Just recently, the town of Brookfield chose to use self-insurance as their medical plan. The decision was made after both of the town and school leaders had met, discussed, and weighed the material information about the medical plans that had been laid out in front of them. But first, you need to know what self insurance is and why do the citizens of Brookfield choose this medical plan instead of any other plan that is available.
The Relationship of Self Insurance and Cigna
Self-insurance which is a risk management method used to set aside a calculated amount of money in order to compensate any possible future loss will be carried out by Cigna. Cigna is a global insurance company which ensures that wherever you live, you will be reached by their services. In addition, the subsidiaries under Cigna are the top providers of life, dental, medical, disability, accident, and other products and services related to insurance. Just last 2009 they had received an award which was intended for companies and institutions which employs unwavering customer relationship coupled with its excellence in performing services.
Why Brookfield Chose to Get Self Insurance as Their Medical Plan
With the fact that there has been a dramatic increase in the cost of medical insurance, the town and school leaders were called to look for wide-ranged proposals. After the deliberation of the chosen medical plan, the Board of Financeallocated of $60.5 million which will be taken from the town and school budget. Moreover, they have also decided to increase its medical cost by 10 percent starting next year in order to help compensate for the cost of the investment.
The choice of Brookfield’s town and school self-insurance medical plan is not a strong ground for change on the proposed budget which is expected to be voted by next month. However, a medical contingent fund amounting to $900,000 will be created due to the savings and will reflect next year. When the second year after the medical plan has been implemented comes, it is expected that the cost for medical insurance will be lowered.
Currently, the budget allocated by the Board of Finance amounts to $9.33 million intended for the medical insurance of 323 school staff and town employees which more or less has 102 individuals involved or 302 school members. Moreover, the foreseeable cost of the health insurance would be more or less $8.435 million.
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