WAYNESFIELD â€” Waynesfield Village Council members met briefly Thursday and finally approved an insurance package plan after listening to a local health insurance agent explain the new policy.
Finance Committee members recommended at Mondayâ€™s regular meeting that the full council accept Derryberry & Davis Insurance after researching new plans. The former plan had expired effective July 1 and the council was temporarily paying for the former policy on a month by basis.
Councilors began their search after learning the village would suffer an increase of about 25 percent to keep the same coverage.
However some councilors were confused with wording in the proposed policy. Primarily, the concerns were with the use of a Medical Expense Reimbursement Plan (MERP) and a perceived discrepancy in two different listings of $5,000 and $6,800.
Wapakoneta-based insurance agent Jon Derryberry spoke for approximately 30 minutes describing the plan. It turned out the difference between the two numbers â€” which are defined benefit limits before the MERP plan kicked in â€” were differences between individual and family plans.
While the MERP plan could possibly cause the village to reimburse employee medical expenses up to those limits, overall the plan would save the village a minimum of $6,100 dollars even if everyone maxed out on claimed benefits.
â€śWe are saving a considerable amount of money regardless,â€ť Mayor Mike Ridenour said. â€śIt is highly likely that we will save much more than $6,100.â€ť
Derryberry made the village the offer after noticing that the village was possibly looking for a new provider after reading about the councilâ€™s search in the paper. He made a formal proposal at a meeting of the villageâ€™s Finance Committee in early August.
â€śItâ€™s a win-win situation,â€ť Ridenour said. â€śWe are saving money and we were able to keep the same policy in place for our employees.â€ť