Peia Adopts Plan to Reduce Liability: ; Agency to Seek Bids to Provide Some Retirees Coverage Under Medicare Advantage Program

Summary

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To confront an estimated $8 billion in future promised benefits, the Public Employees Insurance Agency plans to bank on generous reimbursement rates from a new coverage arrangement for a majority of its retired enrollees.

PEIA's Finance Board voted unanimously Wednesday to seek bids from insurers to provide coverage to its Medicare retirees under the Medicare Advantage program allowed by the federal government.

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Peia Adopts Plan to Reduce Liability: ; Agency to Seek Bids to Provide Some Retirees Coverage Under Medicare Advantage Program

The plan adopted by the board will also reduce premiums for these enrollees, while increasing out-of-pocket charges. In the wake of six ...

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