FISCAL NOTE
Date Requested: January 10, 2024
Time Requested: 08:35 PM |
| Agency: |
Public Employees Insurance Agency (PEIA) |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1093 |
Introduced |
HB4448 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
PEIA Basic Insurance Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to permit legislative members to retain eligibility for State insurance plans after leaving the Legislature so long as the former member pays his or her share of the full cost and no burden is placed on the state to absorb costs. Passage of this bill will create a new member type in the plan that previously would have had no further affiliation with PEIA; except that provided through COBRA.
W. Va. Code ยง5-16-2 provides the member types currently eligible for PEIA, public employees and retirees. This plan is designed to support only active and vested retired public employees. This new category proposed, does not fall into the spirit of the standard practice of employer sponsored health insurance. Additionally, it should be noted this bill will create a new vesting period for legislators for the availability of lifetime insurance benefits. All exiting members of PEIA are currently provided extended coverage through COBRA. The COBRA benefit is intended to provide time for previously eligible members to arrange for other healthcare insurance after separation from public office or employment.
In order to ensure no costs would be assumed by the State, the premiums would be set to assume all risk levels and would most likely result in market rates.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Jason Haught
Email Address: jason.a.haught@wv.gov