The Department of Community Health (DCH) approved the amended FY 2015 and FY 2016 DCH budgets. The budget presentation can be FOUND HERE.  Highlights include:

• SHBP ended the fiscal year with $576 million in reserve. This reserve is necessary to cover a month's worth of SHBP operating expenses and the Incurred But Not Reported liability (IBNR).
• SHBP predicts a budget surplus of $371.1 million for FY 14, a surplus of $208.4 million for FY 15, a surplus of $119.5 million for FY 2016 and a deficit of $189.7 million for FY 17.  These calculations were made by anticipating the expected continuing rise in medical costs, a projected enrollment decline, and no increase in employer or employee premiums (all factors that could change).
• In July of 2014, SHBP transferred $388 million to a short term investment account that should enable them to earn an additional $640,200 for the fund.

As a reminder to all SHBP members, open enrollment for 2015 insurance takes place October 27th - November 14th.  SHBP announced new plans and providers starting January 1, 2015. CLICK HERE  to view the new rate plans. Rates below are for annuitants under 65.