Lake Placid Saves $270,000 on Health Insurance

Lake Placid’s Mayor, Craig Randall is given authorization to sign an agreement with Excellus which, beginning on January 1st, 2013 will save over 17% on their Health Insurance Costs..

The Board is shifting their emphasis from an old traditional PPO plan to a High Deductible Savings Account type Health Insurance Plan. Lake Placid’s Police Department has been taking advantage this program since the renewal of their contract in May 2012. The balance of Lake Placid’s Employees will be moving to the new plan as of January 1st.

Randall says they’ve been on a rollercoaster of double digit increases now for several years and at the same time that benefit is shared with the village. Some of the savings to the village will be used to fund the new Health Savings Accounts that the village has chosen to the extent of about 90% of the deductibles in the respective new plan they’ve chosen..

Lake Placid's Village Board at the Beach House Monday Evening

The Mayor says the numbers work out to about $270,000 in savings on the gross premiums, and a portion of that savings will be assigned to the health savings accounts which inures to the employees would otherwise be paying 20% of their premium.  At their Board Meeting on Monday, Trustee Jason Leon tells the board it’s a win win for the Village and the Employees.

The Board has been working closely with Burnham and Associates to develop this plan and Randall says there are only a few sessions left with village employees to be sure everyone will be able to take full advantage of the new program.. 

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