New Mexico – A state agency administrator says New Mexico governmental retirees can expect about 8 percent increases in their medical insurance premiums for the next several years.
Retiree Health Care Authority Executive Director Wayne Propst told a legislative committee on Monday that higher premiums will be necessary in the future to cover expected growth in medical costs and insurance claims.
The agency has shored up finances of the health care program in recent years by boosting premiums and requiring retirees to pay higher deductibles and more out-of-pocket medical expenses. Propst said the program is projected to remain solvent through 2026.
The authority provides health care coverage for 48,000 governmental retirees and their dependents. The retirees once worked in state, county and municipal governments, public schools or higher education
Copyright 2011 The Associated Press.