WV's public insurance carrier PEIA says after three years of spending down its reserve fund in lieu of premium increases, the fund will bottom out in 2015-16, forcing the agency to come up with nearly $40 million of benefits cuts to those insured, included teachers and virtually all public employees.

PEIA Executive Director Ted Cheatham told legislators Wednesday there is no other option but to cut benefits.

PEIA has proposed a menu of options for cutting the $40 million in benefits. Those options primarily involve increasing co-pays, deductibles, and out-of-pocket maximums for a variety of medical and prescription drug benefits, but also include a couple of options for eliminating coverage for services.

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