Polk County Public Schools administrators are projecting a nearly $38.1 million shortfall in its health insurance fund by 2024 due to rising healthcare costs and employee claims.
Linda King, director of risk management and employee benefits for Polk Schools, provided the school board with an update Tuesday on the district’s health insurance plan. Her update included the fund’s financials and potential cost-cutting options for the board to decide later.
Teachers and other benefits-eligible employees do not pay premiums for the employee health plan nor were optional dependent premiums increased, a Jan. 11 PCPS press release stated, adding that “Individual, benefits-eligible PCPS employees will continue to have health insurance coverage at no cost.” Premiums are required for dependents of employees and district retirees.
During union negotiations, the district and the Polk Education Association and AFSCME Local 2227 employee groups agreed to an additional increase to the Self-Funded Health Insurance Plan for 2022.
Fund shortage estimated to top $38 million by 2024