap on the number of copays charged for physical therapy. The High Option Dental maximum will increase from $1,250 to $1,500.