Town of Hampstead to Receive Insurance Refund

HAMPSTEAD – Hampstead will receive a check from the New Hampshire Local Government Center (LGC), as required by the Hearing Officer’s Order from the Bureau of Securities Regulations. The money will be reimbursement from insurance surplus funds from the LGC risk pools.

Hampstead Selectmen’s Administrative Assistant Sally Theriault received notification on June 21, alerting her to the refund that must be paid to the participants prior to Sept. 1. Hampstead qualified because it was a HealthTrust member that participated in the 2010 medical and dental program and was still a participant in those coverages in August 2012.

The LGC calculation was made on the Town’s return of the 2010 surplus based on its proportional share of the total 2010 HealthTrust contributions. A challenge by several towns was denied by the courts, and the calculation made by the LGC will hold.

The amount from the HealthTrust Board of Managers’ Return of 2011 Surplus to be paid to Hampstead in August is $14,729.65 for medical and $1,795.80 for dental. The return from the 2010 surplus amounts to $36,026.46 for medical and $1,552.65 for dental.

The total amount Hampstead is to receive from the LGC in August is $50,756.11 for medical and $3,348.45 for dental. The town has the option to take the return in the form of a check for the amount due or it can receive the return in the form of a contribution holiday, which deducts the value of the return from the Town’s cost of coverage. The town has to make a decision as to which option it prefers and notify the LGC in writing prior to Aug. 16. If the Town chooses the contribution holiday, the return amount would be credited to the Town’s account as of Aug. 27 and appear on the September billing invoice.

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