PETERBOROUGH — Superintendent Kimberly Rizzo Saunders is pleased to announce the district’s new healthcare premium rate will result in significant savings for the district over the next year.
The rate was 3.1% lower than last year’s, resulting in $395,000 in savings for the district. This is due to the District’s claim history and the health maintenance programs that are offered to staff.
During budget planning, the school board opted to plan for the guaranteed maximum rate, which was provided in October by the District’s insurance provider, HealthTrust. The board also looks at historical rates to help determine how much to budget. For this upcoming budget cycle, the rate provided in October was 4.2% higher than the previous year’s and the school board budgeted for this possibility.
However, the exact rate is set in March and this year it is significantly lower than the maximum rate identified in October. The HealthTrust Board of Directors met on Tuesday, March 16, to approve the new rate. The district was notified of the final rate following the meeting.
This new rate will go into effect at the beginning of the upcoming fiscal year, which begins on July 1. The rate will be in effect through June 30, 2022.