PARSIPPANY — Fellow taxpayers (residential, corporate, landlords and renters) we are getting ripped off in a lot of ways in Parsippany. Let me succinctly explain one of the rip offs: medical self insurance.
Mayor Luther with the consent of the then town council went self-insured. At the time (in my opinion) it was the correct choice due to cost savings and made good economic sense for the future. Going into year 2016, Parsippany is with the same Broker and Insurance Administrator with one exception- Mayor Barberio dropped one of the Company Brokers. The sole Broker is Fairview Insurance (Google: Follow the Money). Fairview is a big time political contributor to candidates and PACS.
Parsippany is currently paying approximately $50.00 a month per employee to Fairview. The average rate statewide is approximately $25.00 to $28.00 per employee. Parsippany Troy-Hills number of employees is 550.
Par-Troy 550 x $50.00 = $27,500.00 per month
average rate 550 x $25.00 = $13,750.00 per month
rip off $13,750.00 per month
Why, you the reader can figure that out! I have asked Mayor Barberio publicly, because Parsippany is self-insured and our loss ratio has been very low the last three to four years where is the surplus? In other words, where’s the Cash?
In closing, Governor Chris Christie has made the state medical insurance program very attractive to townships. Please get involved it’s your town.