PEIA finances are stable, but special session still looms as possibility

The finances of the Public Employees Insurance Agency are stable, according to the most recent update, although state officials are still considering a special session to address the program.

Total revenue is $78 million ahead of budget and total expenses are $22 million under estimates as the fiscal year nearly comes to a close, according to information provided at the agency’s most recent financial meeting. The PEIA Finance Board isn’t set to meet again until September, so this will be the last update for several months.

Operating revenue is 8% higher than last year, driven by premium increases. Medical claims expenses are relatively flat, a trendline of 1% from the prior year. Prescription drug expenses have been just slightly above target.

Gov. Patrick Morrisey’s administration has