PEIA Finance Board votes Thursday on next fiscal year’s insurance plan

CHARLESTON, W.Va. — The Finance Board of the state’s insurance agency will vote Thursday on the proposal for fiscal year 2021, in which individual insurance costs will remain consistent with current levels.

The Public Employees Insurance Agency Finance Board held public hearings throughout November regarding the proposal; PEIA will have to spend $100 million over two years to prevent premiums and benefits from changing.

The West Virginia Legislature approved $105 million earlier this year to keep costs for members the same.

PEIA Director Ted Cheatham told MetroNews following the public hearing in Charleston that members have “nothing to be concerned about yet.” He also noted health care costs will increase by up to 10% annually, and there needs to be a sustainable funding source in the future.

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