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CalPERS okays record HMO premiums.(Brief Article)

By Gunsauley, Craig
Publication: Employee Benefit News
Date: Saturday, June 1 2002

In what was widely viewed as a bleak prospect for employers nationwide, the Board of Administration of the California Public Employees' Retirement System (CalPERS) recently approved HMO premium rate increases averaging 25% for 2003, the largest yearly premium rise in the system's history.

The decision bumps CalPERS' annual premiums by $458 million to a total price tag of $2.21 billion and will affect about 800,000 of the system's 1.2 million health plan members. CalPERS also greenlighted premium increases of 19% and 22% for its two self-insured PPO plans.

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