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Belmont is considering joining the Massachusetts Group Insurance Commission (GIC) after projected self-insured claims rose from approximately $13 million in FY2021 to $20 million by FY2027. Remaining self-insured could require a 24% premium increase and add about $3 million to the FY2027 budget, compared with an estimated 9% GIC increase and approximately $2 million in added costs.
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The Select Board held an informational discussion and did not vote on joining the GIC. The Board will continue evaluating the option, which could provide more predictable costs but would require negotiations with employees and a statutory enrollment process. If Belmont pursues enrollment, coverage would begin January 1 of the calendar year after enrollment.
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