ICSD will set up an insurance reserve funds to save on healthcare costs and taxpayers money
After the signing of the new state law, Ithaca City School District will set up and conduct insurance to help you handle health care costs. And likewise, he will continue to save taxpayers money two years after his employees choose self-insurance.
The state legislation allows four local government bodies, Ithaca City School District and three non-local school districts to funds and fulfills their own insurance duties.
The establishment of funds, according to Ithaca, will help school districts, which by law, prevent their budget from being allocated to more than four un-allocated funds.
” School districts rely on reserves as a means to pay for areas of the operating expenses that don’t need to fall on taxpayers,” said Casey Bangs, spokeswoman for the Ithaca City School District.
The passing of the legislation comes after the diligent work of Reichlin, who has supported this school’s legislation.
Bangs said, Ithaca School plans to withdraw funds and funds from health insurance reserves to pay for high-cost claims, such as health-related departments. The reserve Fund statement will be used to increase the expected growth over the years.
This allows the district to meaningfully plan into the future for health insurance costs without having severe increases in premium rates in any given year,” Bangs said.
District schools have significantly reduced healthcare costs since their employees self- selected two years ago.
”Our liability for retiree health insurance has drastically decreased due to our ability to provide a fully insured product to our retirees now that we have self-insurance,” Bangs said.
According to the school district’s audit reports, total other post-employment benefits liability” has decreased from $334, 976, 707 in June 2017 to $261, 740, 135 in Jun 2019, showing a 473,236,572 OR 21.9% decrease in liability.
”I’m very pleased that I was able to get this critical bill passed at the request of the Ithaca School District,” At a time when school districts across the state are struggling with the burden of rising health care costs, This bill will give the school district a useful tool to manage costs more effectively, helping local taxpayers.”