Public Education Employees' Health Insurance Board; required to renegotiate contracts for Medicare retiree health benefit plans every five years

SB 195 amends existing law concerning the Public Education Employees' Health Insurance (PEEHIP) Board. Currently, the PEEHIP Board is required to renegotiate contracts for health benefit plans every three years. This bill specifically changes that requirement for Medicare retiree health benefit plans, mandating their renegotiation every five years instead. This means contracts for health benefits provided to Medicare-eligible retired public education employees would be re-evaluated on a five-year cycle.