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The Public Service Pension Board of Trustees is considering making changes to the retirement group health benefits plan.
What changes are being considered
The board is considering the following changes:
- Modifying the drug plan by adding a tiered formulary. A formulary is a list of drugs that are covered. A tiered formulary groups drugs into different levels of reimbursement.
- Establishing grandparenting periods. Grandparenting means that members taking certain drugs will see no change in coverage for a set amount of time.
- Changing the co-insurance level for prescription drugs (that is, the percentage the plan covers and the percentage that members pay).
The plan’s benefits consultant has developed possible options for adapting the program. Each option will improve the program’s long-term financial sustainability.
See Details on potential changes to health coverage for more information about current coverage and proposed changes.