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New Jersey city taps funds to cover 20% rise in health benefit costs

Posted On: Feb. 3, 2023 10:14 AM CST

Hackensack, New Jersey, saw health benefit medical claims rise last year by more than $3.4 million, or 20.5%, over the 2022 budgeted amount of $16.6 million, forcing the city to transfer money from other budget accounts and tap for the first time into its employee benefit trust fund, reports. Hackensack, which is self-insured for health benefits, used roughly $2.15 million in transfers from other budget accounts and the balance of $1.26 million came from the Self-Insured Employee Benefit Trust Fund.