City's Insurance Fund Gets Embarrassingly Redder
According to the Daily American Republic on Wednesday, December 18, 2013:
Changing the third party administrator…resulted in $300,000 in savings during 2013…. [reported by an MHJ Insurance Representative]
Bagby said he budgeted around an additional $200,000 for health insurance in 2014…
But how do those two statements jibe with the financials? According to documents released (Monthly Health Insurance Report Nov 2013) through the freedom of information act and sunshine laws of Missouri, the Insurance fund is set to lose over one million dollars in 2013 and there are murmers that insiders expect to lose an additional $2M next year.
So how does a million dollar loss equate to “saving $300k”? Or possibly losing $2M more next year get blurred by “budgeting $200k more”?
Who knows, but it certainly appears as though BagbyCare is choking the City in debt.
Here is the Monthly Health Insurance Report Nov 2013 released by City Hall yesterday.